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The differences between junior loan 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 a junior loan officer and a closer. Additionally, a junior loan officer has an average salary of $39,006, which is higher than the $29,291 average annual salary of a closer.
The top three skills for a junior loan officer include loan applications, origination and inbound calls. The most important skills for a closer are customer service, cleanliness, and punctuality.
| Junior Loan Officer | Closer | |
| Yearly salary | $39,006 | $29,291 |
| Hourly rate | $18.75 | $14.08 |
| Growth rate | 4% | 4% |
| Number of jobs | 72,136 | 7,560 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 35% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A junior loan officer assists a mortgage loan officer in processing and closing residential mortgage applications. This includes consulting with the loan applicant about their financial backgrounds to determine whether they can pay a home mortgage. They provide information on various loan offers and mortgage programs that applicants may choose from. They discuss policies and coordinate with senior mortgage officers about the concerns of clients.
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.
Junior loan officers and closers have different pay scales, as shown below.
| Junior Loan Officer | Closer | |
| Average salary | $39,006 | $29,291 |
| Salary range | Between $28,000 And $53,000 | Between $20,000 And $40,000 |
| Highest paying City | New York, NY | Greece, NY |
| Highest paying state | New York | Hawaii |
| Best paying company | Carnival Cruise Line | GPAC |
| Best paying industry | Professional | - |
There are a few differences between a junior loan officer and a closer in terms of educational background:
| Junior Loan Officer | Closer | |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 35% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between junior loan officers' and closers' demographics:
| Junior Loan Officer | Closer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 58.9% Female, 41.1% | Male, 45.0% Female, 55.0% |
| Race ratio | Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 16.0% Asian, 6.4% White, 63.3% 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% |