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Become A Loan Coordinator

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Working As A Loan Coordinator

  • Processing Information
  • Interacting With Computers
  • Communicating with Persons Outside Organization
  • Getting Information
  • Performing for or Working Directly with the Public
  • Deal with People

  • Unpleasant/Angry People

  • Mostly Sitting

  • Repetitive

  • Stressful

  • $51,000

    Average Salary

What Does A Loan Coordinator Do

Financial clerks do administrative work for many types of organizations. They keep records, help customers, and carry out financial transactions.

Duties

Financial clerks typically do the following:

  • Keep and update financial records
  • Compute bills and charges
  • Offer customer assistance
  • Carry out financial transactions

Financial clerks give administrative and clerical support in financial settings. Their specific job duties vary by specialty and by setting.

Billing and posting clerks calculate charges, develop bills, and prepare them to be mailed to customers. They review documents such as purchase orders, sales tickets, charge slips, and hospital records to compute fees or charges due. They also contact customers to get or give account information.

Gaming cage workers work in casinos and other gaming establishments. The “cage” in which they work is the central depository for money and gaming chips. Gaming cage workers sell gambling chips, tokens, or tickets to patrons. They count funds and reconcile daily summaries of transactions in order to balance books.

Payroll and timekeeping clerks compile and post employee time and payroll data. They verify and record attendance, hours worked, and pay adjustments. They ensure that employees are paid on time and that their paychecks are accurate.

Procurement clerks compile requests for materials, prepare purchase orders, keep track of purchases and supplies, and handle questions about orders. They respond to questions from customers and suppliers about the status of orders. They handle requests to change or cancel orders. They make sure that purchases arrive on schedule and that the items meet the purchaser’s specifications.

Brokerage clerks help with tasks associated with securities such as stocks, bonds, commodities, and other kinds of investments. Their duties include writing orders for stock purchases and sales, computing transfer taxes, verifying stock transactions, accepting and delivering securities, distributing dividends, and keeping records of daily transactions and holdings.

Credit authorizers, checkers, and clerks review the credit history, and get the information needed to determine the creditworthiness, of individuals or businesses applying for credit. Credit authorizers evaluate customers’ computerized credit records and payment histories to decide, based on predetermined standards, whether to approve new credit. Credit checkers call or write credit departments of business and service establishments to get information about applicants’ credit standing.

Loan interviewers, also called loan processors or loan clerks, interview applicants and others to get and verify personal and financial information needed to complete loan applications. They also prepare the documents that go to the appraiser and are issued at the closing of a loan.

New accounts clerks interview people who want to open accounts in financial institutions. They explain the account services available to prospective customers and help them fill out applications. They also investigate and correct errors in accounts.

Insurance claims and policy processing clerks process applications for insurance policies. They also handle customers’ requests to change or cancel their existing policies. Their duties include interviewing clients and reviewing insurance applications to ensure that all questions have been answered. They also notify insurance agents and accounting departments of policy cancellations or changes.

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How To Become A Loan Coordinator

A high school diploma or equivalent is typically required for most financial clerk jobs. These workers usually learn their duties through on-the-job training.

Education

Financial clerks typically need a high school diploma or equivalent to enter the occupation. Employers of brokerage clerks may prefer candidates who have taken some college courses in business or economics and, in some cases, require a 2- or 4-year college degree.

Training

Most financial clerks learn how to do their job duties through on-the-job training. Some formal technical training also may be necessary; for example, gaming cage workers may need training in specific gaming regulations and procedures.

Advancement

Financial clerks can advance to related occupations in finance. For example, a loan interviewer or clerk can become a loan officer, and a brokerage clerk can become a securities, commodities, or financial services sales agent, after obtaining the required education and license.

Important Qualities

Communication skills. Financial clerks should have good communication skills so that they can explain policies and procedures to colleagues and customers.

Math skills. The job duties of financial clerks, including calculating charges and checking credit scores, require basic math skills.

Organizational skills. Strong organizational skills are important for financial clerks because they must be able to find files quickly and efficiently.

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Loan Coordinator Career Paths

Loan Coordinator
Loan Processor Loan Officer Account Executive
Relationship Manager
6 Yearsyrs
Loan Processor Underwriter
Underwriting Manager
8 Yearsyrs
Loan Processor Underwriter Branch Manager
Manager, Assistant Vice President
7 Yearsyrs
Underwriter Account Manager Vice President
Vice President And Manager
10 Yearsyrs
Mortgage Loan Processor Loan Officer Credit Analyst
Credit Manager
5 Yearsyrs
Mortgage Loan Processor Senior Loan Processor Office Manager
Accounts Payable Manager
7 Yearsyrs
Mortgage Loan Processor Senior Loan Processor
Processing Manager
7 Yearsyrs
Loan Officer Account Executive Office Manager
Accountant And Office Manager
6 Yearsyrs
Mortgage Processor Senior Loan Processor Office Manager
Accounts Receivable Manager
6 Yearsyrs
Mortgage Processor Team Leader Project Manager
Portfolio Manager
7 Yearsyrs
Mortgage Processor Team Leader Property Manager
Asset Manager
7 Yearsyrs
Service Specialist Executive Assistant Property Manager
Real Estate Manager
8 Yearsyrs
Service Specialist Account Executive Customer Service Manager
Collections Manager
5 Yearsyrs
Service Specialist Credit Analyst Assistant Branch Manager
Branch Operations Manager
6 Yearsyrs
Mortgage Underwriter Senior Underwriter Assistant Vice President
Vice President Operation Manager
10 Yearsyrs
Mortgage Underwriter Team Leader Operations Director
Assistant Vice President Operations
8 Yearsyrs
Mortgage Underwriter Senior Loan Officer Assistant Branch Manager
Finance Center Manager
6 Yearsyrs
Specialist Credit Analyst Relationship Manager
Client Relationship Manager
7 Yearsyrs
Office Assistant Executive Assistant Realtor
Real Estate Management Specialist
7 Yearsyrs
Office Assistant Legal Assistant Bankruptcy Specialist
Property Preservation Specialist
5 Yearsyrs
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Do you work as a Loan Coordinator?

