Contract processor vs loan closer

The differences between contract processors and loan closers can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 6-12 months to become a contract processor, becoming a loan closer takes usually requires 2-4 years. Additionally, a loan closer has an average salary of $39,093, which is higher than the $35,234 average annual salary of a contract processor.

The top three skills for a contract processor include data entry, computer system and contract data. The most important skills for a loan closer are customer service, excellent organizational, and TRID.

Contract processor vs loan closer overview

	Contract Processor	Loan Closer
Yearly salary	$35,234	$39,093
Hourly rate	$16.94	$18.79
Growth rate	-3%	-3%
Number of jobs	13,996	11,431
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 45%	Bachelor's Degree, 51%
Average age	50	42
Years of experience	12	4

Contract processor vs loan closer salary

Contract processors and loan closers have different pay scales, as shown below.

	Contract Processor	Loan Closer
Average salary	$35,234	$39,093
Salary range	Between $27,000 And $45,000	Between $30,000 And $50,000
Highest paying City	-	Bellevue, WA
Highest paying state	-	Washington
Best paying company	-	Tata Group
Best paying industry	-	Finance

Differences between contract processor and loan closer education

There are a few differences between a contract processor and a loan closer in terms of educational background:

	Contract Processor	Loan Closer
Most common degree	Bachelor's Degree, 45%	Bachelor's Degree, 51%
Most common major	Business	Business
Most common college	-	University of Pennsylvania

Contract processor vs loan closer demographics

Here are the differences between contract processors' and loan closers' demographics:

	Contract Processor	Loan Closer
Average age	50	42
Gender ratio	Male, 28.2% Female, 71.8%	Male, 22.6% Female, 77.4%
Race ratio	Black or African American, 6.7% Unknown, 4.5% Hispanic or Latino, 10.7% Asian, 4.7% White, 72.3% American Indian and Alaska Native, 1.1%	Black or African American, 12.9% Unknown, 4.3% Hispanic or Latino, 14.8% Asian, 7.0% White, 60.6% American Indian and Alaska Native, 0.4%
LGBT Percentage	7%	7%

Differences between contract processor and loan closer duties and responsibilities

Contract processor example responsibilities.

Coach fellow team members to help attain higher QA and assist with CANDE questions to ensure efficiency.
Process FHA, VA and CONV.
Process and pre-underwrite FHA and conventional loans.
Schedule closings and review final HUD report and any adverse compliance action.
Recognize for being proficient in thinking outside the box for satisfactory documentation to clear underwriting conditions and RESPA regulations.
Respond to mortgage lenders and taxing agency jurisdictions by utilizing effective verbal and written communication in a prompt and accurate manner.

Loan closer example responsibilities.

Time management and organization skills to effectively prioritize multiple objectives and achieve volume goals.
Update files by obtaining annual and interim financial statements, renew insurance policies and UCC amendments, continuations and terminations.
Maintain a working knowledge of government underwriting policies pertaining to multiple programs such as VA, USDA, and FHA financing.
Gain knowledge of requirements establish by the FHA/VA, FNMA, FHLMC and private investors.
Prepare the delivery of mortgage loan documents to facilitate the processing of mortgage loan closings including TRID.
Prepare loan documents for retail mortgages (conventional, VA, FHA), all states in a paperless environment.

Contract processor vs loan closer skills

Common contract processor skills

Data Entry, 24%
Computer System, 14%
Contract Data, 9%
Process Contracts, 9%
Customer Issues, 7%
Financial Transactions, 6%

Common loan closer skills

Customer Service, 24%
Excellent Organizational, 5%
TRID, 4%
FHA, 4%
Va, 4%
RESPA, 4%