Loan clerk vs loan coordinator

The differences between loan clerks 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 clerk and a loan coordinator. Additionally, a loan coordinator has an average salary of $39,836, which is higher than the $26,552 average annual salary of a loan clerk.

The top three skills for a loan clerk include customer service, loan payments and financial data. The most important skills for a loan coordinator are customer service, work ethic, and FHA.

Loan clerk vs loan coordinator overview

	Loan Clerk	Loan Coordinator
Yearly salary	$26,552	$39,836
Hourly rate	$12.77	$19.15
Growth rate	-3%	-3%
Number of jobs	75,101	24,765
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 40%	Bachelor's Degree, 56%
Average age	42	42
Years of experience	4	4

Loan clerk vs loan coordinator salary

Loan clerks and loan coordinators have different pay scales, as shown below.

	Loan Clerk	Loan Coordinator
Average salary	$26,552	$39,836
Salary range	Between $19,000 And $35,000	Between $30,000 And $51,000
Highest paying City	Newark, NJ	Raleigh, NC
Highest paying state	California	West Virginia
Best paying company	UFCU	JPMorgan Chase & Co.
Best paying industry	Finance	Professional

Differences between loan clerk and loan coordinator education

There are a few differences between a loan clerk and a loan coordinator in terms of educational background:

	Loan Clerk	Loan Coordinator
Most common degree	Bachelor's Degree, 40%	Bachelor's Degree, 56%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Loan clerk vs loan coordinator demographics

Here are the differences between loan clerks' and loan coordinators' demographics:

	Loan Clerk	Loan Coordinator
Average age	42	42
Gender ratio	Male, 16.9% Female, 83.1%	Male, 25.3% Female, 74.7%
Race ratio	Black or African American, 12.9% Unknown, 4.7% Hispanic or Latino, 14.6% Asian, 7.0% White, 60.3% 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	7%	7%

Differences between loan clerk and loan coordinator duties and responsibilities

Loan clerk example responsibilities.

Manage A/R transactions, prepare weekly account reconciliation's, perform research/ adjustments on A/P and A/R discrepancy accounts.
Monitor UCC filings and updates.
Prepare SBA loans using WordPrefect.
Record UCC filings on-line and by mail.
Review loan files, facilitate and verify loss mitigation application request, determine eligibility for clients requesting foreclosure financial assistance.
Work with HUD the VA and FHA to make sure all requirements are completed.

Loan coordinator example responsibilities.

Manage individual pipeline using the LPS system.
Assist in preparation of all disclosures following RESPA requirements of the time on multiple files.
Fund loans after closing and perform quality assurance measures in order to be in compliance with RESPA guidelines.
Review, analyze, and process complex individual consumer requests using conventional and FHA lending requirements.
Demonstrate technical expertise and project management skills necessary for preparing complex residential loan applications for conventional or FHA underwriter approval.
Process routine to moderately complex conventional or VA mortgage loans according to product guidelines through validation of credit and collateral documentation.

Loan clerk vs loan coordinator skills

Common loan clerk skills

Customer Service, 22%
Loan Payments, 12%
Financial Data, 10%
Mortgage Loans, 5%
Credit Reports, 4%
General Ledger Accounts, 3%

Common loan coordinator skills

Customer Service, 26%
Work Ethic, 12%
FHA, 10%
Coordinators, 6%
Origination, 6%
Financial Statements, 4%