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The differences between closers and mortgage loan specialists 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 mortgage loan specialist takes usually requires 2-4 years. Additionally, a mortgage loan specialist has an average salary of $41,186, 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 mortgage loan specialist are customer service, FHA, and escrow accounts.
| Closer | Mortgage Loan Specialist | |
| Yearly salary | $29,291 | $41,186 |
| Hourly rate | $14.08 | $19.80 |
| Growth rate | 4% | -3% |
| Number of jobs | 7,560 | 33,704 |
| 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.
Also called a loan officer, a mortgage loan specialist assists clients in finding the appropriate financial aid for homes and other properties. Mortgage loan specialists look for new applicants, secure the right loans, assist with the documentation, and supervise the financing process. They collect and review the financial information of their clients for loan grant eligibility. It is important that they develop skills in financial processes, customer service, time management, and communication.
Closers and mortgage loan specialists have different pay scales, as shown below.
| Closer | Mortgage Loan Specialist | |
| Average salary | $29,291 | $41,186 |
| Salary range | Between $20,000 And $40,000 | Between $27,000 And $62,000 |
| Highest paying City | Greece, NY | Uniondale, NY |
| Highest paying state | Hawaii | West Virginia |
| Best paying company | GPAC | The PNC Financial Services Group |
| Best paying industry | - | Finance |
There are a few differences between a closer and a mortgage loan specialist in terms of educational background:
| Closer | Mortgage Loan Specialist | |
| 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 mortgage loan specialists' demographics:
| Closer | Mortgage Loan Specialist | |
| Average age | 45 | 42 |
| Gender ratio | Male, 45.0% Female, 55.0% | Male, 33.9% Female, 66.1% |
| 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, 13.3% Unknown, 4.4% Hispanic or Latino, 14.4% Asian, 7.7% White, 59.7% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 8% | 7% |