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The differences between loan servicing specialists 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 servicing specialist and a loan coordinator. Additionally, a loan servicing specialist has an average salary of $65,799, which is higher than the $39,836 average annual salary of a loan coordinator.
The top three skills for a loan servicing specialist include loan modifications, customer service and foreclosure process. The most important skills for a loan coordinator are customer service, work ethic, and FHA.
| Loan Servicing Specialist | Loan Coordinator | |
| Yearly salary | $65,799 | $39,836 |
| Hourly rate | $31.63 | $19.15 |
| Growth rate | -3% | -3% |
| Number of jobs | 31,753 | 24,765 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 56% |
| 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.
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 servicing specialists and loan coordinators have different pay scales, as shown below.
| Loan Servicing Specialist | Loan Coordinator | |
| Average salary | $65,799 | $39,836 |
| Salary range | Between $28,000 And $153,000 | Between $30,000 And $51,000 |
| Highest paying City | Charleston, SC | Raleigh, NC |
| Highest paying state | Maryland | West Virginia |
| Best paying company | Glacier Ban | JPMorgan Chase & Co. |
| Best paying industry | Finance | Professional |
There are a few differences between a loan servicing specialist and a loan coordinator in terms of educational background:
| Loan Servicing Specialist | Loan Coordinator | |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 56% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan servicing specialists' and loan coordinators' demographics:
| Loan Servicing Specialist | Loan Coordinator | |
| Average age | 42 | 42 |
| Gender ratio | Male, 32.2% Female, 67.8% | Male, 25.3% Female, 74.7% |
| 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, 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% |