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The differences between loan officers 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 officer and a closer. Additionally, a loan officer has an average salary of $45,817, which is higher than the $29,291 average annual salary of a closer.
The top three skills for a loan officer include customer service, origination and loan origination. The most important skills for a closer are customer service, cleanliness, and punctuality.
| Loan Officer | Closer | |
| Yearly salary | $45,817 | $29,291 |
| Hourly rate | $22.03 | $14.08 |
| Growth rate | 4% | 4% |
| Number of jobs | 63,663 | 7,560 |
| Job satisfaction | 4.5 | - |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 35% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
Loan officers are responsible for assisting borrowers on the best type of loans to avail and guiding the clients throughout the application process. A loan officer must be highly knowledgeable about different lending products, payment plans, loan regulations, and essential files for fast loan approval. Loan officers also act as the first point of contact, conducting an initial screening of the customers, process loan contracts and appropriate documentation, update account records, and respond to customer's inquiries. A loan officer also has the right to reject loan applicants who do not meet loan qualifications.
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 officers and closers have different pay scales, as shown below.
| Loan Officer | Closer | |
| Average salary | $45,817 | $29,291 |
| Salary range | Between $30,000 And $69,000 | Between $20,000 And $40,000 |
| Highest paying City | New York, NY | Greece, NY |
| Highest paying state | New York | Hawaii |
| Best paying company | Bangor Savings Bank | GPAC |
| Best paying industry | Finance | - |
There are a few differences between a loan officer and a closer in terms of educational background:
| Loan Officer | Closer | |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 35% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan officers' and closers' demographics:
| Loan Officer | Closer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 55.3% Female, 44.7% | Male, 45.0% Female, 55.0% |
| Race ratio | Black or African American, 9.0% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.9% 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% |