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The differences between loan closers and mortgage loan specialists 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 mortgage loan specialist. Additionally, a mortgage loan specialist has an average salary of $41,186, 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 mortgage loan specialist are customer service, FHA, and escrow accounts.
| Loan Closer | Mortgage Loan Specialist | |
| Yearly salary | $39,093 | $41,186 |
| Hourly rate | $18.79 | $19.80 |
| Growth rate | -3% | -3% |
| Number of jobs | 11,431 | 33,704 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 56% |
| 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.
Also called a loan officer, a mortgage loan specialist assists clients in finding the appropriate financial aid for homes and other properties. Mortgage loan specialists look for new applicants, secure the right loans, assist with the documentation, and supervise the financing process. They collect and review the financial information of their clients for loan grant eligibility. It is important that they develop skills in financial processes, customer service, time management, and communication.
Loan closers and mortgage loan specialists have different pay scales, as shown below.
| Loan Closer | Mortgage Loan Specialist | |
| Average salary | $39,093 | $41,186 |
| Salary range | Between $30,000 And $50,000 | Between $27,000 And $62,000 |
| Highest paying City | Bellevue, WA | Uniondale, NY |
| Highest paying state | Washington | West Virginia |
| Best paying company | Tata Group | The PNC Financial Services Group |
| Best paying industry | Finance | Finance |
There are a few differences between a loan closer and a mortgage loan specialist in terms of educational background:
| Loan Closer | Mortgage Loan Specialist | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 56% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan closers' and mortgage loan specialists' demographics:
| Loan Closer | Mortgage Loan Specialist | |
| Average age | 42 | 42 |
| Gender ratio | Male, 22.6% Female, 77.4% | Male, 33.9% Female, 66.1% |
| 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, 13.3% Unknown, 4.4% Hispanic or Latino, 14.4% Asian, 7.7% White, 59.7% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |