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The differences between loan 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 specialist and a loan coordinator. Additionally, a loan specialist has an average salary of $43,081, which is higher than the $39,836 average annual salary of a loan coordinator.
The top three skills for a loan specialist include loan applications, customer service and financial statements. The most important skills for a loan coordinator are customer service, work ethic, and FHA.
| Loan Specialist | Loan Coordinator | |
| Yearly salary | $43,081 | $39,836 |
| Hourly rate | $20.71 | $19.15 |
| Growth rate | -3% | -3% |
| Number of jobs | 29,041 | 24,765 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 56% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
A loan specialist is in charge of processing loans to make transactions easier for the clients. They usually work in banks, lending firms, and other financial institutions. One of their primary responsibilities is to guide clients to understand what program works best for them, assist in filling out forms, gathering requirements, and verifying authenticity. There are also instances where a loan specialist must discern whether a client can uphold financial obligations using the information collected. Furthermore, it is also their responsibility to produce and submit reports to creditors or lenders.
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 specialists and loan coordinators have different pay scales, as shown below.
| Loan Specialist | Loan Coordinator | |
| Average salary | $43,081 | $39,836 |
| Salary range | Between $26,000 And $68,000 | Between $30,000 And $51,000 |
| Highest paying City | Mount Laurel, NJ | Raleigh, NC |
| Highest paying state | Maryland | West Virginia |
| Best paying company | FNB | JPMorgan Chase & Co. |
| Best paying industry | Finance | Professional |
There are a few differences between a loan specialist and a loan coordinator in terms of educational background:
| Loan Specialist | Loan Coordinator | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 56% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan specialists' and loan coordinators' demographics:
| Loan Specialist | Loan Coordinator | |
| Average age | 42 | 42 |
| Gender ratio | Male, 30.9% Female, 69.1% | Male, 25.3% Female, 74.7% |
| Race ratio | Black or African American, 12.7% Unknown, 4.3% Hispanic or Latino, 16.7% Asian, 7.3% White, 58.6% 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% |