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Closer vs loan administrator

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 vs loan administrator overview

CloserLoan Administrator
Yearly salary$29,291$42,859
Hourly rate$14.08$20.61
Growth rate4%4%
Number of jobs7,56063,708
Job satisfaction--
Most common degreeBachelor's Degree, 35%Bachelor's Degree, 58%
Average age4545
Years of experience66

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 loan administrator do?

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.

Closer vs loan administrator salary

Closers and loan administrators have different pay scales, as shown below.

CloserLoan Administrator
Average salary$29,291$42,859
Salary rangeBetween $20,000 And $40,000Between $31,000 And $59,000
Highest paying CityGreece, NYSeattle, WA
Highest paying stateHawaiiHawaii
Best paying companyGPACBNY Mellon
Best paying industry-Finance

Differences between closer and loan administrator education

There are a few differences between a closer and a loan administrator in terms of educational background:

CloserLoan Administrator
Most common degreeBachelor's Degree, 35%Bachelor's Degree, 58%
Most common majorBusinessBusiness
Most common collegeUniversity of PennsylvaniaUniversity of Pennsylvania

Closer vs loan administrator demographics

Here are the differences between closers' and loan administrators' demographics:

CloserLoan Administrator
Average age4545
Gender ratioMale, 45.0% Female, 55.0%Male, 23.2% Female, 76.8%
Race ratioBlack 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 Percentage8%8%

Differences between closer and loan administrator 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.
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Loan administrator example responsibilities.

  • Manage a multifacete commercial real estate investment firm.
  • Pull OFAC on all borrowers.
  • Order third party reports such as appraisals, titles, and OFAC information.
  • Order on FHA loans in a timely and efficient manner to meet month end deadlines.
  • Present and sell financial benefits of a variety of FHA, VA, and conventional loans.
  • Coordinate and maintain loans for adherence to credit policy as well as guidelines in keeping compliant with SBA regulations.
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Closer vs loan administrator skills

Common closer skills
  • Customer Service, 42%
  • Cleanliness, 31%
  • Punctuality, 8%
  • Dependability, 4%
  • Food Orders, 4%
  • Work Ethic, 1%
Common loan administrator skills
  • Customer Service, 14%
  • Data Entry, 5%
  • Loan Administration, 5%
  • Loan Processing, 5%
  • Financial Statements, 4%
  • Due Diligence, 4%

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