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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

  • $40,530

    Average Salary

What Does A Loan Coordinator Do At UMB Bank

* Partner with loan officers to provide assistance in coordinating the processing of new loan requests and refinances of Commercial Real Estate loans, including non-owner occupied and construction.
* Ensure the loan types are conforming to loan policy and regulatory guidelines.
* Communicate with customers, associates, counsel, title companies, etc. to coordinate assigned closings.
* Review the final loan documentation prior to delivery to loan officer.
* Will mentor and train other associates.
* Other duties as assigned

What Does A Loan Coordinator Do At Firstbank

* Collecting and uploading borrower documentation as available.
* Prepare and review documentation for submission to underwriting.
* Communication with any third parties as specialist and main contact throughout process.
* Correspond with borrowers for any missing documentation.
* Schedule loan closings with customer and branch officers.
* Perform other duties and projects as assigned.
* Position salary $14
* per hour plus commissions based on sales and goals
* Additional pay may apply for individuals that have previous education or experience
* The position includes FirstBank Headquarters employee benefits such as: FirstBank Fitness Center, Craft Café and Deli, Game Room, 4th floor Rooftop Patio, RTD/Lightrail Eco Pass with free shuttle to work from Oak Street Station

What Does A Loan Coordinator Do At First American Bank

* Review new loan applications with customers to ensure accuracy of loan request.
* Create working relationships with branch sales staff and bank underwriters.
* Work to gather all paperwork required to close residential loans.
* Communicate any counter-offer or decline decisions with the customer.
* Review mortgage eligibility, rate and costs with customer.
* Convert branch generated loan applications to closed loans and document all activity on these loans.
* Work directly with internal employees, various outside specialists, and applicants to ensure that loan requests are approved, documented, and closed in a timely manner.
* Schedule and track closing dates, contingency dates and loan lock expiration dates.
* Prepare and submit timely and accurate loan files to the underwriting department for approval.
* Manage mortgage pipeline daily.
* Review loan approvals and address all conditions required for underwriting and closing.
* Perform other duties as assigned by supervisors and managers

What Does A Loan Coordinator Do At Univest Corporation of Pennsylvania

* Maintain builder review log
* Run Lexis Nexis on builder, call all references (contact reference up to 3 times), and collect builder’s insurance and license
* Before submitting, making sure all documents are received and all references are there
* Maintain Construction loan tracking log
* Set up Construction Draw file upon loan closing (1st Mtg CTP and Consumer HELOC)
* Open any borrower escrow account if funds were required at closing
* Manage all draws during the construction phase
* Track lock expiration dates for Construction I/O period and prepare Loan Modification Agreement for any extensions needed.
* Work with Loan Officer to ensure work is done in a timely manner
* Order Inspections upon receipt of draw request from borrower and builder
* Verify all documentation necessary for draw requests is received
* Verify draw requests match draw schedule approved by underwriter and work with builder, borrower and Manager if discrepancies exist
* Review inspections when received and prepare paperwork necessary for approval to release funds
* Disburse funds via checks or wires to borrower and builder
* Prepare General Ledger entries for disbursement of funds
* Copy disbursement package and upload into LOS for 1st mtgs and into”X” drive for both 1st mortgages and Consumer HELOCS
* Prepare Final Loan Modification Agreement for 1st mortgages upon completion to convert to permanent mortgage
* Work with Loan delivery department to coordinate Final Loan Modification Agreement is received prior to lock expiration date for Agency loans
* Work with Loan Servicing on Consumer construction HELOC’s to notify when a draw is disbursed as well as final completion
* Work with underwriting department if re-qualification is needed for 1st mortgages prior to loan conversion
* Prepare Escrow Agreement for Repairs when needed for closing
* Open escrow account when funds are received
* Notify Loan Delivery of escrow holdback
* Monitor completion of repairs according to Escrow Agreement dates
* Order inspection upon completion of repairs
* Review inspection with Underwriter for approval to release escrow funds
* Release Escrow funds per Escrow Agreement
* Manage Escrow repair accounts for 203k draws
* Perform additional duties as assigned
* Responsible for compliance with laws and regulations that apply to this position, including the Univest Code of Conduct

