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The differences between transaction coordinators and loan closers 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 closer. Additionally, a transaction coordinator has an average salary of $41,792, which is higher than the $39,093 average annual salary of a loan closer.
The top three skills for a transaction coordinator include customer service, MLS and escrow companies. The most important skills for a loan closer are customer service, excellent organizational, and TRID.
| Transaction Coordinator | Loan Closer | |
| Yearly salary | $41,792 | $39,093 |
| Hourly rate | $20.09 | $18.79 |
| Growth rate | -3% | -3% |
| Number of jobs | 16,804 | 11,431 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 54% | Bachelor's Degree, 51% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
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.
A loan closer is primarily in charge of handling and closing loan documentation, ensuring accuracy and smooth transactions. A loan closer's responsibilities revolve around liaising with clients to guarantee that they adhere to every term in the contract, preparing necessary reports and documents, monitoring payment progress, and ensuring that they have a deep understanding of the obligations under the contract. Furthermore, it is essential to maintain records of all transactions and assist clients, all while implementing the company's policies and regulations.
Transaction coordinators and loan closers have different pay scales, as shown below.
| Transaction Coordinator | Loan Closer | |
| Average salary | $41,792 | $39,093 |
| Salary range | Between $30,000 And $57,000 | Between $30,000 And $50,000 |
| Highest paying City | White Plains, NY | Bellevue, WA |
| Highest paying state | New York | Washington |
| Best paying company | JPMorgan Chase & Co. | Tata Group |
| Best paying industry | Finance | Finance |
There are a few differences between a transaction coordinator and a loan closer in terms of educational background:
| Transaction Coordinator | Loan Closer | |
| Most common degree | Bachelor's Degree, 54% | Bachelor's Degree, 51% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between transaction coordinators' and loan closers' demographics:
| Transaction Coordinator | Loan Closer | |
| Average age | 42 | 42 |
| Gender ratio | Male, 19.0% Female, 81.0% | Male, 22.6% Female, 77.4% |
| 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, 4.3% Hispanic or Latino, 14.8% Asian, 7.0% White, 60.6% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |