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The differences between loan closers and loan analysts 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 analyst takes usually requires 4-6 years. Additionally, a loan closer has an average salary of $39,093, which is higher than the $37,857 average annual salary of a loan analyst.
The top three skills for a loan closer include customer service, excellent organizational and TRID. The most important skills for a loan analyst are loan documentation, customer service, and real estate.
| Loan Closer | Loan Analyst | |
| Yearly salary | $39,093 | $37,857 |
| Hourly rate | $18.79 | $18.20 |
| Growth rate | -3% | 4% |
| Number of jobs | 11,431 | 24,756 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 66% |
| 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 analyst is responsible for determining the eligibility of loan applicants in purchasing loan services by analyzing their application documents, account statements, and financial and credit status. Loan analysts evaluate loan agreements and payment plans and explain feasibility to the customers and loan officers before granting the loan. They also provide loan options and alternatives to the clients according to their needs and risk limitations. A loan analyst must have excellent knowledge of the loan and financial industry, especially in handling credit policies and loan processes and ensuring timely submission of reports.
Loan closers and loan analysts have different pay scales, as shown below.
| Loan Closer | Loan Analyst | |
| Average salary | $39,093 | $37,857 |
| Salary range | Between $30,000 And $50,000 | Between $24,000 And $58,000 |
| Highest paying City | Bellevue, WA | Raleigh, NC |
| Highest paying state | Washington | South Dakota |
| Best paying company | Tata Group | Barclays |
| Best paying industry | Finance | Finance |
There are a few differences between a loan closer and a loan analyst in terms of educational background:
| Loan Closer | Loan Analyst | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan closers' and loan analysts' demographics:
| Loan Closer | Loan Analyst | |
| Average age | 42 | 45 |
| Gender ratio | Male, 22.6% Female, 77.4% | Male, 43.2% Female, 56.8% |
| 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, 9.2% Unknown, 4.6% Hispanic or Latino, 15.9% Asian, 6.4% White, 63.4% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 7% | 8% |