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The differences between junior processors and loan closers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both a junior processor and a loan closer. Additionally, a loan closer has an average salary of $39,093, which is higher than the $33,371 average annual salary of a junior processor.
The top three skills for a junior processor include mortgage loans, loan applications and appraisal orders. The most important skills for a loan closer are customer service, excellent organizational, and TRID.
| Junior Processor | Loan Closer | |
| Yearly salary | $33,371 | $39,093 |
| Hourly rate | $16.04 | $18.79 |
| Growth rate | -3% | -3% |
| Number of jobs | 17,036 | 11,431 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 38% | Bachelor's Degree, 51% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
A junior processor is responsible for assessing a loan applicant's information to determine whether they are eligible to obtain a loan. This includes examining the assets submitted by the applicant, considering whether the loan is viable, and determining if the applicant is capable of paying. They also explain the terms and conditions set by the lending company. After assessment, they forward the loan applicant's details to the loan committee for appropriate action, which could be approval or disapproval.
A loan closer is primarily in charge of handling and closing loan documentation, ensuring accuracy and smooth transactions. A loan closer's responsibilities revolve around liaising with clients to guarantee that they adhere to every term in the contract, preparing necessary reports and documents, monitoring payment progress, and ensuring that they have a deep understanding of the obligations under the contract. Furthermore, it is essential to maintain records of all transactions and assist clients, all while implementing the company's policies and regulations.
Junior processors and loan closers have different pay scales, as shown below.
| Junior Processor | Loan Closer | |
| Average salary | $33,371 | $39,093 |
| Salary range | Between $26,000 And $41,000 | Between $30,000 And $50,000 |
| Highest paying City | - | Bellevue, WA |
| Highest paying state | - | Washington |
| Best paying company | - | Tata Group |
| Best paying industry | - | Finance |
There are a few differences between a junior processor and a loan closer in terms of educational background:
| Junior Processor | Loan Closer | |
| Most common degree | Bachelor's Degree, 38% | Bachelor's Degree, 51% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between junior processors' and loan closers' demographics:
| Junior Processor | Loan Closer | |
| Average age | 42 | 42 |
| Gender ratio | Male, 19.1% Female, 80.9% | Male, 22.6% Female, 77.4% |
| Race ratio | Black or African American, 12.4% Unknown, 4.2% Hispanic or Latino, 18.5% Asian, 6.6% White, 57.9% American Indian and Alaska Native, 0.4% | 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% |