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The differences between junior underwriters and loan coordinators can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a junior underwriter, becoming a loan coordinator takes usually requires 2-4 years. Additionally, a junior underwriter has an average salary of $51,782, which is higher than the $39,836 average annual salary of a loan coordinator.
The top three skills for a junior underwriter include loan programs, income documentation and credit reports. The most important skills for a loan coordinator are customer service, work ethic, and FHA.
| Junior Underwriter | Loan Coordinator | |
| Yearly salary | $51,782 | $39,836 |
| Hourly rate | $24.90 | $19.15 |
| Growth rate | 4% | -3% |
| Number of jobs | 19,456 | 24,765 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 56% |
| Average age | 45 | 42 |
| Years of experience | 6 | 4 |
Working alongside senior underwriters, a junior underwriter is in charge of performing research and analysis to determine the eligibility of clients for insurance products and services. Their responsibilities include gathering and analyzing requirements, inspecting financial histories, participating in handling underwriting conditions, and monitoring current and past loans of a client. Should there be any complicated issues and concerns, they must report to the senior underwriter right away. Furthermore, a junior underwriter must carry out tasks while adhering to the company's policies and regulations.
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 underwriters and loan coordinators have different pay scales, as shown below.
| Junior Underwriter | Loan Coordinator | |
| Average salary | $51,782 | $39,836 |
| Salary range | Between $34,000 And $77,000 | Between $30,000 And $51,000 |
| Highest paying City | Hicksville, NY | Raleigh, NC |
| Highest paying state | New York | West Virginia |
| Best paying company | Chubb | JPMorgan Chase & Co. |
| Best paying industry | Insurance | Professional |
There are a few differences between a junior underwriter and a loan coordinator in terms of educational background:
| Junior Underwriter | Loan Coordinator | |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 56% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between junior underwriters' and loan coordinators' demographics:
| Junior Underwriter | Loan Coordinator | |
| Average age | 45 | 42 |
| Gender ratio | Male, 28.7% Female, 71.3% | Male, 25.3% Female, 74.7% |
| Race ratio | Black or African American, 9.0% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.9% American Indian and Alaska Native, 0.5% | 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 | 8% | 7% |