Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between mortgage specialists 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 specialist and a loan coordinator. Additionally, a loan coordinator has an average salary of $39,836, which is higher than the $38,757 average annual salary of a mortgage specialist.
The top three skills for a mortgage specialist include customer service, residential mortgage loans and origination. The most important skills for a loan coordinator are customer service, work ethic, and FHA.
| Mortgage Specialist | Loan Coordinator | |
| Yearly salary | $38,757 | $39,836 |
| Hourly rate | $18.63 | $19.15 |
| Growth rate | -3% | -3% |
| Number of jobs | 26,471 | 24,765 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 56% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
Mortgage specialists are professionals who work with lending institutions to identify the best lending product for their clients in exchange for taking the title of the debtors' properties. These specialists must process mortgage loan applications by reviewing their paperwork to ensure accuracy and completeness before submitting for approval. They should monitor accounts during the bankruptcy proceedings to ensure that the rights of their clients are protected. Mortgage specialists are also required to guide associates regarding procedural guidelines from FNMA, FHLMC, and MHA.
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 specialists and loan coordinators have different pay scales, as shown below.
| Mortgage Specialist | Loan Coordinator | |
| Average salary | $38,757 | $39,836 |
| Salary range | Between $29,000 And $51,000 | Between $30,000 And $51,000 |
| Highest paying City | Oakland, CA | Raleigh, NC |
| Highest paying state | Washington | West Virginia |
| Best paying company | Citi | JPMorgan Chase & Co. |
| Best paying industry | Finance | Professional |
There are a few differences between a mortgage specialist and a loan coordinator in terms of educational background:
| Mortgage Specialist | Loan Coordinator | |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 56% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage specialists' and loan coordinators' demographics:
| Mortgage Specialist | Loan Coordinator | |
| Average age | 42 | 42 |
| Gender ratio | Male, 39.3% Female, 60.7% | Male, 25.3% Female, 74.7% |
| Race ratio | Black or African American, 13.3% Unknown, 4.4% Hispanic or Latino, 14.2% Asian, 7.5% White, 60.2% 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% |