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The differences between junior underwriters 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 underwriter and a closer. Additionally, a junior underwriter has an average salary of $51,782, which is higher than the $29,291 average annual salary of a closer.
The top three skills for a junior underwriter include loan programs, income documentation and credit reports. The most important skills for a closer are customer service, cleanliness, and punctuality.
| Junior Underwriter | Closer | |
| Yearly salary | $51,782 | $29,291 |
| Hourly rate | $24.90 | $14.08 |
| Growth rate | 4% | 4% |
| Number of jobs | 19,456 | 7,560 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 35% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
Working alongside senior underwriters, a junior underwriter is in charge of performing research and analysis to determine the eligibility of clients for insurance products and services. Their responsibilities include gathering and analyzing requirements, inspecting financial histories, participating in handling underwriting conditions, and monitoring current and past loans of a client. Should there be any complicated issues and concerns, they must report to the senior underwriter right away. Furthermore, a junior underwriter must carry out tasks while adhering to the company's policies and regulations.
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 underwriters and closers have different pay scales, as shown below.
| Junior Underwriter | Closer | |
| Average salary | $51,782 | $29,291 |
| Salary range | Between $34,000 And $77,000 | Between $20,000 And $40,000 |
| Highest paying City | Hicksville, NY | Greece, NY |
| Highest paying state | New York | Hawaii |
| Best paying company | Chubb | GPAC |
| Best paying industry | Insurance | - |
There are a few differences between a junior underwriter and a closer in terms of educational background:
| Junior Underwriter | 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 underwriters' and closers' demographics:
| Junior Underwriter | Closer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 28.7% Female, 71.3% | Male, 45.0% Female, 55.0% |
| Race ratio | Black or African American, 9.0% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.9% 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% |