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The differences between closers and loan administrators 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 loan administrator. Additionally, a loan administrator has an average salary of $42,859, 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 loan administrator are customer service, data entry, and loan administration.
| Closer | Loan Administrator | |
| Yearly salary | $29,291 | $42,859 |
| Hourly rate | $14.08 | $20.61 |
| Growth rate | 4% | 4% |
| Number of jobs | 7,560 | 63,708 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 35% | Bachelor's Degree, 58% |
| 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 Loan Administrator is a person that takes care of all the documentation part of the loan process. Loans require a lot of documents and requirements, and a loan administrator is a person that helps the client accomplish all these requirements. It is also their job to help clients resolve issues and problems during the loan process. A Loan Administrator is a crucial and hectic job. The one qualified for this position must be good at handling pressure, be good at resolving issues, handle complaints, and communicate with people.
Closers and loan administrators have different pay scales, as shown below.
| Closer | Loan Administrator | |
| Average salary | $29,291 | $42,859 |
| Salary range | Between $20,000 And $40,000 | Between $31,000 And $59,000 |
| Highest paying City | Greece, NY | Seattle, WA |
| Highest paying state | Hawaii | Hawaii |
| Best paying company | GPAC | BNY Mellon |
| Best paying industry | - | Finance |
There are a few differences between a closer and a loan administrator in terms of educational background:
| Closer | Loan Administrator | |
| Most common degree | Bachelor's Degree, 35% | Bachelor's Degree, 58% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between closers' and loan administrators' demographics:
| Closer | Loan Administrator | |
| Average age | 45 | 45 |
| Gender ratio | Male, 45.0% Female, 55.0% | Male, 23.2% Female, 76.8% |
| 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, 16.2% Asian, 6.4% White, 63.0% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |