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The differences between loan officers assistant and loan documentation specialists can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a loan officer assistant, becoming a loan documentation specialist takes usually requires 2-4 years. Additionally, a loan officer assistant has an average salary of $45,681, which is higher than the $35,946 average annual salary of a loan documentation specialist.
The top three skills for a loan officer assistant include customer service, origination and loan process. The most important skills for a loan documentation specialist are customer service, loan applications, and real estate loans.
| Loan Officer Assistant | Loan Documentation Specialist | |
| Yearly salary | $45,681 | $35,946 |
| Hourly rate | $21.96 | $17.28 |
| Growth rate | 4% | -3% |
| Number of jobs | 65,094 | 11,768 |
| Job satisfaction | 4 | - |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 59% |
| Average age | 45 | 42 |
| Years of experience | 6 | 4 |
Loan Officer Assistants assist loan officers in processing the loan applications of clients. Loan officer assistants primarily work on the administrative tasks in the departments. They are in charge of managing documents, updating databases, and sorting files. Loan officer assistants may be assigned to review applications of clients. They should check whether both the application form and the supplementary documents are complete. They may also assess whether the clients meet the requirements for the loan. Upon checking, they manage the documents and package them for submission to the lender. Loan officer assistance may also be assigned to coordinate with lenders and update in-house policies according to the lenders' policies.
A loan documentation specialist is primarily in charge of assisting clients in preparing and processing their loan applications, ensuring convenience and client satisfaction. Their responsibilities typically revolve around liaising with clients to identify their needs, explaining the extent of procedures, gathering and verifying requirements, and maintaining records of all transactions. They must also help staff in analyzing documentation and participate in training new workers. Furthermore, as a loan documentation specialist, it is essential to devise strategies to optimize documentation services, all while adhering to the company's policies and regulations.
Loan officers assistant and loan documentation specialists have different pay scales, as shown below.
| Loan Officer Assistant | Loan Documentation Specialist | |
| Average salary | $45,681 | $35,946 |
| Salary range | Between $28,000 And $72,000 | Between $28,000 And $45,000 |
| Highest paying City | New York, NY | Eugene, OR |
| Highest paying state | New York | Washington |
| Best paying company | Stifel Financial | City National Bank |
| Best paying industry | Finance | Finance |
There are a few differences between a loan officer assistant and a loan documentation specialist in terms of educational background:
| Loan Officer Assistant | Loan Documentation Specialist | |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 59% |
| Most common major | Business | Business |
| Most common college | SUNY at Binghamton | University of Pennsylvania |
Here are the differences between loan officers assistant' and loan documentation specialists' demographics:
| Loan Officer Assistant | Loan Documentation Specialist | |
| Average age | 45 | 42 |
| Gender ratio | Male, 28.8% Female, 71.2% | Male, 29.9% Female, 70.1% |
| Race ratio | Black or African American, 9.1% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.8% American Indian and Alaska Native, 0.5% | Black or African American, 11.8% Unknown, 4.4% Hispanic or Latino, 12.3% Asian, 8.2% White, 62.9% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 8% | 7% |