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The differences between loan closers and loan administrators 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 loan administrator takes usually requires 4-6 years. Additionally, a loan administrator has an average salary of $42,859, which is higher than the $39,093 average annual salary of a loan closer.
The top three skills for a loan closer include customer service, excellent organizational and TRID. The most important skills for a loan administrator are customer service, data entry, and loan administration.
| Loan Closer | Loan Administrator | |
| Yearly salary | $39,093 | $42,859 |
| Hourly rate | $18.79 | $20.61 |
| Growth rate | -3% | 4% |
| Number of jobs | 11,431 | 63,708 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 58% |
| Average age | 42 | 45 |
| Years of experience | 4 | 6 |
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.
A Loan Administrator is a person that takes care of all the documentation part of the loan process. Loans require a lot of documents and requirements, and a loan administrator is a person that helps the client accomplish all these requirements. It is also their job to help clients resolve issues and problems during the loan process. A Loan Administrator is a crucial and hectic job. The one qualified for this position must be good at handling pressure, be good at resolving issues, handle complaints, and communicate with people.
Loan closers and loan administrators have different pay scales, as shown below.
| Loan Closer | Loan Administrator | |
| Average salary | $39,093 | $42,859 |
| Salary range | Between $30,000 And $50,000 | Between $31,000 And $59,000 |
| Highest paying City | Bellevue, WA | Seattle, WA |
| Highest paying state | Washington | Hawaii |
| Best paying company | Tata Group | BNY Mellon |
| Best paying industry | Finance | Finance |
There are a few differences between a loan closer and a loan administrator in terms of educational background:
| Loan Closer | Loan Administrator | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 58% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan closers' and loan administrators' demographics:
| Loan Closer | Loan Administrator | |
| Average age | 42 | 45 |
| Gender ratio | Male, 22.6% Female, 77.4% | Male, 23.2% Female, 76.8% |
| 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, 9.3% Unknown, 4.6% Hispanic or Latino, 16.2% Asian, 6.4% White, 63.0% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 7% | 8% |