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The differences between mortgage 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 mortgage processor and a loan documentation specialist. Additionally, a mortgage processor has an average salary of $40,527, which is higher than the $35,946 average annual salary of a loan documentation specialist.
The top three skills for a mortgage processor include customer service, FHA and va. The most important skills for a loan documentation specialist are customer service, loan applications, and real estate loans.
| Mortgage Processor | Loan Documentation Specialist | |
| Yearly salary | $40,527 | $35,946 |
| Hourly rate | $19.48 | $17.28 |
| Growth rate | -3% | -3% |
| Number of jobs | 9,057 | 11,768 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 59% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
A mortgage processor is responsible for reviewing mortgage loan applications, evaluating applicants' documents, and verifying their eligibility for approval. Mortgage processors consider the applicant's financial statements, credit score, and other possible mortgage options. They also interview loan applicants to confirm the accuracy of submitted documents and keep them updated with the progress and final decisions. A mortgage processor works closely with the underwriting department for loan applications subject for further review. The mortgage processor needs to have a broad knowledge of the banking industry and loan procedures to guide the applicants with their application inquiries and concerns.
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 processors and loan documentation specialists have different pay scales, as shown below.
| Mortgage Processor | Loan Documentation Specialist | |
| Average salary | $40,527 | $35,946 |
| Salary range | Between $31,000 And $52,000 | Between $28,000 And $45,000 |
| Highest paying City | Phoenix, AZ | Eugene, OR |
| Highest paying state | Arizona | Washington |
| Best paying company | CyberCoders | City National Bank |
| Best paying industry | Professional | Finance |
There are a few differences between a mortgage processor and a loan documentation specialist in terms of educational background:
| Mortgage Processor | Loan Documentation Specialist | |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 59% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage processors' and loan documentation specialists' demographics:
| Mortgage Processor | Loan Documentation Specialist | |
| Average age | 42 | 42 |
| Gender ratio | Male, 24.2% Female, 75.8% | Male, 29.9% Female, 70.1% |
| Race ratio | Black or African American, 13.0% Unknown, 4.2% Hispanic or Latino, 14.1% Asian, 6.6% White, 61.6% 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% |