Mortgage broker vs closer

The differences between mortgage brokers and closers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a mortgage broker and a closer. Additionally, a mortgage broker has an average salary of $124,376, which is higher than the $29,291 average annual salary of a closer.

The top three skills for a mortgage broker include loan applications, FHA and va. The most important skills for a closer are customer service, cleanliness, and punctuality.

Mortgage broker vs closer overview

	Mortgage Broker	Closer
Yearly salary	$124,376	$29,291
Hourly rate	$59.80	$14.08
Growth rate	4%	4%
Number of jobs	12,782	7,560
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 64%	Bachelor's Degree, 35%
Average age	45	45
Years of experience	6	6

Mortgage broker vs closer salary

Mortgage brokers and closers have different pay scales, as shown below.

	Mortgage Broker	Closer
Average salary	$124,376	$29,291
Salary range	Between $89,000 And $172,000	Between $20,000 And $40,000
Highest paying City	-	Greece, NY
Highest paying state	-	Hawaii
Best paying company	-	GPAC
Best paying industry	-	-

Differences between mortgage broker and closer education

There are a few differences between a mortgage broker and a closer in terms of educational background:

	Mortgage Broker	Closer
Most common degree	Bachelor's Degree, 64%	Bachelor's Degree, 35%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Mortgage broker vs closer demographics

Here are the differences between mortgage brokers' and closers' demographics:

	Mortgage Broker	Closer
Average age	45	45
Gender ratio	Male, 67.5% Female, 32.5%	Male, 45.0% Female, 55.0%
Race ratio	Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 16.1% Asian, 6.4% White, 63.0% American Indian and Alaska Native, 0.5%	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	8%	8%

Differences between mortgage broker and closer duties and responsibilities

Mortgage broker example responsibilities.

Educate clients on mortgage contractual guidelines and process FHA, VA, and conventional loans reviewing files for submission to underwriting.
Foster deeper client relationships with commercial and residential lenders driving referrals by delivering excellent customer service.
Originate residential conventional, VA, home equity, commercial and construction loans.
Establish a network of contacts with community banks, appraisers, lenders, and other brokers.
Originate, process, and submit all types of commercial and SBA loans to the applicable lender.
Develop business plan, raise investment capital, create business processes, and obtain licensing, VA certification, HUD approval.

Closer example responsibilities.

Time management and organization skills to effectively prioritize multiple objectives and achieve volume goals.
Process conventional, FHA, VA and USDA loans, clearing conditions before submission.
Clear property conditions for insurance and title on all FHA, VA and USDA loans.
Submit information to mortgage insurance carriers, FHA, VA, FHLMC, and FNMA for workout alternatives to foreclosure.
Coordinate with foreclosure and eviction and litigation teams to ensure properties are in transferable condition prior to closing.
Prepare high volume of loan closing packages under a variety of loan programs including conventional, FHA and VA.

Mortgage broker vs closer skills

Common mortgage broker skills

Loan Applications, 14%
FHA, 8%
Va, 8%
Loan Programs, 5%
Credit Reports, 5%
Loan Process, 5%

Common closer skills

Customer Service, 42%
Cleanliness, 31%
Punctuality, 8%
Dependability, 4%
Food Orders, 4%
Work Ethic, 1%