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The differences between mortgage loan processors 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 mortgage loan processor and a loan coordinator. Additionally, a mortgage loan processor has an average salary of $43,594, which is higher than the $39,836 average annual salary of a loan coordinator.
The top three skills for a mortgage loan processor include customer service, FHA and va. The most important skills for a loan coordinator are customer service, work ethic, and FHA.
| Mortgage Loan Processor | Loan Coordinator | |
| Yearly salary | $43,594 | $39,836 |
| Hourly rate | $20.96 | $19.15 |
| Growth rate | -3% | -3% |
| Number of jobs | 16,276 | 24,765 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 56% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
A mortgage loan processor is a person who is responsible for the preparation of mortgage applications and any other paperwork. Mortgage loan processors interview the loan applicants, assist them in selecting the right mortgage, and approve or reject their applications. They are expected to have excellent communication, extraordinary interpersonal abilities, and strong attention to detail. Their job involves working with the loan officer and the underwriter. Also, they must be equipped with management skills and aptitude in math.
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.
Mortgage loan processors and loan coordinators have different pay scales, as shown below.
| Mortgage Loan Processor | Loan Coordinator | |
| Average salary | $43,594 | $39,836 |
| Salary range | Between $33,000 And $57,000 | Between $30,000 And $51,000 |
| Highest paying City | San Francisco, CA | Raleigh, NC |
| Highest paying state | Massachusetts | West Virginia |
| Best paying company | Amplify Credit Union | JPMorgan Chase & Co. |
| Best paying industry | Professional | Professional |
There are a few differences between a mortgage loan processor and a loan coordinator in terms of educational background:
| Mortgage Loan Processor | Loan Coordinator | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 56% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage loan processors' and loan coordinators' demographics:
| Mortgage Loan Processor | Loan Coordinator | |
| Average age | 42 | 42 |
| Gender ratio | Male, 21.7% Female, 78.3% | Male, 25.3% Female, 74.7% |
| Race ratio | Black or African American, 13.3% Unknown, 4.3% Hispanic or Latino, 14.2% Asian, 6.8% White, 61.1% 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% |