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The differences between loan processors and loan documentation specialists can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both a loan processor and a loan documentation specialist. Additionally, a loan processor has an average salary of $38,122, which is higher than the $35,946 average annual salary of a loan documentation specialist.
The top three skills for a loan processor include loan applications, customer service and property appraisals. The most important skills for a loan documentation specialist are customer service, loan applications, and real estate loans.
| Loan Processor | Loan Documentation Specialist | |
| Yearly salary | $38,122 | $35,946 |
| Hourly rate | $18.33 | $17.28 |
| Growth rate | -3% | -3% |
| Number of jobs | 16,228 | 11,768 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 46% | Bachelor's Degree, 59% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
A loan processor is responsible for assisting customers with their loan requests, ensuring their eligibility, and choosing the best loan options for their needs. Loan processors carefully review loan application documents and prepare loan proposals for underwriting, analyzing the applicant's financial status and credit scores, processing repayment plans, and adhering to banking and financial regulations. A loan processor must have excellent knowledge of the banking industry and processes to provide the best loan services for the customers efficiently and accurately.
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 processors and loan documentation specialists have different pay scales, as shown below.
| Loan Processor | Loan Documentation Specialist | |
| Average salary | $38,122 | $35,946 |
| Salary range | Between $28,000 And $50,000 | Between $28,000 And $45,000 |
| Highest paying City | San Francisco, CA | Eugene, OR |
| Highest paying state | West Virginia | Washington |
| Best paying company | Stanford University | City National Bank |
| Best paying industry | Finance | Finance |
There are a few differences between a loan processor and a loan documentation specialist in terms of educational background:
| Loan Processor | Loan Documentation Specialist | |
| Most common degree | Bachelor's Degree, 46% | Bachelor's Degree, 59% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan processors' and loan documentation specialists' demographics:
| Loan Processor | Loan Documentation Specialist | |
| Average age | 42 | 42 |
| Gender ratio | Male, 20.6% Female, 79.4% | Male, 29.9% Female, 70.1% |
| Race ratio | Black or African American, 12.5% Unknown, 4.3% Hispanic or Latino, 17.1% Asian, 7.4% White, 58.3% American Indian and Alaska Native, 0.4% | 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 | 7% | 7% |