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The differences between loan assistants and closing 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 loan assistant and a closing coordinator. Additionally, a closing coordinator has an average salary of $39,066, which is higher than the $36,962 average annual salary of a loan assistant.
The top three skills for a loan assistant include customer service, loan applications and mortgage loans. The most important skills for a closing coordinator are customer service, escrow, and HOA.
| Loan Assistant | Closing Coordinator | |
| Yearly salary | $36,962 | $39,066 |
| Hourly rate | $17.77 | $18.78 |
| Growth rate | -3% | -3% |
| Number of jobs | 8,923 | 19,203 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 50% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
Loan assistants act as support primarily to loan officers in preparing, reviewing, and verifying account documentation pertinent to loans. Also, ensuring the completeness of the loan files and that all collateral has been properly secured. In addition, loan assistants update collateral values on commercial and residential real estate loans as assigned by senior management. They stay within the guidelines established by bank policy and maintain the highest level of confidentiality with all information obtained.
In the real estate industry, a closing coordinator is in charge of coordinating the final stages of a real estate deal, ensuring efficiency and smooth transaction. Among their responsibilities include preparing and processing legal documents, liaising with the buyer and seller, managing timelines and payment plans, and ensuring that both parties adhere to the terms of the agreement. Moreover, a closing coordinator must maintain an active communication line with staff, answering their inquiries, and assisting them as needed.
Loan assistants and closing coordinators have different pay scales, as shown below.
| Loan Assistant | Closing Coordinator | |
| Average salary | $36,962 | $39,066 |
| Salary range | Between $28,000 And $47,000 | Between $29,000 And $52,000 |
| Highest paying City | Olympia, WA | Kirkland, WA |
| Highest paying state | Washington | Washington |
| Best paying company | University of California, Berkeley | HarbourVest |
| Best paying industry | Finance | Finance |
There are a few differences between a loan assistant and a closing coordinator in terms of educational background:
| Loan Assistant | Closing Coordinator | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 50% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan assistants' and closing coordinators' demographics:
| Loan Assistant | Closing Coordinator | |
| Average age | 42 | 42 |
| Gender ratio | Male, 18.2% Female, 81.8% | Male, 20.8% Female, 79.2% |
| Race ratio | Black or African American, 12.2% Unknown, 4.3% Hispanic or Latino, 15.4% Asian, 7.4% White, 60.2% American Indian and Alaska Native, 0.4% | Black or African American, 12.7% Unknown, 4.7% Hispanic or Latino, 15.8% Asian, 6.3% White, 59.9% American Indian and Alaska Native, 0.6% |
| LGBT Percentage | 7% | 7% |