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The differences between senior loan processors and loan closers can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a senior loan processor, becoming a loan closer takes usually requires 2-4 years. Additionally, a senior loan processor has an average salary of $50,297, which is higher than the $39,093 average annual salary of a loan closer.
The top three skills for a senior loan processor include customer service, FHA and va. The most important skills for a loan closer are customer service, excellent organizational, and TRID.
| Senior Loan Processor | Loan Closer | |
| Yearly salary | $50,297 | $39,093 |
| Hourly rate | $24.18 | $18.79 |
| Growth rate | 4% | -3% |
| Number of jobs | 21,995 | 11,431 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 51% |
| Average age | 45 | 42 |
| Years of experience | 6 | 4 |
A senior loan processor works in a financial institution to solicit, negotiate, and coordinate consumers' and commercial loans. Old loan processors must review and verify loan documents and ensure that the required documents are complete and accurate. In the case of missing documentation, senior loan processors must communicate with customers to avoid loan approval delay. Old loan processors must also obtain a bachelor's degree in finance, business administration, or any other related field.
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.
Senior loan processors and loan closers have different pay scales, as shown below.
| Senior Loan Processor | Loan Closer | |
| Average salary | $50,297 | $39,093 |
| Salary range | Between $33,000 And $75,000 | Between $30,000 And $50,000 |
| Highest paying City | Baltimore, MD | Bellevue, WA |
| Highest paying state | Hawaii | Washington |
| Best paying company | Accenture | Tata Group |
| Best paying industry | Professional | Finance |
There are a few differences between a senior loan processor and a loan closer in terms of educational background:
| Senior 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 senior loan processors' and loan closers' demographics:
| Senior Loan Processor | Loan Closer | |
| Average age | 45 | 42 |
| Gender ratio | Male, 23.0% Female, 77.0% | Male, 22.6% Female, 77.4% |
| Race ratio | Black or African American, 9.1% Unknown, 4.6% Hispanic or Latino, 15.8% Asian, 6.3% White, 63.6% American Indian and Alaska Native, 0.5% | 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 | 8% | 7% |