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.

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Loan Coordinator Responsibilities

Here are examples of responsibilities from real loan coordinator resumes representing typical tasks they are likely to perform in their roles.

  • 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.
  • Ingest information into the ALSCOM system for any HELOC or HELOANS that are being complete simultaneously with the 1st mortgage.
  • Participate in small arms range live fire training and ammunition handling safety.

Loan Coordinator Job Description

When it comes to understanding what a loan coordinator does, you may be wondering, "should I become a loan coordinator?" The data included in this section may help you decide. Compared to other jobs, loan coordinators have a growth rate described as "as fast as average" at 5% between the years 2018 - 2028, according to the Bureau of Labor Statistics. In fact, the number of loan coordinator opportunities that are predicted to open up by 2028 is 72,100.

On average, the loan coordinator annual salary is $39,836 per year, which translates to $19.15 an hour. Generally speaking, loan coordinators earn anywhere from $30,000 to $51,000 a year, which means that the top-earning loan coordinators make $20,000 more than the ones at the lower end of the spectrum.

As is the case with most jobs, it takes work to become a loan coordinator. Sometimes people change their minds about their career after working in the profession. That's why we looked into some other professions that might help you find your next opportunity. These professions include a closer, mortgage specialist, mortgage processor, and post closer.

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Loan Coordinator Skills and Personality Traits

We calculated that 26% of Loan Coordinators are proficient in Customer Service, Work Ethic, and FHA. They’re also known for soft skills such as Communication skills, Math skills, and Organizational skills.

We break down the percentage of Loan Coordinators that have these skills listed on their resume here:

  • Customer Service, 26%

    Maintained production according to established standards, provided customer service and knowledge of company's automated system for loan processing.

  • Work Ethic, 12%

    Displayed dedication and work ethic by offering to work extra shifts during busy periods.

  • FHA, 10%

    Reviewed, analyzed, and processed complex individual consumer requests using conventional and FHA lending requirements.

  • Coordinators, 6%

    Provided database administrator & information gathering support to Senior Loan Coordinators in the Retail Mortgage Loan Center.

  • Origination, 6%

    Registered loans on the origination system and maintain system accuracy, issue proper disclosures as required by federal regulatory compliance.

  • Financial Statements, 4%

    Review financial statements for completeness, scanning and indexing documents for existing customers marking ticklers received.

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Some of the skills we found on loan coordinator resumes included "customer service," "work ethic," and "fha." We have detailed the most important loan coordinator responsibilities below.

  • The most important skills for a loan coordinator to have in this position are communication skills. In this excerpt that we gathered from a loan coordinator resume, you'll understand why: "financial clerks should be able to explain policies and procedures to colleagues and customers." According to resumes we found, communication skills can be used by a loan coordinator in order to "utilize excellent communication, multitasking and customer service skills to assist commercial loan originators/relationship managers in day-to-day loan portfolio management. "
  • Another trait important for fulfilling loan coordinator duties is math skills. According to a loan coordinator resume, "the job duties of financial clerks includes calculating charges and updating financial records." Here's an example of how loan coordinators are able to utilize math skills: "utilize basic business math to calculate income, assets, taxes and monthly insurance. "
  • Another skill that is quite popular among loan coordinators is organizational skills. This skill is very critical to fulfilling every day responsibilities as is shown in this example from a loan coordinator resume: "financial clerks must be able to arrange files so they can find them quickly and efficiently." This example from a resume shows how this skill is used: "review borrower's organizational documents and tax returns to determine the identity of principals and if additional documents are required. "
  • See the full list of loan coordinator skills.

    After discovering the most helpful skills, we moved onto what kind of education might be helpful in becoming a loan coordinator. We found that 55.8% of loan coordinators have graduated with a bachelor's degree and 5.1% of people in this position have earned their master's degrees. While most loan coordinators have a college degree, you may find it's also true that generally it's possible to be successful in this career with only a high school degree. In fact, our research shows that one out of every six loan coordinators were not college graduates.

    The loan coordinators who went onto college to earn a more in-depth education generally studied business and accounting, while a small population of loan coordinators studied finance and psychology.

    Once you're ready to become a loan coordinator, you should explore the companies that typically hire loan coordinators. According to loan coordinator resumes that we searched through, loan coordinators are hired the most by Enterprise Bank, Independent Bank, and Bay Equity Home Loans. Currently, Enterprise Bank has 7 loan coordinator job openings, while there are 6 at Independent Bank and 5 at Bay Equity Home Loans.

    Since salary is important to some loan coordinators, it's good to note that they are figured to earn the highest salaries at JPMorgan Chase & Co., Stifel Financial, and Citi. If you were to take a closer look at JPMorgan Chase & Co., you'd find that the average loan coordinator salary is $53,494. Then at Stifel Financial, loan coordinators receive an average salary of $51,996, while the salary at Citi is $51,417.

    View more details on loan coordinator salaries across the United States.

    Some other companies you might be interested in as a loan coordinator include Wells Fargo, Bank of America, and JPMorgan Chase & Co. These three companies were found to hire the most loan coordinators from the top 100 U.S. educational institutions.

