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The differences between junior processors and loan coordinators can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both a junior processor and a loan coordinator. Additionally, a loan coordinator has an average salary of $39,836, which is higher than the $33,371 average annual salary of a junior processor.
The top three skills for a junior processor include mortgage loans, loan applications and appraisal orders. The most important skills for a loan coordinator are customer service, work ethic, and FHA.
| Junior Processor | Loan Coordinator | |
| Yearly salary | $33,371 | $39,836 |
| Hourly rate | $16.04 | $19.15 |
| Growth rate | -3% | -3% |
| Number of jobs | 17,036 | 24,765 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 38% | Bachelor's Degree, 56% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
A junior processor is responsible for assessing a loan applicant's information to determine whether they are eligible to obtain a loan. This includes examining the assets submitted by the applicant, considering whether the loan is viable, and determining if the applicant is capable of paying. They also explain the terms and conditions set by the lending company. After assessment, they forward the loan applicant's details to the loan committee for appropriate action, which could be approval or disapproval.
A Loan Coordinator is responsible for processing loan applications and determining the eligibility of applicants for loan options. Loan Coordinators perform administrative and clerical duties under the supervision of a loan supervisor. They file reports, monitor transactions, and review the applicants' credit scores. A loan coordinator must have excellent communication and organizational skills, especially responding to the applicants' inquiries and concerns, resolving complaints, and directing them to the loan personnel for any updates on their applications.
Junior processors and loan coordinators have different pay scales, as shown below.
| Junior Processor | Loan Coordinator | |
| Average salary | $33,371 | $39,836 |
| Salary range | Between $26,000 And $41,000 | Between $30,000 And $51,000 |
| Highest paying City | - | Raleigh, NC |
| Highest paying state | - | West Virginia |
| Best paying company | - | JPMorgan Chase & Co. |
| Best paying industry | - | Professional |
There are a few differences between a junior processor and a loan coordinator in terms of educational background:
| Junior Processor | Loan Coordinator | |
| Most common degree | Bachelor's Degree, 38% | Bachelor's Degree, 56% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between junior processors' and loan coordinators' demographics:
| Junior Processor | Loan Coordinator | |
| Average age | 42 | 42 |
| Gender ratio | Male, 19.1% Female, 80.9% | Male, 25.3% Female, 74.7% |
| Race ratio | Black or African American, 12.4% Unknown, 4.2% Hispanic or Latino, 18.5% Asian, 6.6% White, 57.9% American Indian and Alaska Native, 0.4% | Black or African American, 11.9% Unknown, 4.3% Hispanic or Latino, 17.7% Asian, 7.5% White, 58.2% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |