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The differences between mortgage service 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 mortgage service specialist and a loan documentation specialist. Additionally, a loan documentation specialist has an average salary of $35,946, which is higher than the $34,920 average annual salary of a mortgage service specialist.
The top three skills for a mortgage service specialist include mortgage loans, customer service and escrow analysis. The most important skills for a loan documentation specialist are customer service, loan applications, and real estate loans.
| Mortgage Service Specialist | Loan Documentation Specialist | |
| Yearly salary | $34,920 | $35,946 |
| Hourly rate | $16.79 | $17.28 |
| Growth rate | -3% | -3% |
| Number of jobs | 22,478 | 11,768 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 48% | Bachelor's Degree, 59% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
A Mortgage Service Specialist is an expert in mortgage administrative aspects. They review and verify loan application information, file borrower information, and process paperwork with the lending bank. They also authorize and recommend personal and commercial loans for approval. Math skills are necessary for this job for accuracy in calculating both the principal and interest amounts. They should also develop skills in handling transactions, foreclosing loans, communication, attention to detail, and customer service.
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 service specialists and loan documentation specialists have different pay scales, as shown below.
| Mortgage Service Specialist | Loan Documentation Specialist | |
| Average salary | $34,920 | $35,946 |
| Salary range | Between $27,000 And $43,000 | Between $28,000 And $45,000 |
| Highest paying City | Simi Valley, CA | Eugene, OR |
| Highest paying state | California | Washington |
| Best paying company | Citi | City National Bank |
| Best paying industry | Finance | Finance |
There are a few differences between a mortgage service specialist and a loan documentation specialist in terms of educational background:
| Mortgage Service Specialist | Loan Documentation Specialist | |
| Most common degree | Bachelor's Degree, 48% | Bachelor's Degree, 59% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage service specialists' and loan documentation specialists' demographics:
| Mortgage Service Specialist | Loan Documentation Specialist | |
| Average age | 42 | 42 |
| Gender ratio | Male, 35.1% Female, 64.9% | Male, 29.9% Female, 70.1% |
| Race ratio | Black or African American, 13.0% Unknown, 4.2% Hispanic or Latino, 17.8% Asian, 6.5% White, 58.1% 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% |