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The differences between loan servicing specialists 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 servicing specialist and a loan documentation specialist. Additionally, a loan servicing specialist has an average salary of $65,799, which is higher than the $35,946 average annual salary of a loan documentation specialist.
The top three skills for a loan servicing specialist include loan modifications, customer service and foreclosure process. The most important skills for a loan documentation specialist are customer service, loan applications, and real estate loans.
| Loan Servicing Specialist | Loan Documentation Specialist | |
| Yearly salary | $65,799 | $35,946 |
| Hourly rate | $31.63 | $17.28 |
| Growth rate | -3% | -3% |
| Number of jobs | 31,753 | 11,768 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 59% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
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.
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 servicing specialists and loan documentation specialists have different pay scales, as shown below.
| Loan Servicing Specialist | Loan Documentation Specialist | |
| Average salary | $65,799 | $35,946 |
| Salary range | Between $28,000 And $153,000 | Between $28,000 And $45,000 |
| Highest paying City | Charleston, SC | Eugene, OR |
| Highest paying state | Maryland | Washington |
| Best paying company | Glacier Ban | City National Bank |
| Best paying industry | Finance | Finance |
There are a few differences between a loan servicing specialist and a loan documentation specialist in terms of educational background:
| Loan Servicing Specialist | Loan Documentation Specialist | |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 59% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan servicing specialists' and loan documentation specialists' demographics:
| Loan Servicing Specialist | Loan Documentation Specialist | |
| Average age | 42 | 42 |
| Gender ratio | Male, 32.2% Female, 67.8% | Male, 29.9% Female, 70.1% |
| 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, 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% |