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The differences between loan closers and document processors can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become a loan closer, becoming a document processor takes usually requires 6-12 months. Additionally, a loan closer has an average salary of $39,093, which is higher than the $32,730 average annual salary of a document processor.
The top three skills for a loan closer include customer service, excellent organizational and TRID. The most important skills for a document processor are data entry, quality standards, and real estate.
| Loan Closer | Document Processor | |
| Yearly salary | $39,093 | $32,730 |
| Hourly rate | $18.79 | $15.74 |
| Growth rate | -3% | - |
| Number of jobs | 11,431 | 8,761 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 35% |
| Average age | 42 | 50 |
| Years of experience | 4 | 12 |
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.
Document processors are professionals who are responsible for managing the documenting processes and systems of an organization. These processors are required to organize documents after they have received and processed incoming documents such as texts and audio-visual formats. They must follow the data program techniques and procedures so that they can maintain data entry requirements and ensure quality assurance with all work completed. Document processors must also adhere to companies when handling materials, especially those with confidential information.
Loan closers and document processors have different pay scales, as shown below.
| Loan Closer | Document Processor | |
| Average salary | $39,093 | $32,730 |
| Salary range | Between $30,000 And $50,000 | Between $26,000 And $40,000 |
| Highest paying City | Bellevue, WA | Boston, MA |
| Highest paying state | Washington | Massachusetts |
| Best paying company | Tata Group | Pfizer |
| Best paying industry | Finance | Insurance |
There are a few differences between a loan closer and a document processor in terms of educational background:
| Loan Closer | Document Processor | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 35% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | - |
Here are the differences between loan closers' and document processors' demographics:
| Loan Closer | Document Processor | |
| Average age | 42 | 50 |
| Gender ratio | Male, 22.6% Female, 77.4% | Male, 28.9% Female, 71.1% |
| 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, 6.7% Unknown, 4.5% Hispanic or Latino, 10.7% Asian, 4.7% White, 72.3% American Indian and Alaska Native, 1.1% |
| LGBT Percentage | 7% | 7% |