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The differences between mortgage loan processors 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 mortgage loan processor and a loan closer. Additionally, a mortgage loan processor has an average salary of $43,594, which is higher than the $39,093 average annual salary of a loan closer.
The top three skills for a mortgage loan processor include customer service, FHA and va. The most important skills for a loan closer are customer service, excellent organizational, and TRID.
| Mortgage Loan Processor | Loan Closer | |
| Yearly salary | $43,594 | $39,093 |
| Hourly rate | $20.96 | $18.79 |
| Growth rate | -3% | -3% |
| Number of jobs | 16,276 | 11,431 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 51% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
A mortgage loan processor is a person who is responsible for the preparation of mortgage applications and any other paperwork. Mortgage loan processors interview the loan applicants, assist them in selecting the right mortgage, and approve or reject their applications. They are expected to have excellent communication, extraordinary interpersonal abilities, and strong attention to detail. Their job involves working with the loan officer and the underwriter. Also, they must be equipped with management skills and aptitude in math.
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.
Mortgage loan processors and loan closers have different pay scales, as shown below.
| Mortgage Loan Processor | Loan Closer | |
| Average salary | $43,594 | $39,093 |
| Salary range | Between $33,000 And $57,000 | Between $30,000 And $50,000 |
| Highest paying City | San Francisco, CA | Bellevue, WA |
| Highest paying state | Massachusetts | Washington |
| Best paying company | Amplify Credit Union | Tata Group |
| Best paying industry | Professional | Finance |
There are a few differences between a mortgage loan processor and a loan closer in terms of educational background:
| Mortgage Loan Processor | Loan Closer | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 51% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage loan processors' and loan closers' demographics:
| Mortgage Loan Processor | Loan Closer | |
| Average age | 42 | 42 |
| Gender ratio | Male, 21.7% Female, 78.3% | Male, 22.6% Female, 77.4% |
| Race ratio | Black or African American, 13.3% Unknown, 4.3% Hispanic or Latino, 14.2% Asian, 6.8% White, 61.1% 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% |