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The differences between loan officers assistant and loan closers can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a loan officer assistant, becoming a loan closer takes usually requires 2-4 years. Additionally, a loan officer assistant has an average salary of $45,681, which is higher than the $39,093 average annual salary of a loan closer.
The top three skills for a loan officer assistant include customer service, origination and loan process. The most important skills for a loan closer are customer service, excellent organizational, and TRID.
| Loan Officer Assistant | Loan Closer | |
| Yearly salary | $45,681 | $39,093 |
| Hourly rate | $21.96 | $18.79 |
| Growth rate | 4% | -3% |
| Number of jobs | 65,094 | 11,431 |
| Job satisfaction | 4 | - |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 51% |
| Average age | 45 | 42 |
| Years of experience | 6 | 4 |
Loan Officer Assistants assist loan officers in processing the loan applications of clients. Loan officer assistants primarily work on the administrative tasks in the departments. They are in charge of managing documents, updating databases, and sorting files. Loan officer assistants may be assigned to review applications of clients. They should check whether both the application form and the supplementary documents are complete. They may also assess whether the clients meet the requirements for the loan. Upon checking, they manage the documents and package them for submission to the lender. Loan officer assistance may also be assigned to coordinate with lenders and update in-house policies according to the lenders' policies.
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.
Loan officers assistant and loan closers have different pay scales, as shown below.
| Loan Officer Assistant | Loan Closer | |
| Average salary | $45,681 | $39,093 |
| Salary range | Between $28,000 And $72,000 | Between $30,000 And $50,000 |
| Highest paying City | New York, NY | Bellevue, WA |
| Highest paying state | New York | Washington |
| Best paying company | Stifel Financial | Tata Group |
| Best paying industry | Finance | Finance |
There are a few differences between a loan officer assistant and a loan closer in terms of educational background:
| Loan Officer Assistant | Loan Closer | |
| Most common degree | Bachelor's Degree, 53% | Bachelor's Degree, 51% |
| Most common major | Business | Business |
| Most common college | SUNY at Binghamton | University of Pennsylvania |
Here are the differences between loan officers assistant' and loan closers' demographics:
| Loan Officer Assistant | Loan Closer | |
| Average age | 45 | 42 |
| Gender ratio | Male, 28.8% Female, 71.2% | Male, 22.6% Female, 77.4% |
| Race ratio | Black or African American, 9.1% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.8% American Indian and Alaska Native, 0.5% | 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% |
| LGBT Percentage | 8% | 7% |