Closer vs commercial underwriter

The differences between closers and commercial underwriters can be seen in a few details. Each job has different responsibilities and duties. Additionally, a commercial underwriter has an average salary of $59,051, 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 underwriter are real estate, customer service, and financial analysis.

Closer vs commercial underwriter overview

	Closer	Commercial Underwriter
Yearly salary	$29,291	$59,051
Hourly rate	$14.08	$28.39
Growth rate	4%	-4%
Number of jobs	7,560	31,908
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 35%	Bachelor's Degree, 75%
Average age	45	44
Years of experience	6	-

What does a closer do?

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.

What does a commercial underwriter do?

A commercial underwriter is responsible for processing commercial loan applications, evaluating payment agreements and terms of service, validating customers' information, and requesting additional documents as needed. Commercial underwriters analyze the credit qualifications of an applicant, including financial history, account statements, and outstanding loan applications, if any. They identify potential credit risks for the loan request and advice the applicants for alternative loan options according to their needs and qualifications. A commercial underwriter responds to the applicants' inquiries and concerns regarding their loan applications and provides timely decisions for their requests.

Closer vs commercial underwriter salary

Closers and commercial underwriters have different pay scales, as shown below.

	Closer	Commercial Underwriter
Average salary	$29,291	$59,051
Salary range	Between $20,000 And $40,000	Between $41,000 And $84,000
Highest paying City	Greece, NY	Olympia, WA
Highest paying state	Hawaii	Washington
Best paying company	GPAC	J.P. Morgan
Best paying industry	-	Finance

Differences between closer and commercial underwriter education

There are a few differences between a closer and a commercial underwriter in terms of educational background:

	Closer	Commercial Underwriter
Most common degree	Bachelor's Degree, 35%	Bachelor's Degree, 75%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Closer vs commercial underwriter demographics

Here are the differences between closers' and commercial underwriters' demographics:

	Closer	Commercial Underwriter
Average age	45	44
Gender ratio	Male, 45.0% Female, 55.0%	Male, 48.7% Female, 51.3%
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, 9.9% Unknown, 2.5% Hispanic or Latino, 9.3% Asian, 5.5% White, 72.4% American Indian and Alaska Native, 0.4%
LGBT Percentage	8%	9%

Differences between closer and commercial underwriter duties and responsibilities

Closer example responsibilities.

Time management and organization skills to effectively prioritize multiple objectives and achieve volume goals.
Process conventional, FHA, VA and USDA loans, clearing conditions before submission.
Clear property conditions for insurance and title on all FHA, VA and USDA loans.
Submit information to mortgage insurance carriers, FHA, VA, FHLMC, and FNMA for workout alternatives to foreclosure.
Coordinate with foreclosure and eviction and litigation teams to ensure properties are in transferable condition prior to closing.
Prepare high volume of loan closing packages under a variety of loan programs including conventional, FHA and VA.

Commercial underwriter example responsibilities.

Handle new and renewal multi-line policies.
Quoted new business and handle multi-line commercial accounts for this retailer.
Front office administration; maintain A/R and A/P for 1000+ commercial lines clients and 2000+ personal lines clients.
Market banking services to individuals, as well as to small businesses and corporations through networking and cross-selling.
Update loan origination systems to ensure that pipeline reports reflect the most current status for active loan in process.
Work along with the owner and accounting staff on all financial matters, A/R, A/P, payroll, and taxes.

Closer vs commercial underwriter skills

Common closer skills

Customer Service, 42%
Cleanliness, 31%
Punctuality, 8%
Dependability, 4%
Food Orders, 4%
Work Ethic, 1%

Common commercial underwriter skills

Real Estate, 10%
Customer Service, 8%
Financial Analysis, 8%
Credit Analysis, 6%
Cash Flow, 4%
Risk Management, 4%

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Closer vs Commercial Underwriter

Updated January 8, 2025

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