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The differences between loan coordinators and loan consultants 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 consultant takes usually requires 4-6 years. Additionally, a loan coordinator has an average salary of $39,836, which is higher than the $38,876 average annual salary of a loan consultant.
The top three skills for a loan coordinator include customer service, work ethic and FHA. The most important skills for a loan consultant are loan applications, origination, and customer service.
| Loan Coordinator | Loan Consultant | |
| Yearly salary | $39,836 | $38,876 |
| Hourly rate | $19.15 | $18.69 |
| Growth rate | -3% | 4% |
| Number of jobs | 24,765 | 23,448 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 62% |
| 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 Consultant specializes in assessing loan applications to ensure potential clients uphold their financial obligations. Their responsibilities include conducting interviews with applicants, reviewing and verifying documentation, and evaluating financial credit and other records. They may also answer inquiries, advise potential clients on which program suits them the best, and help them understand every procedure. Moreover, there are also instances when they must handle delinquent accounts, reach out to clients, and negotiate payment terms when necessary.
Loan coordinators and loan consultants have different pay scales, as shown below.
| Loan Coordinator | Loan Consultant | |
| Average salary | $39,836 | $38,876 |
| Salary range | Between $30,000 And $51,000 | Between $27,000 And $54,000 |
| Highest paying City | Raleigh, NC | Sioux Falls, SD |
| Highest paying state | West Virginia | South Dakota |
| Best paying company | JPMorgan Chase & Co. | Accion |
| Best paying industry | Professional | Finance |
There are a few differences between a loan coordinator and a loan consultant in terms of educational background:
| Loan Coordinator | Loan Consultant | |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 62% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan coordinators' and loan consultants' demographics:
| Loan Coordinator | Loan Consultant | |
| Average age | 42 | 45 |
| Gender ratio | Male, 25.3% Female, 74.7% | Male, 57.2% Female, 42.8% |
| 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, 9.2% Unknown, 4.6% Hispanic or Latino, 16.0% Asian, 6.4% White, 63.3% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 7% | 8% |