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Loan Closer Salary

An average Loan Closer in the United States can expect to take home roughly $45K per year. Residence and career duration each impact pay for this group, with the former having the largest influence. Though the majority of Loan Closers do not report high levels of job satisfaction, most are moderately content with their role. There are far more female Loan Closers who answered the questionnaire than men, making up 82 percent. A large number report receiving medical coverage from their employers and a fair number collect dental insurance. This report is based on responses to the PayScale salary survey.

$30,239 - $63,154
(Median)
$30K
$45K
$63K
MEDIAN: $44,627
10%
50%
90%

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$13.14 - $22.42
(Median)
$13
$18
$22
MEDIAN: $17.00
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$22K$44K$66K
Salary
$30,239 - $63,154  
   
Bonus
$0.00 - $5,980  
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).
)
$29,493 - $61,868  
Country: United States | Currency: USD | Updated: 16 May 2015 | Individuals Reporting: 159
National Hourly Rate Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$12$24$36
Hourly Rate
$13.14 - $22.42  
   
Overtime
$8.25 - $33.18  
National Annualized Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$24K$48K$72K
Bonus
$0.00 - $5,980  
   
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).
)
$29,493 - $61,868  
Country: United States | Currency: USD | Updated: 16 May 2015 | Individuals Reporting: 71

Find Out Exactly What You Should Be Paid

United States (change)


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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.

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Loan Closer Tasks

  • Answer questions regarding closing requirements.
  • Maintain communication with brokers partners and closing/settlement agents with loan status.
  • Authorize funding upon verification of all documentation.
  • Order credit reports, appraisals, title insurance, and all other certifications as necessary.

Common Career Paths for Loan Closer


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Loan Closers tend not to experience significant pay changes as they move up the career ladder to roles like Mortgage Loan Funder. The two jobs pay about the same on average.

Loan Closer Job Listings

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Loan Closers typically list a handful of skills they use on the job. Commercial Loans and Loan Documents are considered valuable skills and can increase employee pay by 18 percent and 3 percent, respectively. Skills that pay less than market rate include Loan Processing.

Pay by Experience Level for Loan Closer

Median of all compensation (including tips, bonus, and overtime) by years of experience.


Loan Closers with a lot of experience do not necessarily enjoy more money. Salaries of relatively inexperienced workers fall in the neighborhood of $38K, but folks who have racked up five to 10 years see a notably higher median of $43K. The average pay reported by folks with 10 to 20 years of experience is around $47K. People who have worked for more than 20 years report a median income of $52K, which is barely higher than the median for folks with 10 to 20 years of experience.

Related Job Salaries

United States (change)

Experience Affects Loan Closer Salaries

Late-Career
up arrow 24%

Experienced
up arrow 13%

Mid-Career
up arrow 3%

National Average
$42,000

Entry-Level
up arrow 10%

Skills That Affect Loan Closer Salaries

Commercial Loans
up arrow 18%

Loan Documents
up arrow 3%

National Average
$42,000

Loan Processing
up arrow 12%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 37 votes.

Gender

Female
82 %
Male
18 %

Years of Experience

Less than 1 year
4%
1-4 years
34%
5-9 years
18%
10-19 years
27%
20 years or more
17%

Common Health Benefits

medical benefits Medical: 83% dental benefits Dental: 71%
vision benefits Vision: 53% employee benefits None: 15%
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