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The differences between loan officers 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, becoming a loan coordinator takes usually requires 2-4 years. Additionally, a loan officer has an average salary of $45,817, which is higher than the $39,836 average annual salary of a loan coordinator.
The top three skills for a loan officer include customer service, origination and loan origination. The most important skills for a loan coordinator are customer service, work ethic, and FHA.
| Loan Officer | Loan Coordinator | |
| Yearly salary | $45,817 | $39,836 |
| Hourly rate | $22.03 | $19.15 |
| Growth rate | 4% | -3% |
| Number of jobs | 63,663 | 24,765 |
| Job satisfaction | 4.5 | - |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 56% |
| Average age | 45 | 42 |
| Years of experience | 6 | 4 |
Loan officers are responsible for assisting borrowers on the best type of loans to avail and guiding the clients throughout the application process. A loan officer must be highly knowledgeable about different lending products, payment plans, loan regulations, and essential files for fast loan approval. Loan officers also act as the first point of contact, conducting an initial screening of the customers, process loan contracts and appropriate documentation, update account records, and respond to customer's inquiries. A loan officer also has the right to reject loan applicants who do not meet loan qualifications.
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 and loan coordinators have different pay scales, as shown below.
| Loan Officer | Loan Coordinator | |
| Average salary | $45,817 | $39,836 |
| Salary range | Between $30,000 And $69,000 | Between $30,000 And $51,000 |
| Highest paying City | New York, NY | Raleigh, NC |
| Highest paying state | New York | West Virginia |
| Best paying company | Bangor Savings Bank | JPMorgan Chase & Co. |
| Best paying industry | Finance | Professional |
There are a few differences between a loan officer and a loan coordinator in terms of educational background:
| Loan Officer | Loan Coordinator | |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 56% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan officers' and loan coordinators' demographics:
| Loan Officer | Loan Coordinator | |
| Average age | 45 | 42 |
| Gender ratio | Male, 55.3% Female, 44.7% | Male, 25.3% Female, 74.7% |
| Race ratio | Black or African American, 9.0% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.9% 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% |