Loan counselor vs loan coordinator

The differences between loan counselors and loan coordinators can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 1-2 years to become a loan counselor, becoming a loan coordinator takes usually requires 2-4 years. Additionally, a loan counselor has an average salary of $49,002, which is higher than the $39,836 average annual salary of a loan coordinator.

The top three skills for a loan counselor include phone calls, payment arrangements and federal regulations. The most important skills for a loan coordinator are customer service, work ethic, and FHA.

Loan counselor vs loan coordinator overview

	Loan Counselor	Loan Coordinator
Yearly salary	$49,002	$39,836
Hourly rate	$23.56	$19.15
Growth rate	4%	-3%
Number of jobs	35,925	24,765
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 49%	Bachelor's Degree, 56%
Average age	45	42
Years of experience	2	4

Loan counselor vs loan coordinator salary

Loan counselors and loan coordinators have different pay scales, as shown below.

	Loan Counselor	Loan Coordinator
Average salary	$49,002	$39,836
Salary range	Between $37,000 And $63,000	Between $30,000 And $51,000
Highest paying City	New York, NY	Raleigh, NC
Highest paying state	New York	West Virginia
Best paying company	Mortgage Inv. Group	JPMorgan Chase & Co.
Best paying industry	Finance	Professional

Differences between loan counselor and loan coordinator education

There are a few differences between a loan counselor and a loan coordinator in terms of educational background:

	Loan Counselor	Loan Coordinator
Most common degree	Bachelor's Degree, 49%	Bachelor's Degree, 56%
Most common major	Business	Business
Most common college	Stanford University	University of Pennsylvania

Loan counselor vs loan coordinator demographics

Here are the differences between loan counselors' and loan coordinators' demographics:

	Loan Counselor	Loan Coordinator
Average age	45	42
Gender ratio	Male, 37.1% Female, 62.9%	Male, 25.3% Female, 74.7%
Race ratio	Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 16.1% Asian, 6.4% White, 63.2% American Indian and Alaska Native, 0.5%	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%
LGBT Percentage	8%	7%

Differences between loan counselor and loan coordinator duties and responsibilities

Loan counselor example responsibilities.

Manage portfolio of GSE assets that are actively pursuing liquidation or retention options to cure default.
Experience in SBA underwriting that has produce SBA loan approval.
Perform account reviews to ensure associates perform logical progressions of collection efforts and maintain FDCPA guidelines.
Provide early delinquency counseling to CalHFA customers who have conventional or FHA type of loans.
Exercise servicing standards put in place by the FHA, VA, USDA and other private labels.
Resolve accounts using effective negotiating tools and appropriate system documentation in accordance with FDCPA and company's guidelines.

Loan coordinator example responsibilities.

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.

Loan counselor vs loan coordinator skills

Common loan counselor skills

Phone Calls, 14%
Payment Arrangements, 12%
Federal Regulations, 8%
Outbound Collection Calls, 6%
Inbound Calls, 6%
FDCPA, 4%

Common loan coordinator skills

Customer Service, 26%
Work Ethic, 12%
FHA, 10%
Coordinators, 6%
Origination, 6%
Financial Statements, 4%