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Loan Document Specialist: Job Description and Requirements

Loan document specialists require no formal education. Learn about the training, job duties and required skills to see if this is the right career for you.

Loan document specialists work with clients to prepare applications for loans. These positions require good communications skills, customer service skills, working knowledge of lending practices, and knowledge of banking procedures. Training for these positions is typically on-the-job.

Essential Information

A loan document specialist prepares and approves client applications for loans, leases or lines of credit. This entry-level job requires a high school diploma or equivalent, as well as working knowledge of lending principles, and strong organizational and customer service skills; candidates who also have relevant training may have better job prospects.

Required Education High school diploma or equivalent
Projected Job Growth (2014-2024) 9% for loan interviewers and clerks*
Median Annual Salary (2015) $37,710 for loan interviewers and clerks*

Source: *U.S. Bureau of Labor Statistics

Job Description of a Loan Document Specialist

Loan documentation specialists are responsible for processing loan applications in compliance with bank policies, meeting investor guidelines and demonstrating lending strategies. They meet with potential customers to assess their needs, collect data, verify documents and ensure the completion of applications. A loan document specialist may specialize in home loans (mortgages), student loans, car loans or small business loans, depending on the place of employment.

Working closely with loan officers, loan document specialists may also obtain credit information, coordinate closings, calculate closing costs and disperse funds. They are responsible for monitoring loan processes, reviewing reports, assisting clients with payments and complying with state and federal regulations. In some cases, they are required to meet sales goals to bring in revenue for their financial institution.

Employment Outlook

According to the U.S. Bureau of Labor Statistics (BLS), the number of jobs for loan interviewers and clerks, including documentation specialists, was projected to grow 9% from 2014-2024 (www.bls.gov). This rate was about average compared to all other career fields. The BLS also reported the median annual salary for loan interviewers and clerks was $37,710 in May 2015.

Requirements of a Loan Document Specialist

An entry-level career as a loan document specialist typically only requires a high school diploma or equivalent and on-the-job training. However, employers may require some formal training in paralegal studies or sales. Successful candidates should have an understanding of basic loan concepts and a working knowledge of lending principles. Working knowledge of mortgage processing and underwriting is beneficial for loan documentation specialists. Advancement opportunities, such as supervisory or management roles, may occur after working for the bank for a number of years.

Useful Skills

Loan specialists must be detail-oriented and able to multi-task. Good communication and customer service skills are essential because the job requires a high level of client interaction. Knowledge of banking procedures and policies is necessary.

Loan document specialists require a high school diploma or GED. Formal training in paralegal studies or sales may be useful to obtaining these positions. The median annual salary for these positions is about $38,000.


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