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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

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 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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Average Length of Employment
Loan Secretary 4.0 years
Loan Coordinator 3.0 years
Loan Closer 3.0 years
Loan Officer 3.0 years
Loan Clerk 3.0 years
Loan Originator 2.8 years
Coordinator 2.6 years
Loan Processor 2.6 years
Loan Assistant 2.5 years
Loan Specialist 2.3 years
Closer 1.9 years
Mortgage Assistant 1.8 years
Top Employers Before
Teller 4.6%
Processor 3.7%
Cashier 2.5%
Specialist 2.4%
Top Employers After
Processor 3.5%
Specialist 3.0%

Loan Coordinator Demographics

Gender

Female

72.6%

Male

25.5%

Unknown

1.9%
Ethnicity

White

77.1%

Hispanic or Latino

12.2%

Asian

8.4%

Unknown

1.8%

Black or African American

0.5%
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Languages Spoken

Spanish

67.0%

French

6.6%

Russian

3.3%

Chinese

3.3%

Vietnamese

2.2%

Korean

2.2%

Portuguese

1.1%

Indonesian

1.1%

Urdu

1.1%

Romanian

1.1%

Japanese

1.1%

Greek

1.1%

Dakota

1.1%

Slovak

1.1%

Hindi

1.1%

Armenian

1.1%

Mandarin

1.1%

Polish

1.1%

Gujarati

1.1%

Italian

1.1%
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Loan Coordinator Education

Schools

University of Phoenix

23.3%

Florida State College at Jacksonville

5.0%

DePaul University

5.0%

Kaplan University

5.0%

Michigan State University

4.4%

Arizona State University

4.4%

William Rainey Harper College

4.4%

Washington State University

4.4%

Central Piedmont Community College

3.9%

California University of Pennsylvania

3.9%

Ashford University

3.9%

Fullerton College

3.9%

Florida International University

3.9%

Strayer University

3.9%

Central Washington University

3.9%

University of Alabama

3.3%

Sonoma State University

3.3%

University of California - Berkeley

3.3%

American InterContinental University

3.3%

University of Washington

3.3%
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Majors

Business

37.5%

Finance

8.5%

Accounting

7.0%

Psychology

4.8%

Communication

4.4%

Management

4.0%

Criminal Justice

3.1%

Liberal Arts

3.0%

General Studies

2.9%

Marketing

2.9%

Health Care Administration

2.8%

Real Estate

2.6%

Education

2.2%

English

2.2%

Legal Support Services

2.2%

Human Resources Management

2.1%

Computer Information Systems

2.1%

Economics

2.0%

Computer Science

1.9%

Nursing

1.9%
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Degrees

Bachelors

40.4%

Other

29.0%

Associate

11.4%

Masters

10.3%

Certificate

5.4%

Diploma

1.9%

Doctorate

0.9%

License

0.6%
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Job type you want
Full Time
Part Time
Internship
Temporary

Top Skills for A Loan Coordinator

AppraisalsEnsureComplianceMortgageLoanOfficerBorrowersLoanPipelineLoanDocumentsFinancialAidCustomerServiceLoanProcessCreditReportsLoanFilesFha/VaTitleCompaniesEscrowInstructionsUnderwritingConditionsRealEstateAgentsDataEntryLoanApprovalLoanApplicationPackageFannieMAE

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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

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