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The differences between loan assistants 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 loan assistant and a loan coordinator. Additionally, a loan coordinator has an average salary of $39,836, 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 loan coordinator are customer service, work ethic, and FHA.
| Loan Assistant | Loan Coordinator | |
| Yearly salary | $36,962 | $39,836 |
| Hourly rate | $17.77 | $19.15 |
| Growth rate | -3% | -3% |
| Number of jobs | 8,923 | 24,765 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 56% |
| 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.
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.
Loan assistants and loan coordinators have different pay scales, as shown below.
| Loan Assistant | Loan Coordinator | |
| Average salary | $36,962 | $39,836 |
| Salary range | Between $28,000 And $47,000 | Between $30,000 And $51,000 |
| Highest paying City | Olympia, WA | Raleigh, NC |
| Highest paying state | Washington | West Virginia |
| Best paying company | University of California, Berkeley | JPMorgan Chase & Co. |
| Best paying industry | Finance | Professional |
There are a few differences between a loan assistant and a loan coordinator in terms of educational background:
| Loan Assistant | Loan Coordinator | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 56% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan assistants' and loan coordinators' demographics:
| Loan Assistant | Loan Coordinator | |
| Average age | 42 | 42 |
| Gender ratio | Male, 18.2% Female, 81.8% | Male, 25.3% Female, 74.7% |
| 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, 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% |