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The differences between senior loan processors and loan coordinators can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a senior loan processor, becoming a loan coordinator takes usually requires 2-4 years. Additionally, a senior loan processor has an average salary of $50,297, which is higher than the $39,836 average annual salary of a loan coordinator.
The top three skills for a senior loan processor include customer service, FHA and va. The most important skills for a loan coordinator are customer service, work ethic, and FHA.
| Senior Loan Processor | Loan Coordinator | |
| Yearly salary | $50,297 | $39,836 |
| Hourly rate | $24.18 | $19.15 |
| Growth rate | 4% | -3% |
| Number of jobs | 21,995 | 24,765 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 56% |
| Average age | 45 | 42 |
| Years of experience | 6 | 4 |
A senior loan processor works in a financial institution to solicit, negotiate, and coordinate consumers' and commercial loans. Old loan processors must review and verify loan documents and ensure that the required documents are complete and accurate. In the case of missing documentation, senior loan processors must communicate with customers to avoid loan approval delay. Old loan processors must also obtain a bachelor's degree in finance, business administration, or any other related field.
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.
Senior loan processors and loan coordinators have different pay scales, as shown below.
| Senior Loan Processor | Loan Coordinator | |
| Average salary | $50,297 | $39,836 |
| Salary range | Between $33,000 And $75,000 | Between $30,000 And $51,000 |
| Highest paying City | Baltimore, MD | Raleigh, NC |
| Highest paying state | Hawaii | West Virginia |
| Best paying company | Accenture | JPMorgan Chase & Co. |
| Best paying industry | Professional | Professional |
There are a few differences between a senior loan processor and a loan coordinator in terms of educational background:
| Senior Loan Processor | Loan Coordinator | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 56% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between senior loan processors' and loan coordinators' demographics:
| Senior Loan Processor | Loan Coordinator | |
| Average age | 45 | 42 |
| Gender ratio | Male, 23.0% Female, 77.0% | Male, 25.3% Female, 74.7% |
| Race ratio | Black or African American, 9.1% Unknown, 4.6% Hispanic or Latino, 15.8% Asian, 6.3% White, 63.6% American Indian and Alaska Native, 0.5% | 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 | 8% | 7% |