What Does A Loan Coordinator Do At Invesco

* Coordinate the receipt and distribution of due diligence items.
* Maintain and manage the closing checklist to ensure that closing counsel and internal parties have received all required documents to review and close the loan.
* Provide third-party consultants with property information and request proposals/budgets.
* Manage engagement and completion of third-party consultant reports.
* Provide consultants with all necessary items required to complete their review of the property.
* Maintain a critical dates schedule and monitor all parties involved to ensure deadlines are met.
* Maintain checklist of client requirements.
* Coordinate with appropriate departments to make sure items are submitted on a timely basis.
* Maintain project files during the closing process and make sure files are completed post-closing.
* Provide necessary items and loan documents to loan servicer post-closing.
* Provide necessary items for law firm to prepare closing binders.
* Pursue the resolution of various issues during the due diligence/closing process.
* Communicate INVESCO due diligence requirement with Borrowers.
* Monitor internal third party costs throughout the closing process and ensure payment of third party consultants (including legal) at closing.
* Maintain contact list with telephone numbers/addresses of all parties involved in transaction.
* Prepare internal closing statement and sources and uses and coordinate with escrow agent to prepare their closing statement.
* Coordinate and complete internal KYC review and documentation.
* Provide post-closing information to Accounting and client services for reporting purposes.
* Make sure all internal approvals are obtained during each phase of the process.
* Follow-up on any post-closing obligations and receipt of original documentation.
* Other duties as assigned.
* Qualifications

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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.


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.


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.


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 jobs

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Loan Coordinator Career Paths

Loan Coordinator
Account Executive Sales Manager General Manager
Account Manager
5 Yearsyrs
Mortgage Loan Processor Senior Loan Processor Underwriter
Assistant Vice President
7 Yearsyrs
Service Specialist Personal Banker Loan Officer
Branch Manager/Loan Officer
5 Yearsyrs
Senior Underwriter Credit Officer Credit Manager
Collections Manager
5 Yearsyrs
Service Specialist Credit Analyst
Credit Manager
5 Yearsyrs
Mortgage Processor Service Specialist Credit Analyst
Credit Officer
5 Yearsyrs
Office Manager Human Resources Coordinator
Director Of Human Resources
10 Yearsyrs
Account Manager Account Executive Office Manager
Finance Manager
7 Yearsyrs
Mortgage Consultant Underwriter Assistant Vice President
Manager, Assistant Vice President
7 Yearsyrs
Mortgage Loan Processor Loan Officer Account Executive
Office Manager
5 Yearsyrs
Office Manager Operations Manager
Operations Director
9 Yearsyrs
Underwriter Quality Control Quality Control Manager
Operations Manager
7 Yearsyrs
Mortgage Processor Office Manager Payroll Specialist
Payroll Manager
7 Yearsyrs
Account Executive Office Manager Operations Manager
Regional Operation Manager
9 Yearsyrs
Mortgage Consultant Mortgage Processor
Senior Loan Processor
6 Yearsyrs
Account Manager Sales Manager Operations Manager
Senior Manager
10 Yearsyrs
Senior Loan Processor Underwriter Senior Underwriter
Underwriting Manager
8 Yearsyrs
Specialist Account Manager Senior Recruiter
Vending Manager
7 Yearsyrs
Underwriter Assistant Vice President
Vice President And Manager
10 Yearsyrs
Senior Loan Processor Senior Underwriter Assistant Vice President
Vice President Operation Manager
9 Yearsyrs
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Loan Coordinator Demographics


  • Female

  • Male

  • Unknown



  • White

  • Hispanic or Latino

  • Asian

  • Unknown

  • Black or African American

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Languages Spoken

  • Spanish

  • French

  • Russian

  • Chinese

  • Vietnamese

  • Korean

  • Portuguese

  • Indonesian

  • Urdu

  • Romanian

  • Japanese

  • Greek

  • Dakota

  • Slovak

  • Hindi

  • Armenian

  • Mandarin

  • Polish

  • Gujarati

  • Italian

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Loan Coordinator

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Loan Coordinator Education

Loan Coordinator

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Top Skills for A Loan Coordinator


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Top Loan Coordinator Skills

  1. Appraisals
  2. Ensure Compliance
  3. Mortgage Loan Officer
You can check out examples of real life uses of top skills on resumes here:
  • Ordered and reviewed third party documents such as titles, appraisals, insurances and tax information.
  • Obtain documentation to determine borrowers' creditworthiness and to ensure compliance with agency guidelines.
  • Provide support to all branch Mortgage Loan Officers.
  • Establish Consultative relationships with borrowers.
  • Managed loan pipeline as well as conducted credit and underwriting analysis.

Top Loan Coordinator Employers

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Loan Coordinator Videos

Career Advice on becoming a Learning and Development Officer by Nemesia W (Full Version)

day in the life of a loan processor

The Role of a Mortgage Loan Processesor