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The differences between loan closers and loan officers 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 officer takes usually requires 4-6 years. Additionally, a loan officer has an average salary of $45,817, 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 officer are customer service, origination, and loan origination.
| Loan Closer | Loan Officer | |
| Yearly salary | $39,093 | $45,817 |
| Hourly rate | $18.79 | $22.03 |
| Growth rate | -3% | 4% |
| Number of jobs | 11,431 | 63,663 |
| Job satisfaction | - | 4.5 |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 61% |
| 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.
Loan officers are responsible for assisting borrowers on the best type of loans to avail and guiding the clients throughout the application process. A loan officer must be highly knowledgeable about different lending products, payment plans, loan regulations, and essential files for fast loan approval. Loan officers also act as the first point of contact, conducting an initial screening of the customers, process loan contracts and appropriate documentation, update account records, and respond to customer's inquiries. A loan officer also has the right to reject loan applicants who do not meet loan qualifications.
Loan closers and loan officers have different pay scales, as shown below.
| Loan Closer | Loan Officer | |
| Average salary | $39,093 | $45,817 |
| Salary range | Between $30,000 And $50,000 | Between $30,000 And $69,000 |
| Highest paying City | Bellevue, WA | New York, NY |
| Highest paying state | Washington | New York |
| Best paying company | Tata Group | Bangor Savings Bank |
| Best paying industry | Finance | Finance |
There are a few differences between a loan closer and a loan officer in terms of educational background:
| Loan Closer | Loan Officer | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 61% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan closers' and loan officers' demographics:
| Loan Closer | Loan Officer | |
| Average age | 42 | 45 |
| Gender ratio | Male, 22.6% Female, 77.4% | Male, 55.3% Female, 44.7% |
| 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, 9.0% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.9% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 7% | 8% |