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How to hire a loan coordinator

Loan coordinator hiring summary. Here are some key points about hiring loan coordinators in the United States:

  • HR departments typically spend 15% of their expenses on recruitment.
  • It usually takes about 12 weeks for a new employee to reach full productivity levels.
  • It typically takes 36-42 days to fill a job opening.
  • The median cost to hire a loan coordinator is $1,633.
  • Small businesses spend an average of $1,105 per loan coordinator on training each year, while large companies spend $658.
  • There are currently 164,014 loan coordinators in the US and 24,765 job openings.
  • Dallas, TX, has the highest demand for loan coordinators, with 5 job openings.
  • Charlotte, NC has the highest concentration of loan coordinators.

How to hire a loan coordinator, step by step

To hire a loan coordinator, you should clearly understand the skills and experience you are looking for in a candidate, and allocate a budget for the position. You will also need to post and promote the job opening to reach potential candidates. Here's a step-by-step guide on how to hire a loan coordinator:

Here's a step-by-step loan coordinator hiring guide:

  • Step 1: Identify your hiring needs
  • Step 2: Create an ideal candidate profile
  • Step 3: Make a budget
  • Step 4: Write a loan coordinator job description
  • Step 5: Post your job
  • Step 6: Interview candidates
  • Step 7: Send a job offer and onboard your new loan coordinator
  • Step 8: Go through the hiring process checklist

What does a loan coordinator do?

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.

Learn more about the specifics of what a loan coordinator does
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  1. Identify your hiring needs

    Before you start hiring a loan coordinator, identify what type of worker you actually need. Certain positions might call for a full-time employee, while others can be done by a part-time worker or contractor.

    Determine employee vs contractor status
    Is the person you're thinking of hiring a US citizen or green card holder?

    You should also consider the ideal background you'd like them a loan coordinator to have before you start to hire. For example, what industry or field would you like them to have experience in, what level of seniority or education does the job require, and how much it'll cost to hire a loan coordinator that fits the bill.

    This list shows salaries for various types of loan coordinators.

    Type of Loan CoordinatorDescriptionHourly rate
    Loan CoordinatorFinancial clerks do administrative work for many types of organizations. They keep records, help customers, and carry out financial transactions.$14-24
    CloserThe duties of a closer depend on one's line of work or industry of employment. Typically, their responsibilities revolve around liaising with clients to ensure that they understand and adhere to all terms of the agreement, completing all requirements and necessary documents, and maintaining records of all transactions... Show more$9-19
    Mortgage ProcessorA mortgage processor is responsible for reviewing mortgage loan applications, evaluating applicants' documents, and verifying their eligibility for approval. Mortgage processors consider the applicant's financial statements, credit score, and other possible mortgage options... Show more$14-25
  2. Create an ideal candidate profile

    Common skills:
    • Customer Service
    • Work Ethic
    • FHA
    • Coordinators
    • Origination
    • Financial Statements
    • Credit Reports
    • Federal Regulations
    • Loan Approval
    • Loan Closings
    • Commercial Loans
    • Loan Programs
    • Party Vendors
    • USDA
    Check all skills
    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.
    • Demonstrate technical expertise and project management skills necessary for preparing complex residential loan applications for conventional or FHA underwriter approval.
    • Process routine to moderately complex conventional or VA mortgage loans according to product guidelines through validation of credit and collateral documentation.
    More loan coordinator duties
  3. Make a budget

    Including a salary range in the loan coordinator job description is a good way to get more applicants. A loan coordinator salary can be affected by several factors, such as the location of the job, the level of experience, education, certifications, and the employer's prestige.

    For example, the average salary for a loan coordinator in Utah may be lower than in West Virginia, and an entry-level engineer typically earns less than a senior-level loan coordinator. Additionally, a loan coordinator with lots of experience in the field may command a higher salary as a result.

