Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between senior loan officers 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 senior loan officer and a closer. Additionally, a senior loan officer has an average salary of $37,162, which is higher than the $29,291 average annual salary of a closer.
The top three skills for a senior loan officer include customer service, loan applications and origination. The most important skills for a closer are customer service, cleanliness, and punctuality.
| Senior Loan Officer | Closer | |
| Yearly salary | $37,162 | $29,291 |
| Hourly rate | $17.87 | $14.08 |
| Growth rate | 4% | 4% |
| Number of jobs | 65,807 | 7,560 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 35% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A senior loan officer is responsible for authorizing loan applications after evaluating the applicant's loan eligibility upon submitting documents and other requirements. Senior loan officers assist the loan staff for the approval or rejection of the application, providing alternatives for the applicants based on their credibility. They monitor the loan process, create loan contracts, ensuring that the payment plans meet the federal laws and regulations. A senior loan officer must have extensive knowledge of the financial industry to prepare proposals timely and accurately.
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.
Senior loan officers and closers have different pay scales, as shown below.
| Senior Loan Officer | Closer | |
| Average salary | $37,162 | $29,291 |
| Salary range | Between $29,000 And $46,000 | Between $20,000 And $40,000 |
| Highest paying City | Miami, FL | Greece, NY |
| Highest paying state | Hawaii | Hawaii |
| Best paying company | Salal Credit Union | GPAC |
| Best paying industry | Finance | - |
There are a few differences between a senior loan officer and a closer in terms of educational background:
| Senior Loan Officer | Closer | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 35% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between senior loan officers' and closers' demographics:
| Senior Loan Officer | Closer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 69.4% Female, 30.6% | 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% |