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The differences between loan processors and closing coordinators can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both a loan processor and a closing coordinator. Additionally, a closing coordinator has an average salary of $39,066, which is higher than the $38,122 average annual salary of a loan processor.
The top three skills for a loan processor include loan applications, customer service and property appraisals. The most important skills for a closing coordinator are customer service, escrow, and HOA.
| Loan Processor | Closing Coordinator | |
| Yearly Salary | $38,122 | $39,066 |
| Hourly rate | $18.33 | $18.78 |
| Growth Rate | -3% | -3% |
| Number Of Jobs | 16,228 | 19,203 |
| Job Satisfaction | - | - |
| Most Common Degree | Bachelor's Degree, 46% | Bachelor's Degree, 50% |
| Average Age | 42 | 42 |
| Years Of Experience | 4 | 4 |
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.
In the real estate industry, a closing coordinator is in charge of coordinating the final stages of a real estate deal, ensuring efficiency and smooth transaction. Among their responsibilities include preparing and processing legal documents, liaising with the buyer and seller, managing timelines and payment plans, and ensuring that both parties adhere to the terms of the agreement. Moreover, a closing coordinator must maintain an active communication line with staff, answering their inquiries, and assisting them as needed.
Loan processors and closing coordinators have different pay scales, as shown below.
| Loan Processor | Closing Coordinator | |
| Average Salary | $38,122 | $39,066 |
| Salary Range | Between $28,000 And $50,000 | Between $29,000 And $52,000 |
| Highest Paying City | San Francisco, CA | Kirkland, WA |
| Highest Paying State | West Virginia | Washington |
| Best Paying Company | Stanford University | HarbourVest |
| Best Paying Industry | Finance | Finance |
There are a few differences between a loan processor and a closing coordinator in terms of educational background:
| Loan Processor | Closing Coordinator | |
| Most Common Degree | Bachelor's Degree, 46% | Bachelor's Degree, 50% |
| Most Common Major | Business | Business |
| Most Common College | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan processors' and closing coordinators' demographics:
| Loan Processor | Closing Coordinator | |
| Average Age | 42 | 42 |
| Gender Ratio | Male, 20.6% Female, 79.4% | Male, 20.8% Female, 79.2% |
| Race Ratio | 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% | Black or African American, 12.7% Unknown, 4.7% Hispanic or Latino, 15.8% Asian, 6.3% White, 59.9% American Indian and Alaska Native, 0.6% |
| LGBT Percentage | 7% | 7% |