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The differences between senior underwriters and closers can be seen in a few details. Each job has different responsibilities and duties. Additionally, a senior underwriter has an average salary of $69,375, which is higher than the $29,291 average annual salary of a closer.
The top three skills for a senior underwriter include customer service, portfolio and underwriting guidelines. The most important skills for a closer are customer service, cleanliness, and punctuality.
| Senior Underwriter | Closer | |
| Yearly salary | $69,375 | $29,291 |
| Hourly rate | $33.35 | $14.08 |
| Growth rate | -4% | 4% |
| Number of jobs | 6,726 | 7,560 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 35% |
| Average age | 44 | 45 |
| Years of experience | - | 6 |
A senior underwriter is responsible for evaluating the eligibility of an applicant for loan application processing. Senior underwriters verify the applicant's information, including their credit score and other valid documents, ensuring that the applicant fulfills the loan application's parameters. They check the applicant's portfolios and provide them the next necessary steps and the alternatives for loan types. A senior underwriter must have excellent knowledge of the loan processes and underwriting procedures to analyze applications and make accurate decisions.
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 underwriters and closers have different pay scales, as shown below.
| Senior Underwriter | Closer | |
| Average salary | $69,375 | $29,291 |
| Salary range | Between $44,000 And $108,000 | Between $20,000 And $40,000 |
| Highest paying City | New York, NY | Greece, NY |
| Highest paying state | New York | Hawaii |
| Best paying company | Capital Group | GPAC |
| Best paying industry | Insurance | - |
There are a few differences between a senior underwriter and a closer in terms of educational background:
| Senior Underwriter | Closer | |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 35% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between senior underwriters' and closers' demographics:
| Senior Underwriter | Closer | |
| Average age | 44 | 45 |
| Gender ratio | Male, 42.0% Female, 58.0% | Male, 45.0% Female, 55.0% |
| Race ratio | Black or African American, 9.3% Unknown, 2.5% Hispanic or Latino, 9.4% Asian, 5.6% White, 72.9% 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 | 9% | 8% |