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The differences between loan originators 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 originator, becoming a loan coordinator takes usually requires 2-4 years. Additionally, a loan originator has an average salary of $41,291, which is higher than the $39,836 average annual salary of a loan coordinator.
The top three skills for a loan originator include customer service, origination and FHA. The most important skills for a loan coordinator are customer service, work ethic, and FHA.
| Loan Originator | Loan Coordinator | |
| Yearly salary | $41,291 | $39,836 |
| Hourly rate | $19.85 | $19.15 |
| Growth rate | 4% | -3% |
| Number of jobs | 10,716 | 24,765 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 56% |
| Average age | 45 | 42 |
| Years of experience | 6 | 4 |
A Loan Originator is a potential liaison between borrowers and lenders. They help borrowers complete loan applications and evaluate which loans are most appropriate for the customers.
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 originators and loan coordinators have different pay scales, as shown below.
| Loan Originator | Loan Coordinator | |
| Average salary | $41,291 | $39,836 |
| Salary range | Between $28,000 And $60,000 | Between $30,000 And $51,000 |
| Highest paying City | New York, NY | Raleigh, NC |
| Highest paying state | South Dakota | West Virginia |
| Best paying company | Centennial Bank | JPMorgan Chase & Co. |
| Best paying industry | Transportation | Professional |
There are a few differences between a loan originator and a loan coordinator in terms of educational background:
| Loan Originator | 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 originators' and loan coordinators' demographics:
| Loan Originator | Loan Coordinator | |
| Average age | 45 | 42 |
| Gender ratio | Male, 54.0% Female, 46.0% | 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% |