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The differences between transaction coordinators and mortgage 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 mortgage loan processor. Additionally, a mortgage loan processor has an average salary of $43,594, which is higher than the $41,792 average annual salary of a transaction coordinator.
The top three skills for a transaction coordinator include customer service, MLS and escrow companies. The most important skills for a mortgage loan processor are customer service, FHA, and va.
| Transaction Coordinator | Mortgage Loan Processor | |
| Yearly salary | $41,792 | $43,594 |
| Hourly rate | $20.09 | $20.96 |
| Growth rate | -3% | -3% |
| Number of jobs | 16,804 | 16,276 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 54% | Bachelor's Degree, 50% |
| 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 mortgage loan processor is a person who is responsible for the preparation of mortgage applications and any other paperwork. Mortgage loan processors interview the loan applicants, assist them in selecting the right mortgage, and approve or reject their applications. They are expected to have excellent communication, extraordinary interpersonal abilities, and strong attention to detail. Their job involves working with the loan officer and the underwriter. Also, they must be equipped with management skills and aptitude in math.
Transaction coordinators and mortgage loan processors have different pay scales, as shown below.
| Transaction Coordinator | Mortgage Loan Processor | |
| Average salary | $41,792 | $43,594 |
| Salary range | Between $30,000 And $57,000 | Between $33,000 And $57,000 |
| Highest paying City | White Plains, NY | San Francisco, CA |
| Highest paying state | New York | Massachusetts |
| Best paying company | JPMorgan Chase & Co. | Amplify Credit Union |
| Best paying industry | Finance | Professional |
There are a few differences between a transaction coordinator and a mortgage loan processor in terms of educational background:
| Transaction Coordinator | Mortgage Loan Processor | |
| Most common degree | Bachelor's Degree, 54% | Bachelor's Degree, 50% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between transaction coordinators' and mortgage loan processors' demographics:
| Transaction Coordinator | Mortgage Loan Processor | |
| Average age | 42 | 42 |
| Gender ratio | Male, 19.0% Female, 81.0% | Male, 21.7% Female, 78.3% |
| 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, 13.3% Unknown, 4.3% Hispanic or Latino, 14.2% Asian, 6.8% White, 61.1% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |