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The differences between mortgage specialists and closers can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become a mortgage specialist, becoming a closer takes usually requires 4-6 years. Additionally, a mortgage specialist has an average salary of $38,757, which is higher than the $29,291 average annual salary of a closer.
The top three skills for a mortgage specialist include customer service, residential mortgage loans and origination. The most important skills for a closer are customer service, cleanliness, and punctuality.
| Mortgage Specialist | Closer | |
| Yearly salary | $38,757 | $29,291 |
| Hourly rate | $18.63 | $14.08 |
| Growth rate | -3% | 4% |
| Number of jobs | 26,471 | 7,560 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 35% |
| Average age | 42 | 45 |
| Years of experience | 4 | 6 |
Mortgage specialists are professionals who work with lending institutions to identify the best lending product for their clients in exchange for taking the title of the debtors' properties. These specialists must process mortgage loan applications by reviewing their paperwork to ensure accuracy and completeness before submitting for approval. They should monitor accounts during the bankruptcy proceedings to ensure that the rights of their clients are protected. Mortgage specialists are also required to guide associates regarding procedural guidelines from FNMA, FHLMC, and MHA.
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 specialists and closers have different pay scales, as shown below.
| Mortgage Specialist | Closer | |
| Average salary | $38,757 | $29,291 |
| Salary range | Between $29,000 And $51,000 | Between $20,000 And $40,000 |
| Highest paying City | Oakland, CA | Greece, NY |
| Highest paying state | Washington | Hawaii |
| Best paying company | Citi | GPAC |
| Best paying industry | Finance | - |
There are a few differences between a mortgage specialist and a closer in terms of educational background:
| Mortgage Specialist | Closer | |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 35% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage specialists' and closers' demographics:
| Mortgage Specialist | Closer | |
| Average age | 42 | 45 |
| Gender ratio | Male, 39.3% Female, 60.7% | Male, 45.0% Female, 55.0% |
| Race ratio | Black or African American, 13.3% Unknown, 4.4% Hispanic or Latino, 14.2% Asian, 7.5% White, 60.2% American Indian and Alaska Native, 0.4% | 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 | 7% | 8% |