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The differences between loan closers and mortgage underwriters 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 mortgage underwriter takes usually requires 4-6 years. Additionally, a mortgage underwriter has an average salary of $55,721, 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 underwriter are customer service, work ethic, and FHA.
| Loan Closer | Mortgage Underwriter | |
| Yearly salary | $39,093 | $55,721 |
| Hourly rate | $18.79 | $26.79 |
| Growth rate | -3% | 4% |
| Number of jobs | 11,431 | 9,260 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 65% |
| 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 mortgage underwriter is responsible for reviewing mortgage loan applications and deciding on its approval or rejection by evaluating the submitted documents and the applicant's eligibility. Mortgage underwriters create assessment reports, research on the applicant's credit score, analyze potential loan risk, and request for additional documentation as needed. A mortgage underwriter must have extensive knowledge of the loan disciplines and processes, including its legislative procedures and regulations, to provide accurate decisions or discuss necessary findings to the loan officer for advice.
Loan closers and mortgage underwriters have different pay scales, as shown below.
| Loan Closer | Mortgage Underwriter | |
| Average salary | $39,093 | $55,721 |
| Salary range | Between $30,000 And $50,000 | Between $38,000 And $80,000 |
| Highest paying City | Bellevue, WA | New York, NY |
| Highest paying state | Washington | New Mexico |
| Best paying company | Tata Group | CTBC Bank |
| Best paying industry | Finance | Professional |
There are a few differences between a loan closer and a mortgage underwriter in terms of educational background:
| Loan Closer | Mortgage Underwriter | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 65% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan closers' and mortgage underwriters' demographics:
| Loan Closer | Mortgage Underwriter | |
| Average age | 42 | 45 |
| 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, 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% |