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The differences between loan reviewers 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 reviewer, becoming a loan closer takes usually requires 2-4 years. Additionally, a loan closer has an average salary of $39,093, which is higher than the $31,175 average annual salary of a loan reviewer.
The top three skills for a loan reviewer include loan review, real estate and data entry. The most important skills for a loan closer are customer service, excellent organizational, and TRID.
| Loan Reviewer | Loan Closer | |
| Yearly salary | $31,175 | $39,093 |
| Hourly rate | $14.99 | $18.79 |
| Growth rate | 4% | -3% |
| Number of jobs | 14,737 | 11,431 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 51% |
| Average age | 45 | 42 |
| Years of experience | 6 | 4 |
A loan reviewer is a person who evaluates and reviews the loan application of clients based on their loan capacity and capability to pay. They are responsible for assessing needed documents and ensures compliance with the regulation and policies of a bank or credit cooperative. A loan reviewer also verifies if the loan procedure is properly implemented. They have other responsibilities such as identifying loan problems, reviewing other banking processes, and reporting fraudulent claims. A representative also records and keeps the data needed for further analysis.
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 reviewers and loan closers have different pay scales, as shown below.
| Loan Reviewer | Loan Closer | |
| Average salary | $31,175 | $39,093 |
| Salary range | Between $24,000 And $39,000 | Between $30,000 And $50,000 |
| Highest paying City | Olympia, WA | Bellevue, WA |
| Highest paying state | Washington | Washington |
| Best paying company | Citizens Alliance | Tata Group |
| Best paying industry | Finance | Finance |
There are a few differences between a loan reviewer and a loan closer in terms of educational background:
| Loan Reviewer | Loan Closer | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 51% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan reviewers' and loan closers' demographics:
| Loan Reviewer | Loan Closer | |
| Average age | 45 | 42 |
| Gender ratio | Male, 29.9% Female, 70.1% | Male, 22.6% Female, 77.4% |
| Race ratio | Black or African American, 9.1% Unknown, 4.6% Hispanic or Latino, 15.8% Asian, 6.4% White, 63.6% 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% |