Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between loan servicing specialists 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 servicing specialist and a closing coordinator. Additionally, a loan servicing specialist has an average salary of $65,799, which is higher than the $39,066 average annual salary of a closing coordinator.
The top three skills for a loan servicing specialist include loan modifications, customer service and foreclosure process. The most important skills for a closing coordinator are customer service, escrow, and HOA.
| Loan Servicing Specialist | Closing Coordinator | |
| Yearly salary | $65,799 | $39,066 |
| Hourly rate | $31.63 | $18.78 |
| Growth rate | -3% | -3% |
| Number of jobs | 31,753 | 19,203 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 50% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
A loan servicing specialist is an individual who reviews, authorizes, and recommends commercial and personal loans for approval. It is the loan officer who meets with their applicants to identify their creditworthiness. Typically, they work at credit unions, commercial banks, mortgage companies, and financial institutions. They ensure operational risk controls, regulatory policies and standards, and compliance. Among the skills necessary for the job include customer service and relations, leadership, analytical skills, and communication skills.
In the real estate industry, a closing coordinator is in charge of coordinating the final stages of a real estate deal, ensuring efficiency and smooth transaction. Among their responsibilities include preparing and processing legal documents, liaising with the buyer and seller, managing timelines and payment plans, and ensuring that both parties adhere to the terms of the agreement. Moreover, a closing coordinator must maintain an active communication line with staff, answering their inquiries, and assisting them as needed.
Loan servicing specialists and closing coordinators have different pay scales, as shown below.
| Loan Servicing Specialist | Closing Coordinator | |
| Average salary | $65,799 | $39,066 |
| Salary range | Between $28,000 And $153,000 | Between $29,000 And $52,000 |
| Highest paying City | Charleston, SC | Kirkland, WA |
| Highest paying state | Maryland | Washington |
| Best paying company | Glacier Ban | HarbourVest |
| Best paying industry | Finance | Finance |
There are a few differences between a loan servicing specialist and a closing coordinator in terms of educational background:
| Loan Servicing Specialist | Closing Coordinator | |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 50% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan servicing specialists' and closing coordinators' demographics:
| Loan Servicing Specialist | Closing Coordinator | |
| Average age | 42 | 42 |
| Gender ratio | Male, 32.2% Female, 67.8% | Male, 20.8% Female, 79.2% |
| Race ratio | Black or African American, 11.8% Unknown, 4.4% Hispanic or Latino, 14.4% Asian, 8.2% White, 60.7% American Indian and Alaska Native, 0.4% | 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% |