Commercial mortgage broker vs closer

The differences between commercial mortgage brokers and closers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a commercial mortgage broker and a closer. Additionally, a commercial mortgage broker has an average salary of $126,099, which is higher than the $29,291 average annual salary of a closer.

The top three skills for a commercial mortgage broker include real estate transactions, lenders and commercial property. The most important skills for a closer are customer service, cleanliness, and punctuality.

Commercial mortgage broker vs closer overview

	Commercial Mortgage Broker	Closer
Yearly salary	$126,099	$29,291
Hourly rate	$60.62	$14.08
Growth rate	4%	4%
Number of jobs	31,820	7,560
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 71%	Bachelor's Degree, 35%
Average age	45	45
Years of experience	6	6

Commercial mortgage broker vs closer salary

Commercial mortgage brokers and closers have different pay scales, as shown below.

	Commercial Mortgage Broker	Closer
Average salary	$126,099	$29,291
Salary range	Between $89,000 And $176,000	Between $20,000 And $40,000
Highest paying City	-	Greece, NY
Highest paying state	-	Hawaii
Best paying company	-	GPAC
Best paying industry	-	-

Differences between commercial mortgage broker and closer education

There are a few differences between a commercial mortgage broker and a closer in terms of educational background:

	Commercial Mortgage Broker	Closer
Most common degree	Bachelor's Degree, 71%	Bachelor's Degree, 35%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Commercial mortgage broker vs closer demographics

Here are the differences between commercial mortgage brokers' and closers' demographics:

	Commercial Mortgage Broker	Closer
Average age	45	45
Gender ratio	Male, 77.2% Female, 22.8%	Male, 45.0% Female, 55.0%
Race ratio	Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 16.1% Asian, 6.4% White, 63.1% American Indian and Alaska Native, 0.5%	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%
LGBT Percentage	8%	8%

Differences between commercial mortgage broker and closer duties and responsibilities

Commercial mortgage broker example responsibilities.

Analyze and support development and execution of underwriting, automation and operational strategies to efficiently and effectively manage the portfolio.
Solicit profitable freight brokerage business by marketing transportation capability via direct sales calls, telephone and direct mail marketing activity.
Originate residential prime, sub-prime, and commercial mortgages.

Closer example responsibilities.

Time management and organization skills to effectively prioritize multiple objectives and achieve volume goals.
Process conventional, FHA, VA and USDA loans, clearing conditions before submission.
Clear property conditions for insurance and title on all FHA, VA and USDA loans.
Submit information to mortgage insurance carriers, FHA, VA, FHLMC, and FNMA for workout alternatives to foreclosure.
Coordinate with foreclosure and eviction and litigation teams to ensure properties are in transferable condition prior to closing.
Prepare high volume of loan closing packages under a variety of loan programs including conventional, FHA and VA.

Commercial mortgage broker vs closer skills

Common commercial mortgage broker skills

Real Estate Transactions, 20%
Lenders, 11%
Commercial Property, 10%
Real Estate Brokers, 10%
Client Relationships, 8%
Commercial Loans, 6%

Common closer skills

Customer Service, 42%
Cleanliness, 31%
Punctuality, 8%
Dependability, 4%
Food Orders, 4%
Work Ethic, 1%