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The differences between closers and commercial loan officers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a closer and a commercial loan officer. Additionally, a commercial loan officer has an average salary of $70,876, which is higher than the $29,291 average annual salary of a closer.
The top three skills for a closer include customer service, cleanliness and punctuality. The most important skills for a commercial loan officer are customer service, loan portfolio, and financial statements.
| Closer | Commercial Loan Officer | |
| Yearly salary | $29,291 | $70,876 |
| Hourly rate | $14.08 | $34.08 |
| Growth rate | 4% | 4% |
| Number of jobs | 7,560 | 91,582 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 35% | Bachelor's Degree, 76% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
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.
Commercial loan officers are financial professionals who are responsible for assessing and processing business loan applications at financial institutions. These loan officers must advise clients about their suitable loan and credit options while consulting with managers on credit policies, credit lines, and procedures. They are required to obtain and assess the financial information of applicants that includes their financial statements and credit histories. Commercial loan officers must also collaborate with other financial institutions to set up loan packages for extensive loans.
Closers and commercial loan officers have different pay scales, as shown below.
| Closer | Commercial Loan Officer | |
| Average salary | $29,291 | $70,876 |
| Salary range | Between $20,000 And $40,000 | Between $50,000 And $100,000 |
| Highest paying City | Greece, NY | Fort Lee, NJ |
| Highest paying state | Hawaii | Maine |
| Best paying company | GPAC | Glacier Ban |
| Best paying industry | - | Finance |
There are a few differences between a closer and a commercial loan officer in terms of educational background:
| Closer | Commercial Loan Officer | |
| Most common degree | Bachelor's Degree, 35% | Bachelor's Degree, 76% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between closers' and commercial loan officers' demographics:
| Closer | Commercial Loan Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 45.0% Female, 55.0% | Male, 73.8% Female, 26.2% |
| Race ratio | 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% | Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 15.5% Asian, 6.5% White, 63.6% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |