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The differences between mortgage analysts and closers can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 1-2 years to become a mortgage analyst, becoming a closer takes usually requires 4-6 years. Additionally, a mortgage analyst has an average salary of $32,763, which is higher than the $29,291 average annual salary of a closer.
The top three skills for a mortgage analyst include origination, financial statements and excellent organizational. The most important skills for a closer are customer service, cleanliness, and punctuality.
| Mortgage Analyst | Closer | |
| Yearly salary | $32,763 | $29,291 |
| Hourly rate | $15.75 | $14.08 |
| Growth rate | 4% | 4% |
| Number of jobs | 22,208 | 7,560 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 35% |
| Average age | 39 | 45 |
| Years of experience | 2 | 6 |
Mortgage analysts are financial professionals who are responsible for executing mortgage or loan applications by assessing financial risks and rewards. These analysts are required to analyze the financial and supporting documents on incoming applications to determine whether they are consistent with the internal and insurer policies. They must determine their borrowers' creditworthiness by evaluating property values based on appraised market prices. Mortgage analysts should also collaborate with credit bureaus and reporting agencies to investigate the credit ratings of loan applicants.
The duties of a closer depend on one's line of work or industry of employment. Typically, their responsibilities revolve around liaising with clients to ensure that they understand and adhere to all terms of the agreement, completing all requirements and necessary documents, and maintaining records of all transactions. A closer must also monitor the regular payments of clients to ensure their compliance with the agreement, answer any inquiries, perform follow-up calls, and address any issues or concerns, resolving them promptly and efficiently.
Mortgage analysts and closers have different pay scales, as shown below.
| Mortgage Analyst | Closer | |
| Average salary | $32,763 | $29,291 |
| Salary range | Between $13,000 And $77,000 | Between $20,000 And $40,000 |
| Highest paying City | New York, NY | Greece, NY |
| Highest paying state | New York | Hawaii |
| Best paying company | Citi | GPAC |
| Best paying industry | - | - |
There are a few differences between a mortgage analyst and a closer in terms of educational background:
| Mortgage Analyst | Closer | |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 35% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage analysts' and closers' demographics:
| Mortgage Analyst | Closer | |
| Average age | 39 | 45 |
| Gender ratio | Male, 54.1% Female, 45.9% | Male, 45.0% Female, 55.0% |
| Race ratio | Black or African American, 8.2% Unknown, 2.7% Hispanic or Latino, 9.8% Asian, 9.6% White, 69.3% American Indian and Alaska Native, 0.3% | Black or African American, 9.4% Unknown, 4.6% Hispanic or Latino, 16.3% Asian, 6.1% White, 63.1% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 11% | 8% |