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Loan officer vs closer

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 vs closer overview

Loan OfficerCloser
Yearly salary$45,817$29,291
Hourly rate$22.03$14.08
Growth rate4%4%
Number of jobs63,6637,560
Job satisfaction4.5-
Most common degreeBachelor's Degree, 61%Bachelor's Degree, 35%
Average age4545
Years of experience66

What does a loan officer do?

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.

What does a closer do?

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 officer vs closer salary

Loan officers and closers have different pay scales, as shown below.

Loan OfficerCloser
Average salary$45,817$29,291
Salary rangeBetween $30,000 And $69,000Between $20,000 And $40,000
Highest paying CityNew York, NYGreece, NY
Highest paying stateNew YorkHawaii
Best paying companyBangor Savings BankGPAC
Best paying industryFinance-

Differences between loan officer and closer education

There are a few differences between a loan officer and a closer in terms of educational background:

Loan OfficerCloser
Most common degreeBachelor's Degree, 61%Bachelor's Degree, 35%
Most common majorBusinessBusiness
Most common collegeUniversity of PennsylvaniaUniversity of Pennsylvania

Loan officer vs closer demographics

Here are the differences between loan officers' and closers' demographics:

Loan OfficerCloser
Average age4545
Gender ratioMale, 55.3% Female, 44.7%Male, 45.0% Female, 55.0%
Race ratioBlack 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 Percentage8%8%

Differences between loan officer and closer duties and responsibilities

Loan officer example responsibilities.

  • Manage a multifacete commercial real estate investment firm.
  • Supervise and manage the processing staff and also underwrite conventional loans for correspondent lenders.
  • Follow up leads for refinance loans gather all applications and necessary paperwork to qualify applicants from origination to close of escrow.
  • Analyze available resources to determine suitable mortgage products (FHA, FNMA/FHLC) to meet clients' purchasing or refinancing goals.
  • Originate and process various loan products including government, conventional, portfolio, construction, USDA mortgages, home equity line/loans.
  • Originate FHA, VA, conventional, jumbo, and USDA loans, according to specific lender guidelines in broker environment.
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Closer example responsibilities.

  • Time management and organization skills to effectively prioritize multiple objectives and achieve volume goals.
  • Process conventional, FHA, VA and USDA loans, clearing conditions before submission.
  • Clear property conditions for insurance and title on all FHA, VA and USDA loans.
  • Submit information to mortgage insurance carriers, FHA, VA, FHLMC, and FNMA for workout alternatives to foreclosure.
  • Coordinate with foreclosure and eviction and litigation teams to ensure properties are in transferable condition prior to closing.
  • Prepare high volume of loan closing packages under a variety of loan programs including conventional, FHA and VA.
  • Show more

Loan officer vs closer skills

Common loan officer skills
  • Customer Service, 17%
  • Origination, 13%
  • Loan Origination, 5%
  • FHA, 5%
  • NMLS, 5%
  • Loan Products, 4%
Common closer skills
  • Customer Service, 42%
  • Cleanliness, 31%
  • Punctuality, 8%
  • Dependability, 4%
  • Food Orders, 4%
  • Work Ethic, 1%

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