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The differences between underwriting specialists and closers can be seen in a few details. Each job has different responsibilities and duties. Additionally, an underwriting specialist has an average salary of $63,325, which is higher than the $29,291 average annual salary of a closer.
The top three skills for an underwriting specialist include customer service, underwriting guidelines and financial statements. The most important skills for a closer are customer service, cleanliness, and punctuality.
| Underwriting Specialist | Closer | |
| Yearly salary | $63,325 | $29,291 |
| Hourly rate | $30.44 | $14.08 |
| Growth rate | -4% | 4% |
| Number of jobs | 25,164 | 7,560 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 35% |
| Average age | 44 | 45 |
| Years of experience | - | 6 |
An underwriting specialist is responsible for reviewing clients' applications in availing financial services and determining their eligibility by analyzing credit scores and risk potential. Underwriting specialists record all necessary information and may ask for additional requirements for further investigation. They assess policy applications and implement terms and conditions upon approval and ensure that the clients understood the process to prevent miscommunication and payment delays. An underwriting specialist must have extensive knowledge of the loan and insurance disciplines to identify coverage and limitations for efficient contract negotiations.
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.
Underwriting specialists and closers have different pay scales, as shown below.
| Underwriting Specialist | Closer | |
| Average salary | $63,325 | $29,291 |
| Salary range | Between $39,000 And $101,000 | Between $20,000 And $40,000 |
| Highest paying City | Boston, MA | Greece, NY |
| Highest paying state | Massachusetts | Hawaii |
| Best paying company | AIG | GPAC |
| Best paying industry | Finance | - |
There are a few differences between an underwriting specialist and a closer in terms of educational background:
| Underwriting Specialist | Closer | |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 35% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between underwriting specialists' and closers' demographics:
| Underwriting Specialist | Closer | |
| Average age | 44 | 45 |
| Gender ratio | Male, 39.0% Female, 61.0% | Male, 45.0% Female, 55.0% |
| Race ratio | Black or African American, 8.9% Unknown, 2.5% Hispanic or Latino, 10.0% Asian, 5.8% White, 72.4% 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% |