Loan Closer Salary
Earnings for Loan Closers in the United States come in at around $46K annually on average. Residence is the biggest factor affecting pay for this group, followed by years of experience. Most report receiving medical coverage from their employers and a strong majority collect dental insurance. Job satisfaction is reported as high by the vast majority of workers. Female Loan Closers make up most of the survey respondents at 77 percent. The data for this synopsis comes from respondents who took the PayScale salary survey.
|Salary||$34,229 - $67,611|
|Bonus||$983 - $9,500|
|Total Pay (|
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).)
|$32,180 - $62,895|
|Hourly Rate||$14.36 - $23.99|
|Overtime||$20.87 - $33.99|
|Bonus||$983 - $9,500|
|Total Pay (||$32,180 - $62,895|
Job Description for Loan Closer
Loan closers work for mortgage companies by carrying out administrative duties to prepare closing packages, which is an essential part of helping loans come to fruition. They must enter information accurately to properly close loans and review all related documents to ensure they are correct and complete; these documents include invoices, titles, insurance, and closing commitment documents. Other information to be verified includes names, property addresses, lock dates, and underwriting approval documents.Read More...
When mistakes are found, the information should be relayed to the appropriate department within the company. Loan closers must determine how many payments will be necessary to fulfill a loan and how much they will be; when loans cannot be closed, they must specify what needs to be fulfilled to obtain them. It is also essential that all procedures and documents adhere to company polices and all laws and regulations.
Those in this position must have strong attention to detail and the abilities to multitask and meet time-constraints. Generally, a high school diploma is required, though some employers will prefer applicants with some college education, especially in a relevant field. Some companies may offer training, while others only accept those who have held a similar position or had other prior experience. The work is generally carried out in an office environment during traditional business hours.
Loan Closer Tasks
- Authorize funding upon verification of all documentation.
- Order credit reports, appraisals, title insurance, and all other certifications as necessary.
- Answer questions regarding closing requirements.
- Maintain communication with brokers partners and closing/settlement agents with loan status.
Common Career Paths for Loan Closer
Loan Closers may not see large compensation differences if they transition into an upper-level role such as Mortgage Loan Closer. Mortgage Loan Closers on average make about as much as Loan Closers do. Many Loan Closers advance into roles as Mortgage Loan Processors or Closers, but the median salaries are $9K lower and $7K lower, respectively.
Loan Closer Job Listings
Pay by Experience Level for Loan Closer
Pay by Experience for a Loan Closer has a positive trend. An entry-level Loan Closer with less than 5 years of experience can expect to earn an average total compensation of $39,000 based on 114 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Loan Closer with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $45,000 based on 54 salaries. An experienced Loan Closer which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $50,000 based on 78 salaries. A Loan Closer with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $49,000 based on 31 salaries.
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Key Stats for Loan Closer
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