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The differences between loan closers and closing coordinators 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 closer and a closing coordinator. Additionally, a loan closer has an average salary of $39,093, which is higher than the $39,066 average annual salary of a closing coordinator.
The top three skills for a loan closer include customer service, excellent organizational and TRID. The most important skills for a closing coordinator are customer service, escrow, and HOA.
| Loan Closer | Closing Coordinator | |
| Yearly salary | $39,093 | $39,066 |
| Hourly rate | $18.79 | $18.78 |
| Growth rate | -3% | -3% |
| Number of jobs | 11,431 | 19,203 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 50% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
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.
In the real estate industry, a closing coordinator is in charge of coordinating the final stages of a real estate deal, ensuring efficiency and smooth transaction. Among their responsibilities include preparing and processing legal documents, liaising with the buyer and seller, managing timelines and payment plans, and ensuring that both parties adhere to the terms of the agreement. Moreover, a closing coordinator must maintain an active communication line with staff, answering their inquiries, and assisting them as needed.
Loan closers and closing coordinators have different pay scales, as shown below.
| Loan Closer | Closing Coordinator | |
| Average salary | $39,093 | $39,066 |
| Salary range | Between $30,000 And $50,000 | Between $29,000 And $52,000 |
| Highest paying City | Bellevue, WA | Kirkland, WA |
| Highest paying state | Washington | Washington |
| Best paying company | Tata Group | HarbourVest |
| Best paying industry | Finance | Finance |
There are a few differences between a loan closer and a closing coordinator in terms of educational background:
| Loan Closer | Closing Coordinator | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 50% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan closers' and closing coordinators' demographics:
| Loan Closer | Closing Coordinator | |
| Average age | 42 | 42 |
| Gender ratio | Male, 22.6% Female, 77.4% | Male, 20.8% Female, 79.2% |
| Race ratio | 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% | Black or African American, 12.7% Unknown, 4.7% Hispanic or Latino, 15.8% Asian, 6.3% White, 59.9% American Indian and Alaska Native, 0.6% |
| LGBT Percentage | 7% | 7% |