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The differences between closers and loan originators 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 originator. Additionally, a loan originator has an average salary of $41,291, 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 originator are customer service, origination, and FHA.
| Closer | Loan Originator | |
| Yearly salary | $29,291 | $41,291 |
| Hourly rate | $14.08 | $19.85 |
| Growth rate | 4% | 4% |
| Number of jobs | 7,560 | 10,716 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 35% | Bachelor's Degree, 61% |
| 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 Originator is a potential liaison between borrowers and lenders. They help borrowers complete loan applications and evaluate which loans are most appropriate for the customers.
Closers and loan originators have different pay scales, as shown below.
| Closer | Loan Originator | |
| Average salary | $29,291 | $41,291 |
| Salary range | Between $20,000 And $40,000 | Between $28,000 And $60,000 |
| Highest paying City | Greece, NY | New York, NY |
| Highest paying state | Hawaii | South Dakota |
| Best paying company | GPAC | Centennial Bank |
| Best paying industry | - | Transportation |
There are a few differences between a closer and a loan originator in terms of educational background:
| Closer | Loan Originator | |
| Most common degree | Bachelor's Degree, 35% | Bachelor's Degree, 61% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between closers' and loan originators' demographics:
| Closer | Loan Originator | |
| Average age | 45 | 45 |
| Gender ratio | Male, 45.0% Female, 55.0% | Male, 54.0% Female, 46.0% |
| 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, 16.1% Asian, 6.4% White, 63.2% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |