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The differences between mortgage processors 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 mortgage processor and a transaction coordinator. Additionally, a transaction coordinator has an average salary of $41,792, which is higher than the $40,527 average annual salary of a mortgage processor.
The top three skills for a mortgage processor include customer service, FHA and va. The most important skills for a transaction coordinator are customer service, MLS, and escrow companies.
| Mortgage Processor | Transaction Coordinator | |
| Yearly salary | $40,527 | $41,792 |
| Hourly rate | $19.48 | $20.09 |
| Growth rate | -3% | -3% |
| Number of jobs | 9,057 | 16,804 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 54% |
| 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 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.
Mortgage processors and transaction coordinators have different pay scales, as shown below.
| Mortgage Processor | Transaction Coordinator | |
| Average salary | $40,527 | $41,792 |
| Salary range | Between $31,000 And $52,000 | Between $30,000 And $57,000 |
| Highest paying City | Phoenix, AZ | White Plains, NY |
| Highest paying state | Arizona | New York |
| Best paying company | CyberCoders | JPMorgan Chase & Co. |
| Best paying industry | Professional | Finance |
There are a few differences between a mortgage processor and a transaction coordinator in terms of educational background:
| Mortgage Processor | Transaction Coordinator | |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 54% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage processors' and transaction coordinators' demographics:
| Mortgage Processor | Transaction Coordinator | |
| Average age | 42 | 42 |
| Gender ratio | Male, 24.2% Female, 75.8% | Male, 19.0% Female, 81.0% |
| 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, 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% |