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The differences between loan managers and closers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a loan manager and a closer. Additionally, a loan manager has an average salary of $39,623, which is higher than the $29,291 average annual salary of a closer.
The top three skills for a loan manager include loan applications, customer service and real estate. The most important skills for a closer are customer service, cleanliness, and punctuality.
| Loan Manager | Closer | |
| Yearly salary | $39,623 | $29,291 |
| Hourly rate | $19.05 | $14.08 |
| Growth rate | 4% | 4% |
| Number of jobs | 11,965 | 7,560 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 35% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A loan manager is a person who supervises and oversees the financial system and the cash flow of a company. They are responsible for the assessment, examination, approval, and even rejection of loan application based on the financial capacity and capability of a loan applicant. A loan manager determines and classifies the possible financial risk and problems that could be encountered. Also, they are the one who controls lending activities for all loan programs, manages all collections, as well as ensuring that the policies of the company are implemented.
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 managers and closers have different pay scales, as shown below.
| Loan Manager | Closer | |
| Average salary | $39,623 | $29,291 |
| Salary range | Between $27,000 And $58,000 | Between $20,000 And $40,000 |
| Highest paying City | Jersey City, NJ | Greece, NY |
| Highest paying state | New Jersey | Hawaii |
| Best paying company | Pacific Investment Management Company LLC | GPAC |
| Best paying industry | Finance | - |
There are a few differences between a loan manager and a closer in terms of educational background:
| Loan Manager | Closer | |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 35% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan managers' and closers' demographics:
| Loan Manager | Closer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 46.5% Female, 53.5% | Male, 45.0% Female, 55.0% |
| Race ratio | Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 15.9% Asian, 6.4% White, 63.5% American Indian and Alaska Native, 0.5% | 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 | 8% | 8% |