Drawer vs loan closer

The differences between drawers and loan closers can be seen in a few details. Each job has different responsibilities and duties. Additionally, a loan closer has an average salary of $39,093, which is higher than the $34,511 average annual salary of a drawer.

The top three skills for a drawer include title, escrow and FHA. The most important skills for a loan closer are customer service, excellent organizational, and TRID.

Drawer vs loan closer overview

	Drawer	Loan Closer
Yearly salary	$34,511	$39,093
Hourly rate	$16.59	$18.79
Growth rate	-5%	-3%
Number of jobs	2,664	11,431
Job satisfaction	-	-
Most common degree	High School Diploma, 37%	Bachelor's Degree, 51%
Average age	43	42
Years of experience	-	4

Drawer vs loan closer salary

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

	Drawer	Loan Closer
Average salary	$34,511	$39,093
Salary range	Between $27,000 And $43,000	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 drawer and loan closer education

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

	Drawer	Loan Closer
Most common degree	High School Diploma, 37%	Bachelor's Degree, 51%
Most common major	Business	Business
Most common college	-	University of Pennsylvania

Drawer vs loan closer demographics

Here are the differences between drawers' and loan closers' demographics:

	Drawer	Loan Closer
Average age	43	42
Gender ratio	Male, 36.4% Female, 63.6%	Male, 22.6% Female, 77.4%
Race ratio	Black or African American, 9.7% Unknown, 2.8% Hispanic or Latino, 12.1% Asian, 2.3% White, 72.3% American Indian and Alaska Native, 0.8%	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	3%	7%

Differences between drawer and loan closer duties and responsibilities

Drawer example responsibilities.

Manage individual pipeline using the LPS system.
Audit Hud-1 throughout closing process, ensuring compliance with RESPA and TILA.
Enter closing cost fees from final HUD-1 and compare fees with final GFE ensuring tolerance compliance.
Review HUD-1's for compliance requirements.
Have a good understanding of TRID requirements.
Review GFE and HUD to ensure compliance.

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.

Drawer vs loan closer skills

Common drawer skills

Title, 12%
Escrow, 12%
FHA, 9%
TRID, 8%
RESPA, 7%
Regulatory Compliance, 5%

Common loan closer skills

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