Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between loan officers/loan processor 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/loan processor, becoming a loan coordinator takes usually requires 2-4 years. Additionally, a loan officer/loan processor has an average salary of $46,753, which is higher than the $39,836 average annual salary of a loan coordinator.
The top three skills for a loan officer/loan processor include customer service, escrow and credit reports. The most important skills for a loan coordinator are customer service, work ethic, and FHA.
| Loan Officer/Loan Processor | Loan Coordinator | |
| Yearly salary | $46,753 | $39,836 |
| Hourly rate | $22.48 | $19.15 |
| Growth rate | 4% | -3% |
| Number of jobs | 71,801 | 24,765 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 56% |
| Average age | 45 | 42 |
| Years of experience | 6 | 4 |
A loan processor is a person who does all the processing as well as submitting all the required documents for a loan application. They play an important role in ensuring that the personal information and documents of a client are orderly complied. Also, a loan processor's other tasks include being the bridge or channel between the loan applicant and the loan assessor.
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/loan processor and loan coordinators have different pay scales, as shown below.
| Loan Officer/Loan Processor | Loan Coordinator | |
| Average salary | $46,753 | $39,836 |
| Salary range | Between $28,000 And $76,000 | Between $30,000 And $51,000 |
| Highest paying City | Columbia, MD | Raleigh, NC |
| Highest paying state | New Jersey | West Virginia |
| Best paying company | Xerox | JPMorgan Chase & Co. |
| Best paying industry | Automotive | Professional |
There are a few differences between a loan officer/loan processor and a loan coordinator in terms of educational background:
| Loan Officer/Loan Processor | Loan Coordinator | |
| Most common degree | Bachelor's Degree, 50% | 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/loan processor' and loan coordinators' demographics:
| Loan Officer/Loan Processor | Loan Coordinator | |
| Average age | 45 | 42 |
| Gender ratio | Male, 32.1% Female, 67.9% | Male, 25.3% Female, 74.7% |
| Race ratio | Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 16.2% Asian, 6.5% White, 62.9% 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% |