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The differences between loan advisers 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 loan adviser and a closer. Additionally, a loan adviser has an average salary of $40,365, which is higher than the $29,291 average annual salary of a closer.
The top three skills for a loan adviser include customer service, origination and mortgage loans. The most important skills for a closer are customer service, cleanliness, and punctuality.
| Loan Adviser | Closer | |
| Yearly salary | $40,365 | $29,291 |
| Hourly rate | $19.41 | $14.08 |
| Growth rate | 4% | 4% |
| Number of jobs | 24,189 | 7,560 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 35% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A loan adviser evaluates and assesses mortgage applications to ensure that the client is capable and capacitated to pay their finances and obligations. They conduct one on one interviews with the client, verifies the documents presented, and handles the approval process. They can often be seen in a bank or a credit institution that gives support to the clients and borrowers. This career is considered a vital part of a bank as it determines the possible increase of a company's profit by their loan programs.
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.
Loan advisers and closers have different pay scales, as shown below.
| Loan Adviser | Closer | |
| Average salary | $40,365 | $29,291 |
| Salary range | Between $28,000 And $56,000 | Between $20,000 And $40,000 |
| Highest paying City | - | Greece, NY |
| Highest paying state | - | Hawaii |
| Best paying company | - | GPAC |
| Best paying industry | - | - |
There are a few differences between a loan adviser and a closer in terms of educational background:
| Loan Adviser | Closer | |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 35% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan advisers' and closers' demographics:
| Loan Adviser | Closer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 47.7% Female, 52.3% | Male, 45.0% Female, 55.0% |
| Race ratio | Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 16.1% Asian, 6.4% White, 63.1% 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% |