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The differences between loan processors and loan coordinators can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both a loan processor and a loan coordinator. Additionally, a loan coordinator has an average salary of $39,836, which is higher than the $38,122 average annual salary of a loan processor.
The top three skills for a loan processor include loan applications, customer service and property appraisals. The most important skills for a loan coordinator are customer service, work ethic, and FHA.
| Loan Processor | Loan Coordinator | |
| Yearly salary | $38,122 | $39,836 |
| Hourly rate | $18.33 | $19.15 |
| Growth rate | -3% | -3% |
| Number of jobs | 16,228 | 24,765 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 46% | Bachelor's Degree, 56% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
A loan processor is responsible for assisting customers with their loan requests, ensuring their eligibility, and choosing the best loan options for their needs. Loan processors carefully review loan application documents and prepare loan proposals for underwriting, analyzing the applicant's financial status and credit scores, processing repayment plans, and adhering to banking and financial regulations. A loan processor must have excellent knowledge of the banking industry and processes to provide the best loan services for the customers efficiently and accurately.
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 processors and loan coordinators have different pay scales, as shown below.
| Loan Processor | Loan Coordinator | |
| Average salary | $38,122 | $39,836 |
| Salary range | Between $28,000 And $50,000 | Between $30,000 And $51,000 |
| Highest paying City | San Francisco, CA | Raleigh, NC |
| Highest paying state | West Virginia | West Virginia |
| Best paying company | Stanford University | JPMorgan Chase & Co. |
| Best paying industry | Finance | Professional |
There are a few differences between a loan processor and a loan coordinator in terms of educational background:
| Loan Processor | Loan Coordinator | |
| Most common degree | Bachelor's Degree, 46% | Bachelor's Degree, 56% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan processors' and loan coordinators' demographics:
| Loan Processor | Loan Coordinator | |
| Average age | 42 | 42 |
| Gender ratio | Male, 20.6% Female, 79.4% | Male, 25.3% Female, 74.7% |
| Race ratio | Black or African American, 12.5% Unknown, 4.3% Hispanic or Latino, 17.1% Asian, 7.4% White, 58.3% American Indian and Alaska Native, 0.4% | 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 | 7% | 7% |