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The differences between lenders 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 lender and a closer. Additionally, a lender has an average salary of $37,723, which is higher than the $29,291 average annual salary of a closer.
The top three skills for a lender include customer service, loan applications and business development. The most important skills for a closer are customer service, cleanliness, and punctuality.
| Lender | Closer | |
| Yearly salary | $37,723 | $29,291 |
| Hourly rate | $18.14 | $14.08 |
| Growth rate | 4% | 4% |
| Number of jobs | 6,465 | 7,560 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 35% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A Lender is a financial institution, an individual, or a private or public group that provides loans to a business or an individual. As a lender, you will evaluate a borrower's creditworthiness by assessing loan applications. You will be responsible for determining an applicant's financial eligibility and all applicable metrics and ratios. Other duties might include setting up plans for debt payment, counseling clients on restrictions and policies, and maintaining and updating account records. Also, you will need to update your knowledge on the different loan types and financial services.
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.
Lenders and closers have different pay scales, as shown below.
| Lender | Closer | |
| Average salary | $37,723 | $29,291 |
| Salary range | Between $25,000 And $55,000 | Between $20,000 And $40,000 |
| Highest paying City | Seattle, WA | Greece, NY |
| Highest paying state | South Dakota | Hawaii |
| Best paying company | Citi | GPAC |
| Best paying industry | Finance | - |
There are a few differences between a lender and a closer in terms of educational background:
| Lender | Closer | |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 35% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between lenders' and closers' demographics:
| Lender | Closer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 49.2% Female, 50.8% | Male, 45.0% Female, 55.0% |
| Race ratio | Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 16.3% Asian, 6.3% White, 62.9% 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% |