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Loan originator vs loan coordinator

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 vs loan coordinator overview

Loan OriginatorLoan Coordinator
Yearly salary$41,291$39,836
Hourly rate$19.85$19.15
Growth rate4%-3%
Number of jobs10,71624,765
Job satisfaction--
Most common degreeBachelor's Degree, 61%Bachelor's Degree, 56%
Average age4542
Years of experience64

What does a loan originator do?

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.

What does a loan coordinator do?

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 originator vs loan coordinator salary

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

Loan OriginatorLoan Coordinator
Average salary$41,291$39,836
Salary rangeBetween $28,000 And $60,000Between $30,000 And $51,000
Highest paying CityNew York, NYRaleigh, NC
Highest paying stateSouth DakotaWest Virginia
Best paying companyCentennial BankJPMorgan Chase & Co.
Best paying industryTransportationProfessional

Differences between loan originator and loan coordinator education

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

Loan OriginatorLoan Coordinator
Most common degreeBachelor's Degree, 61%Bachelor's Degree, 56%
Most common majorBusinessBusiness
Most common collegeUniversity of PennsylvaniaUniversity of Pennsylvania

Loan originator vs loan coordinator demographics

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

Loan OriginatorLoan Coordinator
Average age4542
Gender ratioMale, 54.0% Female, 46.0%Male, 25.3% Female, 74.7%
Race ratioBlack 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 Percentage8%7%

Differences between loan originator and loan coordinator duties and responsibilities

Loan originator example responsibilities.

  • Supervise and manage the processing staff and also underwrite conventional loans for correspondent lenders.
  • Complete yearly the NMLS continuing education requirements.
  • Direct lender with FNMA while maintaining all loan servicing.
  • Increase revenues and product awareness by cross-selling service lines and packages.
  • Complete a rigorous training program and have obtained 25 NMLS state licensing requirements to be a loan originator.
  • Review FHA case number assignments, mortgage credit rejects and refinances authorizations to determine qualification.
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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.
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Loan originator vs loan coordinator skills

Common loan originator skills
  • Customer Service, 18%
  • Origination, 9%
  • FHA, 6%
  • Va, 6%
  • Phone Calls, 6%
  • Excellent Interpersonal, 5%
Common loan coordinator skills
  • Customer Service, 26%
  • Work Ethic, 12%
  • FHA, 10%
  • Coordinators, 6%
  • Origination, 6%
  • Financial Statements, 4%

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