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The differences between loan coordinators and transaction coordinators can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both a loan coordinator and a transaction coordinator. Additionally, a transaction coordinator has an average salary of $41,792, 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 transaction coordinator are customer service, MLS, and escrow companies.
| Loan Coordinator | Transaction Coordinator | |
| Yearly salary | $39,836 | $41,792 |
| Hourly rate | $19.15 | $20.09 |
| Growth rate | -3% | -3% |
| Number of jobs | 24,765 | 16,804 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 54% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
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 transaction coordinator is responsible for performing administrative and clerical duties for the clients regarding their real estate contracts and transactions. Transaction coordinators sometimes do fieldwork to inspect the property area, write findings reports, perform cost and expenses analysis, and inform the clients of required documentation. They also identify resources and other alternatives that would most likely fit the client's budget limitations and interests. A transaction coordinator must have excellent organizational and communication skills, especially in coordinating with other organizations to process the client's requirements for property acquisition.
Loan coordinators and transaction coordinators have different pay scales, as shown below.
| Loan Coordinator | Transaction Coordinator | |
| Average salary | $39,836 | $41,792 |
| Salary range | Between $30,000 And $51,000 | Between $30,000 And $57,000 |
| Highest paying City | Raleigh, NC | White Plains, NY |
| Highest paying state | West Virginia | New York |
| Best paying company | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| Best paying industry | Professional | Finance |
There are a few differences between a loan coordinator and a transaction coordinator in terms of educational background:
| Loan Coordinator | Transaction Coordinator | |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 54% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan coordinators' and transaction coordinators' demographics:
| Loan Coordinator | Transaction Coordinator | |
| Average age | 42 | 42 |
| Gender ratio | Male, 25.3% Female, 74.7% | Male, 19.0% Female, 81.0% |
| 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, 9.7% Unknown, 4.3% Hispanic or Latino, 19.3% Asian, 6.8% White, 59.6% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |