Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between underwriting assistants and loan closers can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 1-2 years to become an underwriting assistant, becoming a loan closer takes usually requires 2-4 years. Additionally, an underwriting assistant has an average salary of $41,000, which is higher than the $39,093 average annual salary of a loan closer.
The top three skills for an underwriting assistant include insurance policies, data entry and loss runs. The most important skills for a loan closer are customer service, excellent organizational, and TRID.
| Underwriting Assistant | Loan Closer | |
| Yearly salary | $41,000 | $39,093 |
| Hourly rate | $19.71 | $18.79 |
| Growth rate | -3% | -3% |
| Number of jobs | 1,967 | 11,431 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 54% | Bachelor's Degree, 51% |
| Average age | 44 | 42 |
| Years of experience | 2 | 4 |
An underwriting assistant provides additional support to the underwriter in determining whether clients can qualify for insurance policies, products, mortgage, loans, or other financial services. Job tasks could vary, but often include administrative duties, as well as organizing and arranging loan approval packages. This entails reviewing and gathering financial and statistical information. It also involves communicating with clients to get the necessary information, such as gathering credit history and other relevant background information to complete the screening process and other related transactions.
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.
Underwriting assistants and loan closers have different pay scales, as shown below.
| Underwriting Assistant | Loan Closer | |
| Average salary | $41,000 | $39,093 |
| Salary range | Between $29,000 And $56,000 | Between $30,000 And $50,000 |
| Highest paying City | New York, NY | Bellevue, WA |
| Highest paying state | New Jersey | Washington |
| Best paying company | Berkshire Hathaway | Tata Group |
| Best paying industry | - | Finance |
There are a few differences between an underwriting assistant and a loan closer in terms of educational background:
| Underwriting Assistant | Loan Closer | |
| Most common degree | Bachelor's Degree, 54% | Bachelor's Degree, 51% |
| Most common major | Business | Business |
| Most common college | Western Carolina University | University of Pennsylvania |
Here are the differences between underwriting assistants' and loan closers' demographics:
| Underwriting Assistant | Loan Closer | |
| Average age | 44 | 42 |
| Gender ratio | Male, 20.2% Female, 79.8% | Male, 22.6% Female, 77.4% |
| Race ratio | Black or African American, 13.8% Unknown, 4.3% Hispanic or Latino, 14.4% Asian, 3.9% White, 63.2% 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 | 11% | 7% |