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The differences between closers and mortgage bankers 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 mortgage banker. Additionally, a closer has an average salary of $29,291, which is higher than the $27,331 average annual salary of a mortgage banker.
The top three skills for a closer include customer service, cleanliness and punctuality. The most important skills for a mortgage banker are customer service, NMLS, and federal regulations.
| Closer | Mortgage Banker | |
| Yearly salary | $29,291 | $27,331 |
| Hourly rate | $14.08 | $13.14 |
| Growth rate | 4% | 4% |
| Number of jobs | 7,560 | 24,297 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 35% | Bachelor's Degree, 72% |
| 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 Mortgage Banker is specialized in offering financing to buy homes or refinance previous mortgages. They work as part of a banks loan department.
Closers and mortgage bankers have different pay scales, as shown below.
| Closer | Mortgage Banker | |
| Average salary | $29,291 | $27,331 |
| Salary range | Between $20,000 And $40,000 | Between $9,000 And $78,000 |
| Highest paying City | Greece, NY | - |
| Highest paying state | Hawaii | - |
| Best paying company | GPAC | - |
| Best paying industry | - | - |
There are a few differences between a closer and a mortgage banker in terms of educational background:
| Closer | Mortgage Banker | |
| Most common degree | Bachelor's Degree, 35% | Bachelor's Degree, 72% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between closers' and mortgage bankers' demographics:
| Closer | Mortgage Banker | |
| Average age | 45 | 45 |
| Gender ratio | Male, 45.0% Female, 55.0% | Male, 71.7% Female, 28.3% |
| 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, 9.5% Unknown, 4.7% Hispanic or Latino, 15.7% Asian, 6.5% White, 63.2% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |