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The differences between transaction coordinators and mortgage 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 specialist. Additionally, a transaction coordinator has an average salary of $41,792, which is higher than the $38,757 average annual salary of a mortgage specialist.
The top three skills for a transaction coordinator include customer service, MLS and escrow companies. The most important skills for a mortgage specialist are customer service, residential mortgage loans, and origination.
| Transaction Coordinator | Mortgage Specialist | |
| Yearly salary | $41,792 | $38,757 |
| Hourly rate | $20.09 | $18.63 |
| Growth rate | -3% | -3% |
| Number of jobs | 16,804 | 26,471 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 54% | Bachelor's Degree, 55% |
| 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.
Mortgage specialists are professionals who work with lending institutions to identify the best lending product for their clients in exchange for taking the title of the debtors' properties. These specialists must process mortgage loan applications by reviewing their paperwork to ensure accuracy and completeness before submitting for approval. They should monitor accounts during the bankruptcy proceedings to ensure that the rights of their clients are protected. Mortgage specialists are also required to guide associates regarding procedural guidelines from FNMA, FHLMC, and MHA.
Transaction coordinators and mortgage specialists have different pay scales, as shown below.
| Transaction Coordinator | Mortgage Specialist | |
| Average salary | $41,792 | $38,757 |
| Salary range | Between $30,000 And $57,000 | Between $29,000 And $51,000 |
| Highest paying City | White Plains, NY | Oakland, CA |
| Highest paying state | New York | Washington |
| Best paying company | JPMorgan Chase & Co. | Citi |
| Best paying industry | Finance | Finance |
There are a few differences between a transaction coordinator and a mortgage specialist in terms of educational background:
| Transaction Coordinator | Mortgage Specialist | |
| Most common degree | Bachelor's Degree, 54% | Bachelor's Degree, 55% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between transaction coordinators' and mortgage specialists' demographics:
| Transaction Coordinator | Mortgage Specialist | |
| Average age | 42 | 42 |
| Gender ratio | Male, 19.0% Female, 81.0% | Male, 39.3% Female, 60.7% |
| 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, 14.2% Asian, 7.5% White, 60.2% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |