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The differences between closers and consumer loan underwriters 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 consumer loan underwriter. Additionally, a consumer loan underwriter has an average salary of $53,525, 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 consumer loan underwriter are financial statements, loan applications, and strong analytical.
| Closer | Consumer Loan Underwriter | |
| Yearly salary | $29,291 | $53,525 |
| Hourly rate | $14.08 | $25.73 |
| Growth rate | 4% | 4% |
| Number of jobs | 7,560 | 17,495 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 35% | Bachelor's Degree, 66% |
| 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.
A consumer loan underwriter, or often known as a loan officer, is a financial professional who works at a credit union or other financial institution to approve or disapprove loans to clients. Consumer loan underwriters must review and verify the information provided by loan applicants and then decide on approving or denying a loan according to the policies of the institution. They must determine maximum loss potential by identifying all loans that are associated with a borrower where fraud may have occurred. Consumer loan underwriters must also demonstrate experience in underwriting conventional and FHA loans.
Closers and consumer loan underwriters have different pay scales, as shown below.
| Closer | Consumer Loan Underwriter | |
| Average salary | $29,291 | $53,525 |
| Salary range | Between $20,000 And $40,000 | Between $37,000 And $76,000 |
| Highest paying City | Greece, NY | New York, NY |
| Highest paying state | Hawaii | New York |
| Best paying company | GPAC | Marcus & Millichap |
| Best paying industry | - | Finance |
There are a few differences between a closer and a consumer loan underwriter in terms of educational background:
| Closer | Consumer Loan Underwriter | |
| Most common degree | Bachelor's Degree, 35% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between closers' and consumer loan underwriters' demographics:
| Closer | Consumer Loan Underwriter | |
| Average age | 45 | 45 |
| Gender ratio | Male, 45.0% Female, 55.0% | Male, 42.6% Female, 57.4% |
| 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, 9.2% Unknown, 4.6% Hispanic or Latino, 15.9% Asian, 6.4% White, 63.5% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |