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What is a loan coordinator and how to become one
A loan coordinator works in the financial industry to facilitate the loan process from start to finish. They act as a liaison between the borrower, lender, and underwriter to submit and process all necessary documentation in a timely manner. Loan coordinators review loan applications, verify information, and ensure regulatory compliance. They work with clients to answer questions, provide guidance, and resolve issues. Overall, a loan coordinator helps individuals secure loans.
Avg. Salary $39,836
Avg. Salary $59,228
Growth rate -3%
Growth rate 0.3%
American Indian and Alaska Native 0.41%
Asian 7.49%
Black or African American 11.87%
Hispanic or Latino 17.66%
Unknown 4.35%
White 58.22%
Genderfemale 74.74%
male 25.26%
Age - 41American Indian and Alaska Native 3.00%
Asian 7.00%
Black or African American 14.00%
Hispanic or Latino 19.00%
White 57.00%
Genderfemale 47.00%
male 53.00%
Age - 41Stress level is very high
7.1 - high
Complexity level is challenging
7 - challenging
Work life balance is fair
6.4 - fair
What are the pros and cons of being a loan coordinator?
Pros
Opportunity to help people achieve their dreams of owning a home or starting a business
Potential for high earnings through commissions and bonuses
Fast-paced work environment with a lot of variety in tasks
Chance to learn about different types of loans and financing options
Ability to work from home or remotely in some cases
Cons
Can be stressful dealing with difficult clients or lenders who are slow to respond
May require working long hours or weekends to meet deadlines or attend closings
May require extensive paperwork and document management
Commission-based pay structure can lead to income instability during slow periods or in a competitive market
Can be emotionally draining when deals fall through or clients are not approved for financing
Loan coordinator career paths
Key steps to become a loan coordinator
Explore loan coordinator education requirements
Start to develop specific loan coordinator skills
Skills Percentages Customer Service 26.24% Work Ethic 11.68% FHA 9.68% Coordinators 5.92% Origination 5.58% Complete relevant loan coordinator training and internships
Accountants spend an average of 1-2 years on post-employment, on-the-job training. New loan coordinators learn the skills and techniques required for their job and employer during this time. The chart below shows how long it takes to gain competency as a loan coordinator based on U.S. Bureau of Labor Statistics data and data from real loan coordinator resumes.Research loan coordinator duties and 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.
Prepare your loan coordinator resume
When your background is strong enough, you can start writing your loan coordinator resume.
You can use Zippia's AI resume builder to make the resume writing process easier while also making sure that you include key information that hiring managers expect to see on a loan coordinator resume. You'll find resume tips and examples of skills, responsibilities, and summaries, all provided by Zippi, your career sidekick.
Choose from 10+ customizable loan coordinator resume templates
Build a professional loan coordinator resume in minutes. Browse through our resume examples to identify the best way to word your resume. Then choose from 10+ resume templates to create your loan coordinator resume.
Apply for loan coordinator jobs
Now it's time to start searching for a loan coordinator job. Consider the tips below for a successful job search:
- Browse job boards for relevant postings
- Consult your professional network
- Reach out to companies you're interested in working for directly
- Watch out for job scams
How did you land your first loan coordinator job
Are you a loan coordinator?
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Average loan coordinator salary
The average loan coordinator salary in the United States is $39,836 per year or $19 per hour. Loan coordinator salaries range between $30,000 and $51,000 per year.
What am I worth?
How do loan coordinators rate their job?
Loan coordinator reviews
Helping People, secure a better financial future
Having to Decline applicants
when more loans are deliquent
when a person being assisted to obtain a loan to uplift their lives
This is a challenging position. It is not a one-size-fits-all job. The nature of your work depends heavily on the loan officer you work under. High-volume is no joke. You'll need to be sharp and focused all-day, every day you come to work.
It's lots of sitting in a chair. It requires 100% computer time, so you'll need to schedule breaks and get up and walk around intentionally.
Updated January 8, 2025
