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The differences between loan servicing specialists and document processors can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become a loan servicing specialist, becoming a document processor takes usually requires 6-12 months. Additionally, a loan servicing specialist has an average salary of $65,799, which is higher than the $32,730 average annual salary of a document processor.
The top three skills for a loan servicing specialist include loan modifications, customer service and foreclosure process. The most important skills for a document processor are data entry, quality standards, and real estate.
| Loan Servicing Specialist | Document Processor | |
| Yearly salary | $65,799 | $32,730 |
| Hourly rate | $31.63 | $15.74 |
| Growth rate | -3% | - |
| Number of jobs | 31,753 | 8,761 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 35% |
| Average age | 42 | 50 |
| Years of experience | 4 | 12 |
A loan servicing specialist is an individual who reviews, authorizes, and recommends commercial and personal loans for approval. It is the loan officer who meets with their applicants to identify their creditworthiness. Typically, they work at credit unions, commercial banks, mortgage companies, and financial institutions. They ensure operational risk controls, regulatory policies and standards, and compliance. Among the skills necessary for the job include customer service and relations, leadership, analytical skills, and communication skills.
Document processors are professionals who are responsible for managing the documenting processes and systems of an organization. These processors are required to organize documents after they have received and processed incoming documents such as texts and audio-visual formats. They must follow the data program techniques and procedures so that they can maintain data entry requirements and ensure quality assurance with all work completed. Document processors must also adhere to companies when handling materials, especially those with confidential information.
Loan servicing specialists and document processors have different pay scales, as shown below.
| Loan Servicing Specialist | Document Processor | |
| Average salary | $65,799 | $32,730 |
| Salary range | Between $28,000 And $153,000 | Between $26,000 And $40,000 |
| Highest paying City | Charleston, SC | Boston, MA |
| Highest paying state | Maryland | Massachusetts |
| Best paying company | Glacier Ban | Pfizer |
| Best paying industry | Finance | Insurance |
There are a few differences between a loan servicing specialist and a document processor in terms of educational background:
| Loan Servicing Specialist | Document Processor | |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 35% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | - |
Here are the differences between loan servicing specialists' and document processors' demographics:
| Loan Servicing Specialist | Document Processor | |
| Average age | 42 | 50 |
| Gender ratio | Male, 32.2% Female, 67.8% | Male, 28.9% Female, 71.1% |
| Race ratio | Black or African American, 11.8% Unknown, 4.4% Hispanic or Latino, 14.4% Asian, 8.2% White, 60.7% American Indian and Alaska Native, 0.4% | Black or African American, 6.7% Unknown, 4.5% Hispanic or Latino, 10.7% Asian, 4.7% White, 72.3% American Indian and Alaska Native, 1.1% |
| LGBT Percentage | 7% | 7% |