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The differences between loan closers and mortgage 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 specialist. Additionally, a loan closer has an average salary of $39,093, which is higher than the $38,757 average annual salary of a mortgage specialist.
The top three skills for a loan closer include customer service, excellent organizational and TRID. The most important skills for a mortgage specialist are customer service, residential mortgage loans, and origination.
| Loan Closer | Mortgage Specialist | |
| Yearly salary | $39,093 | $38,757 |
| Hourly rate | $18.79 | $18.63 |
| Growth rate | -3% | -3% |
| Number of jobs | 11,431 | 26,471 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 55% |
| 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.
Mortgage specialists are professionals who work with lending institutions to identify the best lending product for their clients in exchange for taking the title of the debtors' properties. These specialists must process mortgage loan applications by reviewing their paperwork to ensure accuracy and completeness before submitting for approval. They should monitor accounts during the bankruptcy proceedings to ensure that the rights of their clients are protected. Mortgage specialists are also required to guide associates regarding procedural guidelines from FNMA, FHLMC, and MHA.
Loan closers and mortgage specialists have different pay scales, as shown below.
| Loan Closer | Mortgage Specialist | |
| Average salary | $39,093 | $38,757 |
| Salary range | Between $30,000 And $50,000 | Between $29,000 And $51,000 |
| Highest paying City | Bellevue, WA | Oakland, CA |
| Highest paying state | Washington | Washington |
| Best paying company | Tata Group | Citi |
| Best paying industry | Finance | Finance |
There are a few differences between a loan closer and a mortgage specialist in terms of educational background:
| Loan Closer | Mortgage Specialist | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 55% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan closers' and mortgage specialists' demographics:
| Loan Closer | Mortgage Specialist | |
| Average age | 42 | 42 |
| Gender ratio | Male, 22.6% Female, 77.4% | Male, 39.3% Female, 60.7% |
| 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, 13.3% Unknown, 4.4% Hispanic or Latino, 14.2% Asian, 7.5% White, 60.2% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |