Loan auditor vs loan closer

The differences between loan auditors 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 auditor and a loan closer. Additionally, a loan closer has an average salary of $39,093, which is higher than the $37,716 average annual salary of a loan auditor.

The top three skills for a loan auditor include audit findings, FHA and va. The most important skills for a loan closer are customer service, excellent organizational, and TRID.

Loan auditor vs loan closer overview

	Loan Auditor	Loan Closer
Yearly salary	$37,716	$39,093
Hourly rate	$18.13	$18.79
Growth rate	-3%	-3%
Number of jobs	26,869	11,431
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 58%	Bachelor's Degree, 51%
Average age	42	42
Years of experience	4	4

Loan auditor vs loan closer salary

Loan auditors and loan closers have different pay scales, as shown below.

	Loan Auditor	Loan Closer
Average salary	$37,716	$39,093
Salary range	Between $29,000 And $47,000	Between $30,000 And $50,000
Highest paying City	-	Bellevue, WA
Highest paying state	-	Washington
Best paying company	-	Tata Group
Best paying industry	-	Finance

Differences between loan auditor and loan closer education

There are a few differences between a loan auditor and a loan closer in terms of educational background:

	Loan Auditor	Loan Closer
Most common degree	Bachelor's Degree, 58%	Bachelor's Degree, 51%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Loan auditor vs loan closer demographics

Here are the differences between loan auditors' and loan closers' demographics:

	Loan Auditor	Loan Closer
Average age	42	42
Gender ratio	Male, 32.4% Female, 67.6%	Male, 22.6% Female, 77.4%
Race ratio	Black or African American, 12.8% Unknown, 4.3% Hispanic or Latino, 16.7% Asian, 6.7% White, 59.1% 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%

Differences between loan auditor and loan closer duties and responsibilities

Loan auditor example responsibilities.

Manage the organization's HMDA data and accurately complete the government reporting annually.
Research and respond to questions from FHA, VA and conventional loan lenders.
Review the HUD-1 settlement statement RESPA disclosures are properly execute with the settlement and disbursement dates, and fees is correct.
Review the VA loan analysis against the system for accuracy.
Work on FHA deals that require in-depth knowledge of special guidelines.
Produce accurately audit loan package properly identifying loan defects, paying particular attention to RESPA, HUD & GFE guidelines.

Loan closer example responsibilities.

Time management and organization skills to effectively prioritize multiple objectives and achieve volume goals.
Update files by obtaining annual and interim financial statements, renew insurance policies and UCC amendments, continuations and terminations.
Maintain a working knowledge of government underwriting policies pertaining to multiple programs such as VA, USDA, and FHA financing.
Gain knowledge of requirements establish by the FHA/VA, FNMA, FHLMC and private investors.
Prepare the delivery of mortgage loan documents to facilitate the processing of mortgage loan closings including TRID.
Prepare loan documents for retail mortgages (conventional, VA, FHA), all states in a paperless environment.

Loan auditor vs loan closer skills

Common loan auditor skills

Audit Findings, 28%
FHA, 6%
Va, 6%
Real Estate, 5%
State Regulations, 4%
Federal Regulations, 4%

Common loan closer skills

Customer Service, 24%
Excellent Organizational, 5%
TRID, 4%
FHA, 4%
Va, 4%
RESPA, 4%