Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between mortgage underwriters 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 underwriter and a closer. Additionally, a mortgage underwriter has an average salary of $55,721, which is higher than the $29,291 average annual salary of a closer.
The top three skills for a mortgage underwriter include customer service, work ethic and FHA. The most important skills for a closer are customer service, cleanliness, and punctuality.
| Mortgage Underwriter | Closer | |
| Yearly salary | $55,721 | $29,291 |
| Hourly rate | $26.79 | $14.08 |
| Growth rate | 4% | 4% |
| Number of jobs | 9,260 | 7,560 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 65% | Bachelor's Degree, 35% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A mortgage underwriter is responsible for reviewing mortgage loan applications and deciding on its approval or rejection by evaluating the submitted documents and the applicant's eligibility. Mortgage underwriters create assessment reports, research on the applicant's credit score, analyze potential loan risk, and request for additional documentation as needed. A mortgage underwriter must have extensive knowledge of the loan disciplines and processes, including its legislative procedures and regulations, to provide accurate decisions or discuss necessary findings to the loan officer for advice.
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 underwriters and closers have different pay scales, as shown below.
| Mortgage Underwriter | Closer | |
| Average salary | $55,721 | $29,291 |
| Salary range | Between $38,000 And $80,000 | Between $20,000 And $40,000 |
| Highest paying City | New York, NY | Greece, NY |
| Highest paying state | New Mexico | Hawaii |
| Best paying company | CTBC Bank | GPAC |
| Best paying industry | Professional | - |
There are a few differences between a mortgage underwriter and a closer in terms of educational background:
| Mortgage Underwriter | Closer | |
| Most common degree | Bachelor's Degree, 65% | Bachelor's Degree, 35% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage underwriters' and closers' demographics:
| Mortgage Underwriter | Closer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 39.3% Female, 60.7% | Male, 45.0% Female, 55.0% |
| Race ratio | Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 15.9% Asian, 6.4% White, 63.4% 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% |