Help others decide if this is a good career for them

Average Length of Employment
Loan Closer 3.2 years
Loan Coordinator 3.0 years
Loan Clerk 3.0 years
Mortgage Processor 2.7 years
Loan Processor 2.7 years
Loan Assistant 2.6 years
Loan Specialist 2.4 years
Loan Auditor 2.2 years
Mortgage Assistant 1.9 years
Top Careers Before Loan Coordinator
Processor 4.3%
Cashier 4.0%
Teller 3.9%
Specialist 2.7%
Top Careers After Loan Coordinator
Processor 3.9%
Specialist 3.3%
Cashier 3.3%

Do you work as a Loan Coordinator?

How Would You Rate The Salary Of a Loan Coordinator?

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Top Skills for A Loan Coordinator

  1. Loan Applications
  2. Loan Portfolio
  3. Borrowers
You can check out examples of real life uses of top skills on resumes here:
  • Reviewed loan applications packages for completeness and accuracy.
  • Utilize excellent communication, multitasking and customer service skills to assist commercial loan originators/relationship managers in day-to-day loan portfolio management.
  • Assist students in understanding and successfully managing loan obligations by educating borrowers on repayment and deferment options available.
  • Researched and interpreted student loan regulations and implements changes necessary to ensure compliance with federal regulations.
  • Provided excellent customer service while having extensive public contact and customer relations that required thorough knowledge of departmental operations.

Loan Coordinator Resume Examples And Tips

The average resume reviewer spends between 5 to 7 seconds looking at a single resume, which leaves the average job applier with roughly six seconds to make a killer first impression. Thanks to this, a single typo or error on your resume can disqualify you right out of the gate. At Zippia, we went through over 4,744 Loan Coordinator resumes and compiled some information about how best to optimize them. Here are some suggestions based on what we found, divided by the individual sections of the resume itself.

Learn How To Create A Top Notch Loan Coordinator Resume

View Resume Examples

Loan Coordinator Demographics

Gender

Female

67.7%

Male

23.2%

Unknown

9.2%
Ethnicity

White

58.8%

Hispanic or Latino

18.8%

Black or African American

10.5%

Asian

8.1%

Unknown

3.8%
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Foreign Languages Spoken

Spanish

70.2%

French

5.7%

Chinese

4.3%

Mandarin

2.8%

Russian

2.1%

Vietnamese

1.4%

Korean

1.4%

Cantonese

1.4%

Portuguese

1.4%

Japanese

1.4%

Polish

1.4%

Romanian

0.7%

Gujarati

0.7%

Hindi

0.7%

Indonesian

0.7%

Dari

0.7%

Armenian

0.7%

Dakota

0.7%

Greek

0.7%

Italian

0.7%
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Loan Coordinator Education

Schools

University of Phoenix

27.3%

Strayer University

5.3%

Arizona State University

5.0%

Florida State College at Jacksonville

5.0%

American InterContinental University

4.8%

Kaplan University

4.5%

Webster University

4.5%

Ashford University

4.2%

University of Washington

4.2%

Central Piedmont Community College

3.7%

DePaul University

3.7%

Lindenwood University

3.7%

Eastern Michigan University

3.4%

Orange Coast College

3.2%

The Academy

3.2%

Ohio State University

2.9%

San Diego State University

2.9%

University of Central Florida

2.9%

California State University - Fullerton

2.7%

University of Texas at Arlington

2.7%
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Majors

Business

39.8%

Accounting

8.2%

Finance

7.9%

Psychology

4.6%

Communication

3.7%

Management

3.4%

Criminal Justice

3.4%

Liberal Arts

2.9%

General Studies

2.8%

Real Estate

2.8%

Health Care Administration

2.7%

Marketing

2.6%

Legal Support Services

2.5%

Education

2.0%

Human Resources Management

1.9%

Nursing

1.8%

Economics

1.7%

Computer Science

1.7%

English

1.7%

Computer Information Systems

1.7%
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Degrees

Bachelors

40.3%

Other

27.7%

Associate

13.8%

Masters

9.8%

Certificate

5.3%

Diploma

1.7%

License

0.8%

Doctorate

0.5%
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Top Loan Coordinator Employers

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Jobs From Top Loan Coordinator Employers

Loan Coordinator Videos

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