    Average loan coordinator salary

    $39,836yearly

    $19.15 hourly rate

    Entry-level loan coordinator salary
    $30,000 yearly salary
    Updated January 22, 2026

    Average loan coordinator salary by state

    RankStateAvg. salaryHourly rate
    1North Carolina$52,508$25
    2California$47,750$23
    3Arizona$46,991$23
    4Arkansas$43,948$21
    5Washington$42,884$21
    6Colorado$41,992$20
    7Illinois$41,731$20
    8Oregon$40,522$19
    9New Jersey$38,965$19
    10Ohio$38,810$19
    11Texas$38,402$18
    12New York$38,112$18
    13South Carolina$37,615$18
    14Mississippi$36,114$17
    15Missouri$34,923$17

    Average loan coordinator salary by company

    RankCompanyAverage salaryHourly rateJob openings
    1JPMorgan Chase & Co.$53,494$25.7221
    2Stifel Financial$51,996$25.002
    3Citi$51,417$24.7218
    4University of California-Berkeley$50,222$24.15
    5World Class Automotive Group LP$48,019$23.09
    6Busey$47,404$22.793
    7Mercedes-Benz of Escondido$46,025$22.132
    8Center for NYC Neighborhoods$45,864$22.05
    9Bank of America$44,280$21.291
    10Independent Bank$43,819$21.07
    11Southwest Business Corporation$43,715$21.022
    12Symetra$42,528$20.45
    13VitalSource$42,220$20.30
    14Zimmer Biomet$42,130$20.251
    15South Motor Company Of Dade County$42,069$20.23
    16Fortifi Bank$42,068$20.23
    17E & S Inc$42,068$20.23
    18Canadian Imperial Holdings, Inc.$42,068$20.231
    19Theresa Allison MD$41,936$20.164
    20Career Education$41,615$20.01
  4. Writing a loan coordinator job description

    A loan coordinator job description should include a summary of the role, required skills, and a list of responsibilities. It's also good to include a salary range and the first name of the hiring manager. To help get you started, here's an example of a loan coordinator job description:

    Loan coordinator job description example

    Founded in 1935, the Fedcap Group is the parent company of a growing number of top-tier nonprofit agencies dedicated to serving over 300,000 children and adults each year across the United States and the United Kingdom. For over 85 years, we've developed scalable, innovative, and potentially disruptive solutions to some of society's most pressing needs. We provide educational services, vocational training in high-growth labor industries, behavioral health services, and skill-building programs to every age group, all of which are meant to help people achieve long-term self-sufficiency.

    We are committed to improving the economic and social well-being of the impoverished and disadvantaged. Our services are only as effective as the quality of the people who make up our team. To achieve our mission, we strive to attract and retain talented and committed staff who believe in our cause. This is why we provide competitive compensation, great benefits, and plenty of opportunities for personal and professional growth .


    A DAY IN THE LIFE OF A STUDENT LOAN COORDINATOR

    As a Student Loan Coordinator with our financial aid office, you are responsible for overseeing student loan counseling sessions and monitoring compliance to ensure the lowest possible default rates. You track withdrawal and graduation dates for current borrowers to fulfill exit counseling requirements. On a regular basis, you communicate with student borrowers, lender services, and guarantee agencies concerning application status, enrollment status, and default aversion information. You also monitor default prevention efforts for active CDRs and send loan disbursement notifications to students.

    Additionally, you conduct student presentations for outreach activities, such as financial literacy or entrance and exit counseling. Keeping up to date on federal laws and procedures, you attend financial aid training and workshops as well as implement changes in loan policies per federal regulations. You also serve as a school liaison between students, campus administrative offices, and third parties, including loan servicers and the Department of Education, while paying extra attention to at-risk borrowers. Your work helps our students achieve their educational goals, and it brings you great satisfaction to know that your financial position with our school impacts others in such a big way!


    QUALIFICATIONS FOR A STUDENT LOAN COORDINATOR

    • Associate degree OR equivalent work experience
    • 2+ years of experience working at an educational institution
    • Ability to navigate computer software, including Microsoft Office and internal databases
    • Ability to embrace diversity and inclusion as well as perform in a multicultural environment
    • Excellent customer service skills
    • Covid-19 vaccination

    Do you have exceptional communication and interpersonal skills? Are you highly organized and attentive to detail? Can you handle confidential information with discretion? Are you able to effectively assess and resolve issues? Can you establish and maintain strong working relationships with staff and the public? If yes, you might just be perfect for this school financial position with our human services nonprofit!


