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The differences between loan closers 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 closer and a loan coordinator. Additionally, a loan coordinator has an average salary of $39,836, which is higher than the $39,093 average annual salary of a loan closer.
The top three skills for a loan closer include customer service, excellent organizational and TRID. The most important skills for a loan coordinator are customer service, work ethic, and FHA.
| Loan Closer | Loan Coordinator | |
| Yearly salary | $39,093 | $39,836 |
| Hourly rate | $18.79 | $19.15 |
| Growth rate | -3% | -3% |
| Number of jobs | 11,431 | 24,765 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 56% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
A loan closer is primarily in charge of handling and closing loan documentation, ensuring accuracy and smooth transactions. A loan closer's responsibilities revolve around liaising with clients to guarantee that they adhere to every term in the contract, preparing necessary reports and documents, monitoring payment progress, and ensuring that they have a deep understanding of the obligations under the contract. Furthermore, it is essential to maintain records of all transactions and assist clients, all while implementing 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.
Loan closers and loan coordinators have different pay scales, as shown below.
| Loan Closer | Loan Coordinator | |
| Average salary | $39,093 | $39,836 |
| Salary range | Between $30,000 And $50,000 | Between $30,000 And $51,000 |
| Highest paying City | Bellevue, WA | Raleigh, NC |
| Highest paying state | Washington | West Virginia |
| Best paying company | Tata Group | JPMorgan Chase & Co. |
| Best paying industry | Finance | Professional |
There are a few differences between a loan closer and a loan coordinator in terms of educational background:
| Loan Closer | 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 closers' and loan coordinators' demographics:
| Loan Closer | Loan Coordinator | |
| Average age | 42 | 42 |
| Gender ratio | Male, 22.6% Female, 77.4% | Male, 25.3% Female, 74.7% |
| Race ratio | Black or African American, 12.9% Unknown, 4.3% Hispanic or Latino, 14.8% Asian, 7.0% White, 60.6% 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% |