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The differences between escrow officers 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 an escrow officer and a closer. Additionally, an escrow officer has an average salary of $50,270, which is higher than the $29,291 average annual salary of a closer.
The top three skills for an escrow officer include customer service, HOA and title insurance. The most important skills for a closer are customer service, cleanliness, and punctuality.
| Escrow Officer | Closer | |
| Yearly salary | $50,270 | $29,291 |
| Hourly rate | $24.17 | $14.08 |
| Growth rate | 4% | 4% |
| Number of jobs | 62,077 | 7,560 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 47% | Bachelor's Degree, 35% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
Escrow officers, commonly known as loan officers, are responsible for real estate processing and finalizing deals. They ensure all documents are authentic and prepared, property titles are clear, and financial obligations have been thoroughly met by the buyer and seller. They verify the document of land ownership, checking property title, and consulting with potential buyers, sellers, and lending firms. It is also their responsibility to handle the deposition of funds and processing of legal documents, including paperwork to finalize the transaction.
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.
Escrow officers and closers have different pay scales, as shown below.
| Escrow Officer | Closer | |
| Average salary | $50,270 | $29,291 |
| Salary range | Between $36,000 And $70,000 | Between $20,000 And $40,000 |
| Highest paying City | Walnut Creek, CA | Greece, NY |
| Highest paying state | New Mexico | Hawaii |
| Best paying company | Fidelity National Financial | GPAC |
| Best paying industry | Finance | - |
There are a few differences between an escrow officer and a closer in terms of educational background:
| Escrow Officer | Closer | |
| Most common degree | Bachelor's Degree, 47% | Bachelor's Degree, 35% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between escrow officers' and closers' demographics:
| Escrow Officer | Closer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 14.9% Female, 85.1% | Male, 45.0% Female, 55.0% |
| Race ratio | Black or African American, 8.8% Unknown, 4.6% Hispanic or Latino, 16.0% Asian, 6.2% White, 64.0% 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% |