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The differences between loan closers and processors 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 processor takes usually requires 6-12 months. Additionally, a loan closer has an average salary of $39,093, which is higher than the $32,098 average annual salary of a processor.
The top three skills for a loan closer include customer service, excellent organizational and TRID. The most important skills for a processor are data entry, customer service, and patients.
| Loan Closer | Processor | |
| Yearly salary | $39,093 | $32,098 |
| Hourly rate | $18.79 | $15.43 |
| Growth rate | -3% | -3% |
| Number of jobs | 11,431 | 11,448 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 35% |
| Average age | 42 | 50 |
| Years of experience | 4 | 12 |
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.
Processors are employees who deal with clients and ensure that the clients' requests are provided. Processors usually handle loans or any other related claims. They are in charge of managing the submission of the clients' rights. They communicate the requirements to clients, schedule appointments, receive requirements submitted by clients, validate the requirements, and endorse further processing and approval requirements. Processors act as the bridge between clients and other institutions. They also communicate the request's status to clients and assist should it be needed after approval.
Loan closers and processors have different pay scales, as shown below.
| Loan Closer | Processor | |
| Average salary | $39,093 | $32,098 |
| Salary range | Between $30,000 And $50,000 | Between $24,000 And $41,000 |
| Highest paying City | Bellevue, WA | Randolph, MA |
| Highest paying state | Washington | California |
| Best paying company | Tata Group | Argonne National Laboratory |
| Best paying industry | Finance | Finance |
There are a few differences between a loan closer and a processor in terms of educational background:
| Loan Closer | Processor | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 35% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | - |
Here are the differences between loan closers' and processors' demographics:
| Loan Closer | Processor | |
| Average age | 42 | 50 |
| Gender ratio | Male, 22.6% Female, 77.4% | Male, 34.0% Female, 66.0% |
| 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, 6.7% Unknown, 4.5% Hispanic or Latino, 10.7% Asian, 4.7% White, 72.3% American Indian and Alaska Native, 1.1% |
| LGBT Percentage | 7% | 7% |