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The differences between loan coordinators and loan administrators 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 loan administrator takes usually requires 4-6 years. Additionally, a loan administrator has an average salary of $42,859, 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 loan administrator are customer service, data entry, and loan administration.
| Loan Coordinator | Loan Administrator | |
| Yearly salary | $39,836 | $42,859 |
| Hourly rate | $19.15 | $20.61 |
| Growth rate | -3% | 4% |
| Number of jobs | 24,765 | 63,708 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 58% |
| Average age | 42 | 45 |
| Years of experience | 4 | 6 |
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.
A Loan Administrator is a person that takes care of all the documentation part of the loan process. Loans require a lot of documents and requirements, and a loan administrator is a person that helps the client accomplish all these requirements. It is also their job to help clients resolve issues and problems during the loan process. A Loan Administrator is a crucial and hectic job. The one qualified for this position must be good at handling pressure, be good at resolving issues, handle complaints, and communicate with people.
Loan coordinators and loan administrators have different pay scales, as shown below.
| Loan Coordinator | Loan Administrator | |
| Average salary | $39,836 | $42,859 |
| Salary range | Between $30,000 And $51,000 | Between $31,000 And $59,000 |
| Highest paying City | Raleigh, NC | Seattle, WA |
| Highest paying state | West Virginia | Hawaii |
| Best paying company | JPMorgan Chase & Co. | BNY Mellon |
| Best paying industry | Professional | Finance |
There are a few differences between a loan coordinator and a loan administrator in terms of educational background:
| Loan Coordinator | Loan Administrator | |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 58% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan coordinators' and loan administrators' demographics:
| Loan Coordinator | Loan Administrator | |
| Average age | 42 | 45 |
| Gender ratio | Male, 25.3% Female, 74.7% | Male, 23.2% Female, 76.8% |
| 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, 9.3% Unknown, 4.6% Hispanic or Latino, 16.2% Asian, 6.4% White, 63.0% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 7% | 8% |