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The differences between mortgage processors 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 mortgage processor and a closing coordinator. Additionally, a mortgage processor has an average salary of $40,527, which is higher than the $39,066 average annual salary of a closing coordinator.
The top three skills for a mortgage processor include customer service, FHA and va. The most important skills for a closing coordinator are customer service, escrow, and HOA.
| Mortgage Processor | Closing Coordinator | |
| Yearly salary | $40,527 | $39,066 |
| Hourly rate | $19.48 | $18.78 |
| Growth rate | -3% | -3% |
| Number of jobs | 9,057 | 19,203 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 50% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
A mortgage processor is responsible for reviewing mortgage loan applications, evaluating applicants' documents, and verifying their eligibility for approval. Mortgage processors consider the applicant's financial statements, credit score, and other possible mortgage options. They also interview loan applicants to confirm the accuracy of submitted documents and keep them updated with the progress and final decisions. A mortgage processor works closely with the underwriting department for loan applications subject for further review. The mortgage processor needs to have a broad knowledge of the banking industry and loan procedures to guide the applicants with their application inquiries and concerns.
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.
Mortgage processors and closing coordinators have different pay scales, as shown below.
| Mortgage Processor | Closing Coordinator | |
| Average salary | $40,527 | $39,066 |
| Salary range | Between $31,000 And $52,000 | Between $29,000 And $52,000 |
| Highest paying City | Phoenix, AZ | Kirkland, WA |
| Highest paying state | Arizona | Washington |
| Best paying company | CyberCoders | HarbourVest |
| Best paying industry | Professional | Finance |
There are a few differences between a mortgage processor and a closing coordinator in terms of educational background:
| Mortgage Processor | Closing Coordinator | |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 50% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage processors' and closing coordinators' demographics:
| Mortgage Processor | Closing Coordinator | |
| Average age | 42 | 42 |
| Gender ratio | Male, 24.2% Female, 75.8% | Male, 20.8% Female, 79.2% |
| Race ratio | Black or African American, 13.0% Unknown, 4.2% Hispanic or Latino, 14.1% Asian, 6.6% White, 61.6% 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% |