    The three companies that hire the most prestigious loan coordinators are:

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    What Closers Do

    The 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. A closer must also monitor the regular payments of clients to ensure their compliance with the agreement, answer any inquiries, perform follow-up calls, and address any issues or concerns, resolving them promptly and efficiently.

    We looked at the average loan coordinator annual salary and compared it with the average of a closer. Generally speaking, closers receive $10,545 lower pay than loan coordinators per year.

    While their salaries may differ, one common ground between loan coordinators and closers are a few of the skills required in each craft. In both careers, employees bring forth skills like customer service, work ethic, and fha.

    As far as similarities go, this is where it ends because a loan coordinator responsibility requires skills such as "strong computer," "coordinators," "origination," and "financial statements." Whereas a closer is skilled in "cleanliness," "punctuality," "dependability," and "food orders." So if you're looking for what truly separates the two careers, you've found it.

    The education levels that closers earn is a bit different than that of loan coordinators. In particular, closers are 2.2% less likely to graduate with a Master's Degree than a loan coordinator. Additionally, they're 0.2% more likely to earn a Doctoral Degree.

    What Are The Duties Of a Mortgage Specialist?

    Mortgage specialists are professionals who work with lending institutions to identify the best lending product for their clients in exchange for taking the title of the debtors' properties. These specialists must process mortgage loan applications by reviewing their paperwork to ensure accuracy and completeness before submitting for approval. They should monitor accounts during the bankruptcy proceedings to ensure that the rights of their clients are protected. Mortgage specialists are also required to guide associates regarding procedural guidelines from FNMA, FHLMC, and MHA.

    Now we're going to look at the mortgage specialist profession. On average, mortgage specialists earn a $1,079 lower salary than loan coordinators a year.

    While the salary may be different for these job positions, there is one similarity and that's a few of the skills needed to perform certain duties. We used info from lots of resumes to find that both loan coordinators and mortgage specialists are known to have skills such as "customer service," "fha," and "origination. "

    But both careers also use different skills, according to real loan coordinator resumes. While loan coordinator responsibilities can utilize skills like "strong computer," "work ethic," "coordinators," and "party vendors," some mortgage specialists use skills like "residential mortgage loans," "va," "loan applications," and "outbound calls."

    Mortgage specialists may earn a lower salary than loan coordinators, but mortgage specialists earn the most pay in the finance industry with an average salary of $41,888. On the other side of things, loan coordinators receive higher paychecks in the professional industry where they earn an average of $50,276.

    When it comes to the differences in education between the two professions, mortgage specialists tend to reach similar levels of education than loan coordinators. In fact, they're 0.4% more likely to graduate with a Master's Degree and 0.2% more likely to earn a Doctoral Degree.

    How a Mortgage Processor Compares

    A 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. They also interview loan applicants to confirm the accuracy of submitted documents and keep them updated with the progress and final decisions. A mortgage processor works closely with the underwriting department for loan applications subject for further review. The mortgage processor needs to have a broad knowledge of the banking industry and loan procedures to guide the applicants with their application inquiries and concerns.

    The mortgage processor profession generally makes a higher amount of money when compared to the average salary of loan coordinators. The difference in salaries is mortgage processors making $691 higher than loan coordinators.

    While looking through the resumes of several loan coordinators and mortgage processors we discovered that both professions have similar skills. These similarities include skills such as "customer service," "fha," and "origination," but they differ when it comes to other required skills.

    As mentioned, these two careers differ between other skills that are required for performing the work exceedingly well. For example, gathering from loan coordinators resumes, they are more likely to have skills like "strong computer," "work ethic," "coordinators," and "commercial loans." But a mortgage processor might have skills like "strong customer service," "va," "property appraisals," and "mortgage processing."

    Interestingly enough, mortgage processors earn the most pay in the professional industry, where they command an average salary of $46,049. As mentioned previously, loan coordinators highest annual salary comes from the professional industry with an average salary of $50,276.

    When it comes to education, mortgage processors tend to earn similar education levels than loan coordinators. In fact, they're 0.9% less likely to earn a Master's Degree, and 0.1% less likely to graduate with a Doctoral Degree.

    Description Of a Post Closer

    Post closers require an associate degree or certification in addition to 1-3 years of related experience. Skills in customer support, document review, loan processing, quality assurance processing, and loan software are also necessary for this career. Port closers assist with the mortgage loan closing process by reviewing loan documents for compliance, completeness, and accuracy. They also find missing information, prepare files and provide internal and external customer support.

    Post closers tend to earn a lower pay than loan coordinators by about $1,791 per year.

    According to resumes from both loan coordinators and post closers, some of the skills necessary to complete the responsibilities of each role are similar. These skills include "fha," "loan closings," and "commercial loans. "

    Even though a few skill sets overlap, there are some differences that are important to note. For one, a loan coordinator might have more use for skills like "customer service," "strong computer," "work ethic," and "coordinators." Meanwhile, some post closers might include skills like "loan packages," "post-closer," "va," and "escrow" on their resume.

    In general, post closers make a higher salary in the insurance industry with an average of $40,625. The highest loan coordinator annual salary stems from the professional industry.

    Post closers reach similar levels of education when compared to loan coordinators. The difference is that they're 2.3% more likely to earn a Master's Degree less, and 0.1% more likely to graduate with a Doctoral Degree.