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The differences between transaction coordinators and loan processors 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 processor. Additionally, a transaction coordinator has an average salary of $41,792, which is higher than the $38,122 average annual salary of a loan processor.
The top three skills for a transaction coordinator include customer service, MLS and escrow companies. The most important skills for a loan processor are loan applications, customer service, and property appraisals.
| Transaction Coordinator | Loan Processor | |
| Yearly salary | $41,792 | $38,122 |
| Hourly rate | $20.09 | $18.33 |
| Growth rate | -3% | -3% |
| Number of jobs | 16,804 | 16,228 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 54% | Bachelor's Degree, 46% |
| 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 processor is responsible for assisting customers with their loan requests, ensuring their eligibility, and choosing the best loan options for their needs. Loan processors carefully review loan application documents and prepare loan proposals for underwriting, analyzing the applicant's financial status and credit scores, processing repayment plans, and adhering to banking and financial regulations. A loan processor must have excellent knowledge of the banking industry and processes to provide the best loan services for the customers efficiently and accurately.
Transaction coordinators and loan processors have different pay scales, as shown below.
| Transaction Coordinator | Loan Processor | |
| Average salary | $41,792 | $38,122 |
| Salary range | Between $30,000 And $57,000 | Between $28,000 And $50,000 |
| Highest paying City | White Plains, NY | San Francisco, CA |
| Highest paying state | New York | West Virginia |
| Best paying company | JPMorgan Chase & Co. | Stanford University |
| Best paying industry | Finance | Finance |
There are a few differences between a transaction coordinator and a loan processor in terms of educational background:
| Transaction Coordinator | Loan Processor | |
| Most common degree | Bachelor's Degree, 54% | Bachelor's Degree, 46% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between transaction coordinators' and loan processors' demographics:
| Transaction Coordinator | Loan Processor | |
| Average age | 42 | 42 |
| Gender ratio | Male, 19.0% Female, 81.0% | Male, 20.6% Female, 79.4% |
| 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, 12.5% Unknown, 4.3% Hispanic or Latino, 17.1% Asian, 7.4% White, 58.3% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |