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The differences between closers and loan coordinators can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a closer, becoming a loan coordinator takes usually requires 2-4 years. Additionally, a loan coordinator has an average salary of $39,836, 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 coordinator are customer service, work ethic, and FHA.
| Closer | Loan Coordinator | |
| Yearly salary | $29,291 | $39,836 |
| Hourly rate | $14.08 | $19.15 |
| Growth rate | 4% | -3% |
| Number of jobs | 7,560 | 24,765 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 35% | Bachelor's Degree, 56% |
| Average age | 45 | 42 |
| Years of experience | 6 | 4 |
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 Coordinator is responsible for processing loan applications and determining the eligibility of applicants for loan options. Loan Coordinators perform administrative and clerical duties under the supervision of a loan supervisor. They file reports, monitor transactions, and review the applicants' credit scores. A loan coordinator must have excellent communication and organizational skills, especially responding to the applicants' inquiries and concerns, resolving complaints, and directing them to the loan personnel for any updates on their applications.
Closers and loan coordinators have different pay scales, as shown below.
| Closer | Loan Coordinator | |
| Average salary | $29,291 | $39,836 |
| Salary range | Between $20,000 And $40,000 | Between $30,000 And $51,000 |
| Highest paying City | Greece, NY | Raleigh, NC |
| Highest paying state | Hawaii | West Virginia |
| Best paying company | GPAC | JPMorgan Chase & Co. |
| Best paying industry | - | Professional |
There are a few differences between a closer and a loan coordinator in terms of educational background:
| Closer | Loan Coordinator | |
| Most common degree | Bachelor's Degree, 35% | Bachelor's Degree, 56% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between closers' and loan coordinators' demographics:
| Closer | Loan Coordinator | |
| Average age | 45 | 42 |
| Gender ratio | Male, 45.0% Female, 55.0% | Male, 25.3% Female, 74.7% |
| 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, 11.9% Unknown, 4.3% Hispanic or Latino, 17.7% Asian, 7.5% White, 58.2% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 8% | 7% |