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The differences between loan 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 specialist and a loan documentation specialist. Additionally, a loan specialist has an average salary of $43,081, which is higher than the $35,946 average annual salary of a loan documentation specialist.
The top three skills for a loan specialist include loan applications, customer service and financial statements. The most important skills for a loan documentation specialist are customer service, loan applications, and real estate loans.
| Loan Specialist | Loan Documentation Specialist | |
| Yearly salary | $43,081 | $35,946 |
| Hourly rate | $20.71 | $17.28 |
| Growth rate | -3% | -3% |
| Number of jobs | 29,041 | 11,768 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 59% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
A loan specialist is in charge of processing loans to make transactions easier for the clients. They usually work in banks, lending firms, and other financial institutions. One of their primary responsibilities is to guide clients to understand what program works best for them, assist in filling out forms, gathering requirements, and verifying authenticity. There are also instances where a loan specialist must discern whether a client can uphold financial obligations using the information collected. Furthermore, it is also their responsibility to produce and submit reports to creditors or lenders.
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 specialists and loan documentation specialists have different pay scales, as shown below.
| Loan Specialist | Loan Documentation Specialist | |
| Average salary | $43,081 | $35,946 |
| Salary range | Between $26,000 And $68,000 | Between $28,000 And $45,000 |
| Highest paying City | Mount Laurel, NJ | Eugene, OR |
| Highest paying state | Maryland | Washington |
| Best paying company | FNB | City National Bank |
| Best paying industry | Finance | Finance |
There are a few differences between a loan specialist and a loan documentation specialist in terms of educational background:
| Loan Specialist | Loan Documentation Specialist | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 59% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan specialists' and loan documentation specialists' demographics:
| Loan Specialist | Loan Documentation Specialist | |
| Average age | 42 | 42 |
| Gender ratio | Male, 30.9% Female, 69.1% | Male, 29.9% Female, 70.1% |
| Race ratio | Black or African American, 12.7% Unknown, 4.3% Hispanic or Latino, 16.7% Asian, 7.3% White, 58.6% 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% |