    WORK SCHEDULE FOR A STUDENT LOAN COORDINATOR

    This full-time educational position with our financial aid office works the day shift during school hours .


    ARE YOU READY TO JOIN OUR HUMAN SERVICES TEAM?

    If you feel that you would be right for this financial aid job with our human services nonprofit, please fill out our initial 3-minute, mobile-friendly application . We look forward to meeting you!

    Location: 11101



    Job Posted by ApplicantPro
  5. Post your job

    There are various strategies that you can use to find the right loan coordinator for your business:

    • Consider promoting from within or recruiting from your existing workforce.
    • Ask for referrals from friends, family members, and current employees.
    • Attend job fairs at local colleges to find candidates who meet your education requirements.
    • Use social media platforms like LinkedIn, Facebook, and Twitter to reach potential job candidates.
    Post your job online:
    • Post your loan coordinator job on Zippia to find and recruit loan coordinator candidates who meet your exact specifications.
    • Use field-specific websites.
    • Post a job on free websites.
  6. Interview candidates

    Recruiting loan coordinators requires you to bring your A-game to the interview process. The first interview should introduce the company and the role to the candidate as much as they present their background experience and reasons for applying for the job. During later interviews, you can go into more detail about the technical details of the job and ask behavioral questions to gauge how they'd fit into your current company culture.

    Remember to include a few questions that allow candidates to expand on their strengths in their own words. Asking about their unique skills might reveal things you'd miss otherwise. At this point, good candidates can move on to the technical interview.

    The right interview questions can help you assess a candidate's hard skills, behavioral intelligence, and soft skills.

  7. Send a job offer and onboard your new loan coordinator

    Once you have selected a candidate for the loan coordinator position, it is time to create an offer letter. In addition to salary, the offer letter should include details about benefits and perks that are available to the employee. Ensuring your offer is competitive is vital, as qualified candidates may be considering other job opportunities. The candidate may wish to negotiate the terms of the offer, and it is important to be open to discussion and reach a mutually beneficial agreement. After the offer has been accepted, it is a good idea to formalize the agreement with a contract.

    You should also follow up with applicants who don't get the job with an email letting them know that you've filled the position.

    After that, you can create an onboarding schedule for a new loan coordinator. Human Resources and the hiring manager should complete Employee Action Forms. Human Resources should also ensure that onboarding paperwork is completed, including I-9s, benefits enrollment, federal and state tax forms, etc., and that new employee files are created.

  8. Go through the hiring process checklist

    • Determine employee type (full-time, part-time, contractor, etc.)
    • Submit a job requisition form to the HR department
    • Define job responsibilities and requirements
    • Establish budget and timeline
    • Determine hiring decision makers for the role
    • Write job description
    • Post job on job boards, company website, etc.
    • Promote the job internally
    • Process applications through applicant tracking system
    • Review resumes and cover letters
    • Shortlist candidates for screening
    • Hold phone/virtual interview screening with first round of candidates
    • Conduct in-person interviews with top candidates from first round
    • Score candidates based on weighted criteria (e.g., experience, education, background, cultural fit, skill set, etc.)
    • Conduct background checks on top candidates
    • Check references of top candidates
    • Consult with HR and hiring decision makers on job offer specifics
    • Extend offer to top candidate(s)
    • Receive formal job offer acceptance and signed employment contract
    • Inform other candidates that the position has been filled
    • Set and communicate onboarding schedule to new hire(s)
    • Complete new hire paperwork (i9, benefits enrollment, tax forms, etc.)
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How much does it cost to hire a loan coordinator?

There are different types of costs for hiring loan coordinators. One-time cost per hire for the recruitment process. Ongoing costs include employee salary, training, onboarding, benefits, insurance, and equipment. It is essential to consider all of these costs when evaluating hiring a new loan coordinator employee.

You can expect to pay around $39,836 per year for a loan coordinator, as this is the median yearly salary nationally. This can vary depending on what state or city you're hiring in. If you're hiring for contract work or on a per-project basis, hourly rates for loan coordinators in the US typically range between $14 and $24 an hour.

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