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The differences between loan officers assistant and loan coordinators can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a loan officer assistant, becoming a loan coordinator takes usually requires 2-4 years. Additionally, a loan officer assistant has an average salary of $45,681, which is higher than the $39,836 average annual salary of a loan coordinator.
The top three skills for a loan officer assistant include customer service, origination and loan process. The most important skills for a loan coordinator are customer service, work ethic, and FHA.
| Loan Officer Assistant | Loan Coordinator | |
| Yearly salary | $45,681 | $39,836 |
| Hourly rate | $21.96 | $19.15 |
| Growth rate | 4% | -3% |
| Number of jobs | 65,094 | 24,765 |
| Job satisfaction | 4 | - |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 56% |
| Average age | 45 | 42 |
| Years of experience | 6 | 4 |
Loan Officer Assistants assist loan officers in processing the loan applications of clients. Loan officer assistants primarily work on the administrative tasks in the departments. They are in charge of managing documents, updating databases, and sorting files. Loan officer assistants may be assigned to review applications of clients. They should check whether both the application form and the supplementary documents are complete. They may also assess whether the clients meet the requirements for the loan. Upon checking, they manage the documents and package them for submission to the lender. Loan officer assistance may also be assigned to coordinate with lenders and update in-house policies according to the lenders' policies.
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.
Loan officers assistant and loan coordinators have different pay scales, as shown below.
| Loan Officer Assistant | Loan Coordinator | |
| Average salary | $45,681 | $39,836 |
| Salary range | Between $28,000 And $72,000 | Between $30,000 And $51,000 |
| Highest paying City | New York, NY | Raleigh, NC |
| Highest paying state | New York | West Virginia |
| Best paying company | Stifel Financial | JPMorgan Chase & Co. |
| Best paying industry | Finance | Professional |
There are a few differences between a loan officer assistant and a loan coordinator in terms of educational background:
| Loan Officer Assistant | Loan Coordinator | |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 56% |
| Most common major | Business | Business |
| Most common college | SUNY at Binghamton | University of Pennsylvania |
Here are the differences between loan officers assistant' and loan coordinators' demographics:
| Loan Officer Assistant | Loan Coordinator | |
| Average age | 45 | 42 |
| Gender ratio | Male, 28.8% Female, 71.2% | Male, 25.3% Female, 74.7% |
| Race ratio | Black or African American, 9.1% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.8% 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% |