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The differences between branch lending officers and closers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a branch lending officer and a closer. Additionally, a branch lending officer has an average salary of $46,615, which is higher than the $29,291 average annual salary of a closer.
The top three skills for a branch lending officer include business relationships, origination and FHA. The most important skills for a closer are customer service, cleanliness, and punctuality.
| Branch Lending Officer | Closer | |
| Yearly salary | $46,615 | $29,291 |
| Hourly rate | $22.41 | $14.08 |
| Growth rate | 4% | 4% |
| Number of jobs | 70,689 | 7,560 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 35% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A branch lending officer is typically in charge of processing loan applications, ensuring accuracy and smooth workflow. Their responsibilities revolve around liaising with clients to identify their needs, conducting interviews and assessments, gathering and reviewing requirements, and coordinating with analysts and other staff. They may also perform clerical tasks such as answering calls and correspondence, arranging appointments, and maintaining records of all transactions. Furthermore, as a branch lending officer, it is essential to provide efficient customer service, all while adhering to the company's policies and regulations, including its vision and mission.
The duties of a closer depend on one's line of work or industry of employment. Typically, their responsibilities revolve around liaising with clients to ensure that they understand and adhere to all terms of the agreement, completing all requirements and necessary documents, and maintaining records of all transactions. A closer must also monitor the regular payments of clients to ensure their compliance with the agreement, answer any inquiries, perform follow-up calls, and address any issues or concerns, resolving them promptly and efficiently.
Branch lending officers and closers have different pay scales, as shown below.
| Branch Lending Officer | Closer | |
| Average salary | $46,615 | $29,291 |
| Salary range | Between $29,000 And $73,000 | Between $20,000 And $40,000 |
| Highest paying City | Saint Cloud, MN | Greece, NY |
| Highest paying state | New Mexico | Hawaii |
| Best paying company | Citi | GPAC |
| Best paying industry | Finance | - |
There are a few differences between a branch lending officer and a closer in terms of educational background:
| Branch Lending Officer | Closer | |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 35% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between branch lending officers' and closers' demographics:
| Branch Lending Officer | Closer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 60.0% Female, 40.0% | Male, 45.0% Female, 55.0% |
| Race ratio | Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 16.0% Asian, 6.4% White, 63.3% American Indian and Alaska Native, 0.5% | Black or African American, 9.4% Unknown, 4.6% Hispanic or Latino, 16.3% Asian, 6.1% White, 63.1% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |