Loan secretary vs loan closer

The differences between loan secretaries 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 secretary and a loan closer. Additionally, a loan closer has an average salary of $39,093, which is higher than the $35,271 average annual salary of a loan secretary.

The top three skills for a loan secretary include customer service, real estate loans and financial statements. The most important skills for a loan closer are customer service, excellent organizational, and TRID.

Loan secretary vs loan closer overview

	Loan Secretary	Loan Closer
Yearly salary	$35,271	$39,093
Hourly rate	$16.96	$18.79
Growth rate	-3%	-3%
Number of jobs	15,452	11,431
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 37%	Bachelor's Degree, 51%
Average age	42	42
Years of experience	4	4

Loan secretary vs loan closer salary

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

	Loan Secretary	Loan Closer
Average salary	$35,271	$39,093
Salary range	Between $26,000 And $46,000	Between $30,000 And $50,000
Highest paying City	-	Bellevue, WA
Highest paying state	-	Washington
Best paying company	-	Tata Group
Best paying industry	-	Finance

Differences between loan secretary and loan closer education

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

	Loan Secretary	Loan Closer
Most common degree	Bachelor's Degree, 37%	Bachelor's Degree, 51%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Loan secretary vs loan closer demographics

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

	Loan Secretary	Loan Closer
Average age	42	42
Gender ratio	Male, 3.6% Female, 96.4%	Male, 22.6% Female, 77.4%
Race ratio	Black or African American, 12.7% Unknown, 4.9% Hispanic or Latino, 13.8% Asian, 6.3% White, 61.8% American Indian and Alaska Native, 0.6%	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%

Differences between loan secretary and loan closer duties and responsibilities

Loan secretary example responsibilities.

Prepare and file UCC's and title applications.
Process auto title work, life insurance, UCC filing and recording.
Review loan files, facilitate and verify loss mitigation application request, determine eligibility for clients requesting foreclosure financial assistance.
Determine loan DU eligibility and submit files to underwriting department.

Loan closer example responsibilities.

Time management and organization skills to effectively prioritize multiple objectives and achieve volume goals.
Update files by obtaining annual and interim financial statements, renew insurance policies and UCC amendments, continuations and terminations.
Maintain a working knowledge of government underwriting policies pertaining to multiple programs such as VA, USDA, and FHA financing.
Gain knowledge of requirements establish by the FHA/VA, FNMA, FHLMC and private investors.
Prepare the delivery of mortgage loan documents to facilitate the processing of mortgage loan closings including TRID.
Prepare loan documents for retail mortgages (conventional, VA, FHA), all states in a paperless environment.

Loan secretary vs loan closer skills

Common loan secretary skills

Customer Service, 28%
Real Estate Loans, 8%
Financial Statements, 8%
Commercial Loans, 6%
Credit Reports, 6%
Computer System, 4%

Common loan closer skills

Customer Service, 24%
Excellent Organizational, 5%
TRID, 4%
FHA, 4%
Va, 4%
RESPA, 4%