Loan clerk vs loan closer

The differences between loan clerks 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 clerk and a loan closer. Additionally, a loan closer has an average salary of $39,093, which is higher than the $26,552 average annual salary of a loan clerk.

The top three skills for a loan clerk include customer service, loan payments and financial data. The most important skills for a loan closer are customer service, excellent organizational, and TRID.

Loan clerk vs loan closer overview

	Loan Clerk	Loan Closer
Yearly salary	$26,552	$39,093
Hourly rate	$12.77	$18.79
Growth rate	-3%	-3%
Number of jobs	75,101	11,431
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 40%	Bachelor's Degree, 51%
Average age	42	42
Years of experience	4	4

Loan clerk vs loan closer salary

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

	Loan Clerk	Loan Closer
Average salary	$26,552	$39,093
Salary range	Between $19,000 And $35,000	Between $30,000 And $50,000
Highest paying City	Newark, NJ	Bellevue, WA
Highest paying state	California	Washington
Best paying company	UFCU	Tata Group
Best paying industry	Finance	Finance

Differences between loan clerk and loan closer education

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

	Loan Clerk	Loan Closer
Most common degree	Bachelor's Degree, 40%	Bachelor's Degree, 51%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Loan clerk vs loan closer demographics

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

	Loan Clerk	Loan Closer
Average age	42	42
Gender ratio	Male, 16.9% Female, 83.1%	Male, 22.6% Female, 77.4%
Race ratio	Black or African American, 12.9% Unknown, 4.7% Hispanic or Latino, 14.6% Asian, 7.0% White, 60.3% American Indian and Alaska Native, 0.5%	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 clerk and loan closer duties and responsibilities

Loan clerk example responsibilities.

Manage A/R transactions, prepare weekly account reconciliation's, perform research/ adjustments on A/P and A/R discrepancy accounts.
Monitor UCC filings and updates.
Prepare SBA loans using WordPrefect.
Record UCC filings on-line and by mail.
Review loan files, facilitate and verify loss mitigation application request, determine eligibility for clients requesting foreclosure financial assistance.
Work with HUD the VA and FHA to make sure all requirements are completed.

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 clerk vs loan closer skills

Common loan clerk skills

Customer Service, 22%
Loan Payments, 12%
Financial Data, 10%
Mortgage Loans, 5%
Credit Reports, 4%
General Ledger Accounts, 3%

Common loan closer skills

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