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The differences between closers and loan analysts 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 analyst. Additionally, a loan analyst has an average salary of $37,857, 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 analyst are loan documentation, customer service, and real estate.
| Closer | Loan Analyst | |
| Yearly salary | $29,291 | $37,857 |
| Hourly rate | $14.08 | $18.20 |
| Growth rate | 4% | 4% |
| Number of jobs | 7,560 | 24,756 |
| 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 loan analyst is responsible for determining the eligibility of loan applicants in purchasing loan services by analyzing their application documents, account statements, and financial and credit status. Loan analysts evaluate loan agreements and payment plans and explain feasibility to the customers and loan officers before granting the loan. They also provide loan options and alternatives to the clients according to their needs and risk limitations. A loan analyst must have excellent knowledge of the loan and financial industry, especially in handling credit policies and loan processes and ensuring timely submission of reports.
Closers and loan analysts have different pay scales, as shown below.
| Closer | Loan Analyst | |
| Average salary | $29,291 | $37,857 |
| Salary range | Between $20,000 And $40,000 | Between $24,000 And $58,000 |
| Highest paying City | Greece, NY | Raleigh, NC |
| Highest paying state | Hawaii | South Dakota |
| Best paying company | GPAC | Barclays |
| Best paying industry | - | Finance |
There are a few differences between a closer and a loan analyst in terms of educational background:
| Closer | Loan Analyst | |
| 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 loan analysts' demographics:
| Closer | Loan Analyst | |
| Average age | 45 | 45 |
| Gender ratio | Male, 45.0% Female, 55.0% | Male, 43.2% Female, 56.8% |
| 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, 9.2% Unknown, 4.6% Hispanic or Latino, 15.9% Asian, 6.4% White, 63.4% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |