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The differences between mortgage assistants 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 mortgage assistant and a loan documentation specialist. Additionally, a loan documentation specialist has an average salary of $35,946, which is higher than the $33,961 average annual salary of a mortgage assistant.
The top three skills for a mortgage assistant include data entry, mortgage loans and loan applications. The most important skills for a loan documentation specialist are customer service, loan applications, and real estate loans.
| Mortgage Assistant | Loan Documentation Specialist | |
| Yearly salary | $33,961 | $35,946 |
| Hourly rate | $16.33 | $17.28 |
| Growth rate | -3% | -3% |
| Number of jobs | 5,147 | 11,768 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 59% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
A mortgage assistant, sometimes referred to as a loan officer assistant, works directly with clients and members of the office to meet set organization goals. Their key responsibilities include reviewing loan applications, preparing letters for credit for clients, offering administrative support to supervising loan officers, and providing customer service to clients. They are also required to use computer programs to track loan processing and billing. This role requires customer service experience and knowledge of relevant computer software.
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.
Mortgage assistants and loan documentation specialists have different pay scales, as shown below.
| Mortgage Assistant | Loan Documentation Specialist | |
| Average salary | $33,961 | $35,946 |
| Salary range | Between $26,000 And $43,000 | Between $28,000 And $45,000 |
| Highest paying City | Rockville, MD | Eugene, OR |
| Highest paying state | West Virginia | Washington |
| Best paying company | DFCU Financial | City National Bank |
| Best paying industry | Professional | Finance |
There are a few differences between a mortgage assistant and a loan documentation specialist in terms of educational background:
| Mortgage Assistant | Loan Documentation Specialist | |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 59% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage assistants' and loan documentation specialists' demographics:
| Mortgage Assistant | Loan Documentation Specialist | |
| Average age | 42 | 42 |
| Gender ratio | Male, 21.6% Female, 78.4% | Male, 29.9% Female, 70.1% |
| Race ratio | Black or African American, 12.0% Unknown, 4.4% Hispanic or Latino, 13.7% Asian, 7.9% White, 61.5% 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% |