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The differences between loan assistants 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 loan assistant and a loan closer. Additionally, a loan closer has an average salary of $39,093, which is higher than the $36,962 average annual salary of a loan assistant.
The top three skills for a loan assistant include customer service, loan applications and mortgage loans. The most important skills for a loan closer are customer service, excellent organizational, and TRID.
| Loan Assistant | Loan Closer | |
| Yearly salary | $36,962 | $39,093 |
| Hourly rate | $17.77 | $18.79 |
| Growth rate | -3% | -3% |
| Number of jobs | 8,923 | 11,431 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 51% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
Loan assistants act as support primarily to loan officers in preparing, reviewing, and verifying account documentation pertinent to loans. Also, ensuring the completeness of the loan files and that all collateral has been properly secured. In addition, loan assistants update collateral values on commercial and residential real estate loans as assigned by senior management. They stay within the guidelines established by bank policy and maintain the highest level of confidentiality with all information obtained.
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.
Loan assistants and loan closers have different pay scales, as shown below.
| Loan Assistant | Loan Closer | |
| Average salary | $36,962 | $39,093 |
| Salary range | Between $28,000 And $47,000 | Between $30,000 And $50,000 |
| Highest paying City | Olympia, WA | Bellevue, WA |
| Highest paying state | Washington | Washington |
| Best paying company | University of California, Berkeley | Tata Group |
| Best paying industry | Finance | Finance |
There are a few differences between a loan assistant and a loan closer in terms of educational background:
| Loan Assistant | Loan Closer | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 51% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan assistants' and loan closers' demographics:
| Loan Assistant | Loan Closer | |
| Average age | 42 | 42 |
| Gender ratio | Male, 18.2% Female, 81.8% | Male, 22.6% Female, 77.4% |
| Race ratio | Black or African American, 12.2% Unknown, 4.3% Hispanic or Latino, 15.4% Asian, 7.4% White, 60.2% 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% |