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The differences between transaction coordinators and mortgage loan specialists 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 specialist. Additionally, a transaction coordinator has an average salary of $41,792, which is higher than the $41,186 average annual salary of a mortgage loan specialist.
The top three skills for a transaction coordinator include customer service, MLS and escrow companies. The most important skills for a mortgage loan specialist are customer service, FHA, and escrow accounts.
| Transaction Coordinator | Mortgage Loan Specialist | |
| Yearly salary | $41,792 | $41,186 |
| Hourly rate | $20.09 | $19.80 |
| Growth rate | -3% | -3% |
| Number of jobs | 16,804 | 33,704 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 54% | Bachelor's Degree, 56% |
| 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.
Also called a loan officer, a mortgage loan specialist assists clients in finding the appropriate financial aid for homes and other properties. Mortgage loan specialists look for new applicants, secure the right loans, assist with the documentation, and supervise the financing process. They collect and review the financial information of their clients for loan grant eligibility. It is important that they develop skills in financial processes, customer service, time management, and communication.
Transaction coordinators and mortgage loan specialists have different pay scales, as shown below.
| Transaction Coordinator | Mortgage Loan Specialist | |
| Average salary | $41,792 | $41,186 |
| Salary range | Between $30,000 And $57,000 | Between $27,000 And $62,000 |
| Highest paying City | White Plains, NY | Uniondale, NY |
| Highest paying state | New York | West Virginia |
| Best paying company | JPMorgan Chase & Co. | The PNC Financial Services Group |
| Best paying industry | Finance | Finance |
There are a few differences between a transaction coordinator and a mortgage loan specialist in terms of educational background:
| Transaction Coordinator | Mortgage Loan Specialist | |
| Most common degree | Bachelor's Degree, 54% | Bachelor's Degree, 56% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between transaction coordinators' and mortgage loan specialists' demographics:
| Transaction Coordinator | Mortgage Loan Specialist | |
| Average age | 42 | 42 |
| Gender ratio | Male, 19.0% Female, 81.0% | Male, 33.9% Female, 66.1% |
| 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, 13.3% Unknown, 4.4% Hispanic or Latino, 14.4% Asian, 7.7% White, 59.7% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |