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The differences between loan processors and loan closers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both a loan processor and a loan closer. Additionally, a loan closer has an average salary of $39,093, which is higher than the $38,122 average annual salary of a loan processor.
The top three skills for a loan processor include loan applications, customer service and property appraisals. The most important skills for a loan closer are customer service, excellent organizational, and TRID.
| Loan Processor | Loan Closer | |
| Yearly salary | $38,122 | $39,093 |
| Hourly rate | $18.33 | $18.79 |
| Growth rate | -3% | -3% |
| Number of jobs | 16,228 | 11,431 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 46% | Bachelor's Degree, 51% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
A loan processor is responsible for assisting customers with their loan requests, ensuring their eligibility, and choosing the best loan options for their needs. Loan processors carefully review loan application documents and prepare loan proposals for underwriting, analyzing the applicant's financial status and credit scores, processing repayment plans, and adhering to banking and financial regulations. A loan processor must have excellent knowledge of the banking industry and processes to provide the best loan services for the customers efficiently and accurately.
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 processors and loan closers have different pay scales, as shown below.
| Loan Processor | Loan Closer | |
| Average salary | $38,122 | $39,093 |
| Salary range | Between $28,000 And $50,000 | Between $30,000 And $50,000 |
| Highest paying City | San Francisco, CA | Bellevue, WA |
| Highest paying state | West Virginia | Washington |
| Best paying company | Stanford University | Tata Group |
| Best paying industry | Finance | Finance |
There are a few differences between a loan processor and a loan closer in terms of educational background:
| Loan Processor | Loan Closer | |
| Most common degree | Bachelor's Degree, 46% | Bachelor's Degree, 51% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan processors' and loan closers' demographics:
| Loan Processor | Loan Closer | |
| Average age | 42 | 42 |
| Gender ratio | Male, 20.6% Female, 79.4% | Male, 22.6% Female, 77.4% |
| Race ratio | Black or African American, 12.5% Unknown, 4.3% Hispanic or Latino, 17.1% Asian, 7.4% White, 58.3% American Indian and Alaska Native, 0.4% | 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 | 7% | 7% |