Transaction coordinator vs loan clerk

The differences between transaction coordinators and loan clerks can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both a transaction coordinator and a loan clerk. Additionally, a transaction coordinator has an average salary of $41,792, which is higher than the $26,552 average annual salary of a loan clerk.

The top three skills for a transaction coordinator include customer service, MLS and escrow companies. The most important skills for a loan clerk are customer service, loan payments, and financial data.

Transaction coordinator vs loan clerk overview

	Transaction Coordinator	Loan Clerk
Yearly salary	$41,792	$26,552
Hourly rate	$20.09	$12.77
Growth rate	-3%	-3%
Number of jobs	16,804	75,101
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 54%	Bachelor's Degree, 40%
Average age	42	42
Years of experience	4	4

Transaction coordinator vs loan clerk salary

Transaction coordinators and loan clerks have different pay scales, as shown below.

	Transaction Coordinator	Loan Clerk
Average salary	$41,792	$26,552
Salary range	Between $30,000 And $57,000	Between $19,000 And $35,000
Highest paying City	White Plains, NY	Newark, NJ
Highest paying state	New York	California
Best paying company	JPMorgan Chase & Co.	UFCU
Best paying industry	Finance	Finance

Differences between transaction coordinator and loan clerk education

There are a few differences between a transaction coordinator and a loan clerk in terms of educational background:

	Transaction Coordinator	Loan Clerk
Most common degree	Bachelor's Degree, 54%	Bachelor's Degree, 40%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Transaction coordinator vs loan clerk demographics

Here are the differences between transaction coordinators' and loan clerks' demographics:

	Transaction Coordinator	Loan Clerk
Average age	42	42
Gender ratio	Male, 19.0% Female, 81.0%	Male, 16.9% Female, 83.1%
Race ratio	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%	Black or African American, 12.9% Unknown, 4.7% Hispanic or Latino, 14.6% Asian, 7.0% White, 60.3% American Indian and Alaska Native, 0.5%
LGBT Percentage	7%	7%

Differences between transaction coordinator and loan clerk duties and responsibilities

Transaction coordinator example responsibilities.

Manage scheduling loans for closing, handle insurance review, verify wire transfer, register and transfer loans with MERS.
Manage and coordinate the workload of the release team members and are responsible for organizing and hosting all production release windows.
Ensure all documents are completed and in accordance with DRE standards.
Review and explain HUD with borrowers and loan officers prior to closing.
Verify that DRE disclosures requirements on all documents have been send on time.
Coordinate closing - arrange closing date/time, order escrow check if need, review HUD.

Loan clerk example responsibilities.

Manage A/R transactions, prepare weekly account reconciliation's, perform research/ adjustments on A/P and A/R discrepancy accounts.
Monitor UCC filings and updates.
Prepare SBA loans using WordPrefect.
Record UCC filings on-line and by mail.
Review loan files, facilitate and verify loss mitigation application request, determine eligibility for clients requesting foreclosure financial assistance.
Work with HUD the VA and FHA to make sure all requirements are completed.

Transaction coordinator vs loan clerk skills

Common transaction coordinator skills

Customer Service, 23%
MLS, 14%
Escrow Companies, 7%
PowerPoint, 6%
Real Estate Transactions, 6%
Data Entry, 5%

Common loan clerk skills

Customer Service, 22%
Loan Payments, 12%
Financial Data, 10%
Mortgage Loans, 5%
Credit Reports, 4%
General Ledger Accounts, 3%