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The differences between mortgage 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 processor and a loan closer. Additionally, a mortgage processor has an average salary of $40,527, which is higher than the $39,093 average annual salary of a loan closer.
The top three skills for a mortgage processor include customer service, FHA and va. The most important skills for a loan closer are customer service, excellent organizational, and TRID.
| Mortgage Processor | Loan Closer | |
| Yearly salary | $40,527 | $39,093 |
| Hourly rate | $19.48 | $18.79 |
| Growth rate | -3% | -3% |
| Number of jobs | 9,057 | 11,431 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 51% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
A mortgage processor is responsible for reviewing mortgage loan applications, evaluating applicants' documents, and verifying their eligibility for approval. Mortgage processors consider the applicant's financial statements, credit score, and other possible mortgage options. They also interview loan applicants to confirm the accuracy of submitted documents and keep them updated with the progress and final decisions. A mortgage processor works closely with the underwriting department for loan applications subject for further review. The mortgage processor needs to have a broad knowledge of the banking industry and loan procedures to guide the applicants with their application inquiries and concerns.
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 processors and loan closers have different pay scales, as shown below.
| Mortgage Processor | Loan Closer | |
| Average salary | $40,527 | $39,093 |
| Salary range | Between $31,000 And $52,000 | Between $30,000 And $50,000 |
| Highest paying City | Phoenix, AZ | Bellevue, WA |
| Highest paying state | Arizona | Washington |
| Best paying company | CyberCoders | Tata Group |
| Best paying industry | Professional | Finance |
There are a few differences between a mortgage processor and a loan closer in terms of educational background:
| Mortgage Processor | Loan Closer | |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 51% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage processors' and loan closers' demographics:
| Mortgage Processor | Loan Closer | |
| Average age | 42 | 42 |
| Gender ratio | Male, 24.2% Female, 75.8% | Male, 22.6% Female, 77.4% |
| Race ratio | Black or African American, 13.0% Unknown, 4.2% Hispanic or Latino, 14.1% Asian, 6.6% White, 61.6% 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% |