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The differences between loan 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 specialist and a loan closer. Additionally, a loan specialist has an average salary of $43,081, which is higher than the $39,093 average annual salary of a loan closer.
The top three skills for a loan specialist include loan applications, customer service and financial statements. The most important skills for a loan closer are customer service, excellent organizational, and TRID.
| Loan Specialist | Loan Closer | |
| Yearly salary | $43,081 | $39,093 |
| Hourly rate | $20.71 | $18.79 |
| Growth rate | -3% | -3% |
| Number of jobs | 29,041 | 11,431 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 51% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
A loan specialist is in charge of processing loans to make transactions easier for the clients. They usually work in banks, lending firms, and other financial institutions. One of their primary responsibilities is to guide clients to understand what program works best for them, assist in filling out forms, gathering requirements, and verifying authenticity. There are also instances where a loan specialist must discern whether a client can uphold financial obligations using the information collected. Furthermore, it is also their responsibility to produce and submit reports to creditors or lenders.
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 specialists and loan closers have different pay scales, as shown below.
| Loan Specialist | Loan Closer | |
| Average salary | $43,081 | $39,093 |
| Salary range | Between $26,000 And $68,000 | Between $30,000 And $50,000 |
| Highest paying City | Mount Laurel, NJ | Bellevue, WA |
| Highest paying state | Maryland | Washington |
| Best paying company | FNB | Tata Group |
| Best paying industry | Finance | Finance |
There are a few differences between a loan specialist and a loan closer in terms of educational background:
| Loan Specialist | Loan Closer | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 51% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan specialists' and loan closers' demographics:
| Loan Specialist | Loan Closer | |
| Average age | 42 | 42 |
| Gender ratio | Male, 30.9% Female, 69.1% | Male, 22.6% Female, 77.4% |
| Race ratio | Black or African American, 12.7% Unknown, 4.3% Hispanic or Latino, 16.7% Asian, 7.3% White, 58.6% 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% |