Application processor vs loan closer

The differences between application processors and loan closers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both an application processor and a loan closer. Additionally, a loan closer has an average salary of $39,093, which is higher than the $32,435 average annual salary of an application processor.

The top three skills for an application processor include data entry, loan applications and application processing. The most important skills for a loan closer are customer service, excellent organizational, and TRID.

Application processor vs loan closer overview

	Application Processor	Loan Closer
Yearly salary	$32,435	$39,093
Hourly rate	$15.59	$18.79
Growth rate	-3%	-3%
Number of jobs	20,859	11,431
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 41%	Bachelor's Degree, 51%
Average age	42	42
Years of experience	4	4

Application processor vs loan closer salary

Application processors and loan closers have different pay scales, as shown below.

	Application Processor	Loan Closer
Average salary	$32,435	$39,093
Salary range	Between $27,000 And $38,000	Between $30,000 And $50,000
Highest paying City	Santa Rosa, CA	Bellevue, WA
Highest paying state	West Virginia	Washington
Best paying company	PSECU	Tata Group
Best paying industry	Manufacturing	Finance

Differences between application processor and loan closer education

There are a few differences between an application processor and a loan closer in terms of educational background:

	Application Processor	Loan Closer
Most common degree	Bachelor's Degree, 41%	Bachelor's Degree, 51%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Application processor vs loan closer demographics

Here are the differences between application processors' and loan closers' demographics:

	Application Processor	Loan Closer
Average age	42	42
Gender ratio	Male, 25.2% Female, 74.8%	Male, 22.6% Female, 77.4%
Race ratio	Black or African American, 13.6% Unknown, 4.3% Hispanic or Latino, 13.3% Asian, 7.2% White, 61.2% American Indian and Alaska Native, 0.4%	Black or African American, 12.9% Unknown, 4.3% Hispanic or Latino, 14.8% Asian, 7.0% White, 60.6% American Indian and Alaska Native, 0.4%
LGBT Percentage	7%	7%

Differences between application processor and loan closer duties and responsibilities

Application processor example responsibilities.

Manage a monthly pipeline averaging 100 files from origination to funding per month as a Jr. processor.
Execute the origination process, including ordering credit reports, appraisals and preliminary title reports.
Work in mailroom sorting mail by zip codes.
Maintain A/P, A/R, and report payroll.
Participate in specialty functions of all aspects of the mailroom.
Utilize PeopleSoft and OnBase programs to classify and index data.

Loan closer example responsibilities.

Time management and organization skills to effectively prioritize multiple objectives and achieve volume goals.
Update files by obtaining annual and interim financial statements, renew insurance policies and UCC amendments, continuations and terminations.
Maintain a working knowledge of government underwriting policies pertaining to multiple programs such as VA, USDA, and FHA financing.
Gain knowledge of requirements establish by the FHA/VA, FNMA, FHLMC and private investors.
Prepare the delivery of mortgage loan documents to facilitate the processing of mortgage loan closings including TRID.
Prepare loan documents for retail mortgages (conventional, VA, FHA), all states in a paperless environment.

Application processor vs loan closer skills

Common application processor skills

Data Entry, 32%
Loan Applications, 9%
Application Processing, 8%
Medicaid, 6%
Customer Accounts, 5%
Origination, 4%

Common loan closer skills

Customer Service, 24%
Excellent Organizational, 5%
TRID, 4%
FHA, 4%
Va, 4%
RESPA, 4%