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The differences between loan servicing specialists and transaction 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 transaction coordinator. Additionally, a loan servicing specialist has an average salary of $65,799, which is higher than the $41,792 average annual salary of a transaction coordinator.
The top three skills for a loan servicing specialist include loan modifications, customer service and foreclosure process. The most important skills for a transaction coordinator are customer service, MLS, and escrow companies.
| Loan Servicing Specialist | Transaction Coordinator | |
| Yearly salary | $65,799 | $41,792 |
| Hourly rate | $31.63 | $20.09 |
| Growth rate | -3% | -3% |
| Number of jobs | 31,753 | 16,804 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 54% |
| 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 transaction coordinator is responsible for performing administrative and clerical duties for the clients regarding their real estate contracts and transactions. Transaction coordinators sometimes do fieldwork to inspect the property area, write findings reports, perform cost and expenses analysis, and inform the clients of required documentation. They also identify resources and other alternatives that would most likely fit the client's budget limitations and interests. A transaction coordinator must have excellent organizational and communication skills, especially in coordinating with other organizations to process the client's requirements for property acquisition.
Loan servicing specialists and transaction coordinators have different pay scales, as shown below.
| Loan Servicing Specialist | Transaction Coordinator | |
| Average salary | $65,799 | $41,792 |
| Salary range | Between $28,000 And $153,000 | Between $30,000 And $57,000 |
| Highest paying City | Charleston, SC | White Plains, NY |
| Highest paying state | Maryland | New York |
| Best paying company | Glacier Ban | JPMorgan Chase & Co. |
| Best paying industry | Finance | Finance |
There are a few differences between a loan servicing specialist and a transaction coordinator in terms of educational background:
| Loan Servicing Specialist | Transaction Coordinator | |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 54% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan servicing specialists' and transaction coordinators' demographics:
| Loan Servicing Specialist | Transaction Coordinator | |
| Average age | 42 | 42 |
| Gender ratio | Male, 32.2% Female, 67.8% | Male, 19.0% Female, 81.0% |
| 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, 9.7% Unknown, 4.3% Hispanic or Latino, 19.3% Asian, 6.8% White, 59.6% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |