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The differences between mortgage service specialists 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 service specialist and a transaction coordinator. Additionally, a transaction coordinator has an average salary of $41,792, which is higher than the $34,920 average annual salary of a mortgage service specialist.
The top three skills for a mortgage service specialist include mortgage loans, customer service and escrow analysis. The most important skills for a transaction coordinator are customer service, MLS, and escrow companies.
| Mortgage Service Specialist | Transaction Coordinator | |
| Yearly salary | $34,920 | $41,792 |
| Hourly rate | $16.79 | $20.09 |
| Growth rate | -3% | -3% |
| Number of jobs | 22,478 | 16,804 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 48% | Bachelor's Degree, 54% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
A Mortgage Service Specialist is an expert in mortgage administrative aspects. They review and verify loan application information, file borrower information, and process paperwork with the lending bank. They also authorize and recommend personal and commercial loans for approval. Math skills are necessary for this job for accuracy in calculating both the principal and interest amounts. They should also develop skills in handling transactions, foreclosing loans, communication, attention to detail, and customer service.
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 service specialists and transaction coordinators have different pay scales, as shown below.
| Mortgage Service Specialist | Transaction Coordinator | |
| Average salary | $34,920 | $41,792 |
| Salary range | Between $27,000 And $43,000 | Between $30,000 And $57,000 |
| Highest paying City | Simi Valley, CA | White Plains, NY |
| Highest paying state | California | New York |
| Best paying company | Citi | JPMorgan Chase & Co. |
| Best paying industry | Finance | Finance |
There are a few differences between a mortgage service specialist and a transaction coordinator in terms of educational background:
| Mortgage Service Specialist | Transaction Coordinator | |
| Most common degree | Bachelor's Degree, 48% | Bachelor's Degree, 54% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage service specialists' and transaction coordinators' demographics:
| Mortgage Service Specialist | Transaction Coordinator | |
| Average age | 42 | 42 |
| Gender ratio | Male, 35.1% Female, 64.9% | Male, 19.0% Female, 81.0% |
| Race ratio | Black or African American, 13.0% Unknown, 4.2% Hispanic or Latino, 17.8% Asian, 6.5% White, 58.1% 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% |