Loan secretary vs closing coordinator

The differences between loan secretaries and closing 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 secretary and a closing coordinator. Additionally, a closing coordinator has an average salary of $39,066, which is higher than the $35,271 average annual salary of a loan secretary.

The top three skills for a loan secretary include customer service, real estate loans and financial statements. The most important skills for a closing coordinator are customer service, escrow, and HOA.

Loan secretary vs closing coordinator overview

	Loan Secretary	Closing Coordinator
Yearly salary	$35,271	$39,066
Hourly rate	$16.96	$18.78
Growth rate	-3%	-3%
Number of jobs	15,452	19,203
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 37%	Bachelor's Degree, 50%
Average age	42	42
Years of experience	4	4

Loan secretary vs closing coordinator salary

Loan secretaries and closing coordinators have different pay scales, as shown below.

	Loan Secretary	Closing Coordinator
Average salary	$35,271	$39,066
Salary range	Between $26,000 And $46,000	Between $29,000 And $52,000
Highest paying City	-	Kirkland, WA
Highest paying state	-	Washington
Best paying company	-	HarbourVest
Best paying industry	-	Finance

Differences between loan secretary and closing coordinator education

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

	Loan Secretary	Closing Coordinator
Most common degree	Bachelor's Degree, 37%	Bachelor's Degree, 50%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Loan secretary vs closing coordinator demographics

Here are the differences between loan secretaries' and closing coordinators' demographics:

	Loan Secretary	Closing Coordinator
Average age	42	42
Gender ratio	Male, 3.6% Female, 96.4%	Male, 20.8% Female, 79.2%
Race ratio	Black or African American, 12.7% Unknown, 4.9% Hispanic or Latino, 13.8% Asian, 6.3% White, 61.8% American Indian and Alaska Native, 0.6%	Black or African American, 12.7% Unknown, 4.7% Hispanic or Latino, 15.8% Asian, 6.3% White, 59.9% American Indian and Alaska Native, 0.6%
LGBT Percentage	7%	7%

Differences between loan secretary and closing coordinator duties and responsibilities

Loan secretary example responsibilities.

Prepare and file UCC's and title applications.
Process auto title work, life insurance, UCC filing and recording.
Review loan files, facilitate and verify loss mitigation application request, determine eligibility for clients requesting foreclosure financial assistance.
Determine loan DU eligibility and submit files to underwriting department.

Closing coordinator example responsibilities.

Manage scheduling loans for closing, handle insurance review, verify wire transfer, register and transfer loans with MERS.
Endorse VA and HUD mortgage insurance, paid premiums and send documents to proper personnel.
Audit loans purchase for GNMA, FNMA & FHLMC to ensure they meet their guidelines.
Facilitate processors in getting FHA close loan packages out to FHA to meet the insurance deadlines.
Review of foreclosure deeds for correctness including vesting, recording information, and notary acknowledgment.
Organize date into TSS and compose title binder for mortgage processing.

Loan secretary vs closing coordinator skills

Common loan secretary skills

Customer Service, 28%
Real Estate Loans, 8%
Financial Statements, 8%
Commercial Loans, 6%
Credit Reports, 6%
Computer System, 4%

Common closing coordinator skills

Customer Service, 23%
Escrow, 8%
HOA, 5%
HUD-1, 5%
Lender Approval, 5%
Settlement Statements, 5%