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The differences between underwriters and closers can be seen in a few details. Each job has different responsibilities and duties. Additionally, an underwriter has an average salary of $61,751, which is higher than the $29,291 average annual salary of a closer.
The top three skills for an underwriter include customer service, investor guidelines and mortgage loans. The most important skills for a closer are customer service, cleanliness, and punctuality.
| Underwriter | Closer | |
| Yearly salary | $61,751 | $29,291 |
| Hourly rate | $29.69 | $14.08 |
| Growth rate | -4% | 4% |
| Number of jobs | 8,510 | 7,560 |
| Job satisfaction | 3 | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 35% |
| Average age | 44 | 45 |
| Years of experience | - | 6 |
An underwriter's duties depend on the line of work or industry involved, such as mortgage companies, insurance, or lending firms. However, an Underwriter's responsibility will mainly revolve around using their extensive expertise on how a company will achieve financial gains, and assessing the possible financial risks of a client by reviewing various aspects to determine their capacity to uphold monetary obligations. Most of the time, the Underwriter's tasks will also involve evaluating a client's credit history, health, assets, overall financial history.
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.
Underwriters and closers have different pay scales, as shown below.
| Underwriter | Closer | |
| Average salary | $61,751 | $29,291 |
| Salary range | Between $39,000 And $96,000 | Between $20,000 And $40,000 |
| Highest paying City | Boston, MA | Greece, NY |
| Highest paying state | Massachusetts | Hawaii |
| Best paying company | GPAC | |
| Best paying industry | Manufacturing | - |
There are a few differences between an underwriter and a closer in terms of educational background:
| Underwriter | 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 underwriters' and closers' demographics:
| Underwriter | Closer | |
| Average age | 44 | 45 |
| Gender ratio | Male, 38.4% Female, 61.6% | Male, 45.0% Female, 55.0% |
| Race ratio | Black or African American, 9.2% Unknown, 2.5% Hispanic or Latino, 9.6% Asian, 5.6% White, 72.7% 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% |