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The differences between loan servicing specialists 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 servicing specialist and a loan closer. Additionally, a loan servicing specialist has an average salary of $65,799, which is higher than the $39,093 average annual salary of a loan closer.
The top three skills for a loan servicing specialist include loan modifications, customer service and foreclosure process. The most important skills for a loan closer are customer service, excellent organizational, and TRID.
| Loan Servicing Specialist | Loan Closer | |
| Yearly salary | $65,799 | $39,093 |
| Hourly rate | $31.63 | $18.79 |
| Growth rate | -3% | -3% |
| Number of jobs | 31,753 | 11,431 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 51% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
A loan servicing specialist is an individual who reviews, authorizes, and recommends commercial and personal loans for approval. It is the loan officer who meets with their applicants to identify their creditworthiness. Typically, they work at credit unions, commercial banks, mortgage companies, and financial institutions. They ensure operational risk controls, regulatory policies and standards, and compliance. Among the skills necessary for the job include customer service and relations, leadership, analytical skills, and communication skills.
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 servicing specialists and loan closers have different pay scales, as shown below.
| Loan Servicing Specialist | Loan Closer | |
| Average salary | $65,799 | $39,093 |
| Salary range | Between $28,000 And $153,000 | Between $30,000 And $50,000 |
| Highest paying City | Charleston, SC | Bellevue, WA |
| Highest paying state | Maryland | Washington |
| Best paying company | Glacier Ban | Tata Group |
| Best paying industry | Finance | Finance |
There are a few differences between a loan servicing specialist and a loan closer in terms of educational background:
| Loan Servicing Specialist | Loan Closer | |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 51% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan servicing specialists' and loan closers' demographics:
| Loan Servicing Specialist | Loan Closer | |
| Average age | 42 | 42 |
| Gender ratio | Male, 32.2% Female, 67.8% | Male, 22.6% Female, 77.4% |
| Race ratio | Black or African American, 11.8% Unknown, 4.4% Hispanic or Latino, 14.4% Asian, 8.2% White, 60.7% 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% |