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The differences between loan coordinators and coordinators can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become a loan coordinator, becoming a coordinator takes usually requires 6-12 months. Additionally, a coordinator has an average salary of $41,599, which is higher than the $39,836 average annual salary of a loan coordinator.
The top three skills for a loan coordinator include customer service, work ethic and FHA. The most important skills for a coordinator are customer service, patients, and excellent organizational.
| Loan Coordinator | Coordinator | |
| Yearly salary | $39,836 | $41,599 |
| Hourly rate | $19.15 | $20.00 |
| Growth rate | -3% | 12% |
| Number of jobs | 24,765 | 151,508 |
| Job satisfaction | - | 5 |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 57% |
| Average age | 42 | 43 |
| Years of experience | 4 | 12 |
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.
Coordinators are responsible for liaising between the department they are assigned to and any other external party. They oversee projects or agreements. They are in charge of following through negotiations between the two parties regarding work. They see through the conduct of such contracts by ensuring that all terms are amenable to both parties. They maintain records and other necessary data and paperwork. They also ensure that office policy and guidelines are being followed. Coordinators also ensure that all projects are completed efficiently and effectively.
Loan coordinators and coordinators have different pay scales, as shown below.
| Loan Coordinator | Coordinator | |
| Average salary | $39,836 | $41,599 |
| Salary range | Between $30,000 And $51,000 | Between $27,000 And $61,000 |
| Highest paying City | Raleigh, NC | San Francisco, CA |
| Highest paying state | West Virginia | Alaska |
| Best paying company | JPMorgan Chase & Co. | Meta |
| Best paying industry | Professional | Technology |
There are a few differences between a loan coordinator and a coordinator in terms of educational background:
| Loan Coordinator | Coordinator | |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 57% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Southern California |
Here are the differences between loan coordinators' and coordinators' demographics:
| Loan Coordinator | Coordinator | |
| Average age | 42 | 43 |
| Gender ratio | Male, 25.3% Female, 74.7% | Male, 36.3% Female, 63.7% |
| Race ratio | Black or African American, 11.9% Unknown, 4.3% Hispanic or Latino, 17.7% Asian, 7.5% White, 58.2% American Indian and Alaska Native, 0.4% | Black or African American, 11.5% Unknown, 5.2% Hispanic or Latino, 20.9% Asian, 6.4% White, 53.9% American Indian and Alaska Native, 2.1% |
| LGBT Percentage | 7% | 11% |