Transitioning from working as a paralegal to working as a loan coordinator can be a simple process, but may require some time to get all the necessary qualifications. Both paralegal jobs and loan coordinating roles have similar characteristics and require similar academic backgrounds; thus the transition wouldn’t necessarily require more schooling. Having a paralegal certificate usually indicates that you have an associate’s or bachelor’s degree, which are requirements for loan coordinating, but they are not hard and fast. Some loan coordinating positions can be attained via work experience alone.
Loan coordinators work for organizations like banks, credit unions, universities, and corporations. It is most desirable if you have a few years experience working as a bank clerk, teller, or loan processor. Experience within commercial banking and real estate documentation is also beneficial. If you are wanting to transition from a paralegal to a loan coordinator, you may need to gain a few years experience working in one of these positions in a bank.
Aside from desired experience, the duties of both paralegal jobs and loan coordinating share a lot in common. As a loan coordinator and as a paralegal you provide administrative; in one case to the loan process, in another to the law process. Both are responsible for processing important documents and entering data into computer software systems designed for the tasks at hand. Both check for accuracy in documents and assemble/coordinate meetings and the forwarding of materials from one party to another; they often act as a bit of a liason between involved parties. In addition, both paralegal jobs and loan coordinating positions are responsible for customer service to clients.
As far as work environments go; both types boast classic professionalism. Business suites, office buildings, and formalities in communication are relevant components of working as a loan coordinator. In either position you can expect to work 40-50 hours a week on salary without option of overtime pay. A benefit of working in loan coordinating as opposed to paralegal jobs is the slightly higher salary. Loan coordinators average around $44,000 annually. Paralegals salaries average around $35,000 annually. If you are ok with possibly having to gain a few years experience in banking and are interested in a larger salary, then making the transition from paralegal jobs to loan coordinating could be the right decision for you.
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