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The differences between loan doc specialists and closers 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 doc specialist, becoming a closer takes usually requires 4-6 years. Additionally, a loan doc specialist has an average salary of $38,480, which is higher than the $29,291 average annual salary of a closer.
The top three skills for a loan doc specialist include customer service, organization and origination. The most important skills for a closer are customer service, cleanliness, and punctuality.
| Loan DOC Specialist | Closer | |
| Yearly salary | $38,480 | $29,291 |
| Hourly rate | $18.50 | $14.08 |
| Growth rate | -3% | 4% |
| Number of jobs | 31,243 | 7,560 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 47% | Bachelor's Degree, 35% |
| Average age | 42 | 45 |
| Years of experience | 4 | 6 |
A loan document specialist is a person who gathers loan documents from the client to help them with the approval of their mortgage, credit, and lease application for a business, home, and school needs. They are responsible for combining the data that is needed and then reviewing and compiling it according to loan requirements and guidelines. A loan document specialist also communicates with the client if there are any problems and additional documents that are needed. Furthermore, the specialist is a person who knows how to manage loans and has organizational and management skills.
The duties of a closer depend on one's line of work or industry of employment. Typically, their responsibilities revolve around liaising with clients to ensure that they understand and adhere to all terms of the agreement, completing all requirements and necessary documents, and maintaining records of all transactions. A closer must also monitor the regular payments of clients to ensure their compliance with the agreement, answer any inquiries, perform follow-up calls, and address any issues or concerns, resolving them promptly and efficiently.
Loan doc specialists and closers have different pay scales, as shown below.
| Loan DOC Specialist | Closer | |
| Average salary | $38,480 | $29,291 |
| Salary range | Between $25,000 And $58,000 | Between $20,000 And $40,000 |
| Highest paying City | Jersey City, NJ | Greece, NY |
| Highest paying state | West Virginia | Hawaii |
| Best paying company | Valley Children's | GPAC |
| Best paying industry | Finance | - |
There are a few differences between a loan doc specialist and a closer in terms of educational background:
| Loan DOC Specialist | Closer | |
| Most common degree | Bachelor's Degree, 47% | Bachelor's Degree, 35% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan doc specialists' and closers' demographics:
| Loan DOC Specialist | Closer | |
| Average age | 42 | 45 |
| Gender ratio | Male, 29.0% Female, 71.0% | Male, 45.0% Female, 55.0% |
| Race ratio | Black or African American, 11.2% Unknown, 4.5% Hispanic or Latino, 14.5% Asian, 8.6% White, 60.8% American Indian and Alaska Native, 0.4% | Black or African American, 9.4% Unknown, 4.6% Hispanic or Latino, 16.3% Asian, 6.1% White, 63.1% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 7% | 8% |