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The differences between mortgage 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 processor and a loan coordinator. Additionally, a mortgage processor has an average salary of $40,527, which is higher than the $39,836 average annual salary of a loan coordinator.
The top three skills for a mortgage processor include customer service, FHA and va. The most important skills for a loan coordinator are customer service, work ethic, and FHA.
| Mortgage Processor | Loan Coordinator | |
| Yearly salary | $40,527 | $39,836 |
| Hourly rate | $19.48 | $19.15 |
| Growth rate | -3% | -3% |
| Number of jobs | 9,057 | 24,765 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 56% |
| 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.
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 processors and loan coordinators have different pay scales, as shown below.
| Mortgage Processor | Loan Coordinator | |
| Average salary | $40,527 | $39,836 |
| Salary range | Between $31,000 And $52,000 | Between $30,000 And $51,000 |
| Highest paying City | Phoenix, AZ | Raleigh, NC |
| Highest paying state | Arizona | West Virginia |
| Best paying company | CyberCoders | JPMorgan Chase & Co. |
| Best paying industry | Professional | Professional |
There are a few differences between a mortgage processor and a loan coordinator in terms of educational background:
| Mortgage Processor | Loan Coordinator | |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 56% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage processors' and loan coordinators' demographics:
| Mortgage Processor | Loan Coordinator | |
| Average age | 42 | 42 |
| Gender ratio | Male, 24.2% Female, 75.8% | Male, 25.3% Female, 74.7% |
| 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, 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% |