Loan Closer Salary

Loan Closers in the United States pull down an average of $45K per year. Geographic location and career length each impact pay for this group, with the former having the largest influence. Medical benefits are awarded to a large number, and a fair number earn dental coverage. Female Loan Closers far outnumber their male contemporaries among survey respondents. Job satisfaction is high and work is enjoyable for most Loan Closers. The information for this snapshot was generated by responses to the PayScale salary survey.

$31,132 - $66,291
(Median)
$31K
$45K
$66K
MEDIAN: $45,311
10%
50%
90%

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$13.04 - $24.08
(Median)
$13
$18
$24
MEDIAN: $18.00
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$23K$46K$69K
Salary
$31,132 - $66,291  
   
Bonus
$0.00 - $6,061  
Profit Sharing
$2,100  
Commission
$2,400  
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).
)
$29,780 - $63,948  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 188
National Hourly Rate Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$12$24$36
Hourly Rate
$13.04 - $24.08  
   
Overtime
$12.42 - $33.19  
National Annualized Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$24K$48K$72K
Bonus
$0.00 - $6,061  
   
Commission
$2,400  
Profit Sharing
$2,100  
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).
)
$29,780 - $63,948  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 88
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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 may not see large compensation differences if they transition into an upper-level role such as Mortgage Loan Funder. Mortgage Loan Funders on average make about as much as Loan Closers do.

Loan Closer Job Listings

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Loan Closers who responded to the survey indicated only a few skills that they use on the job. Those who have experience with Commercial Loans, Loan Documents, and Loan Processing can expect to be compensated well for these skills. Skills that are correlated to lower pay, on the other hand, include Loan Processing.

Pay by Experience Level for Loan Closer

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


For Loan Closers, experience does not seem to be a major factor in determining pay. Although individuals who have less than five years' experience earn $38K on average, people with five to 10 years benefit from a notably larger average of $44K. Loan Closers who work for 10 to 20 years in their occupation tend to earn about $47K. Veterans who have worked for more than two decades do tend to make the most in the end; the median pay for this group is $53K.

Related Job Salaries

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Experience Affects Loan Closer Salaries

Late-Career
up arrow 22%

Experienced
up arrow 8%

Mid-Career
up arrow 3%

National Average
$43,000

Entry-Level
up arrow 13%

Skills That Affect Loan Closer Salaries

Commercial Loans
up arrow 14%

Loan Documents
up arrow 2%

National Average
$43,000

Loan Processing
up arrow 15%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 39 votes.

Gender

Female
81 %
Male
19 %

Years of Experience

Less than 1 year
5%
1-4 years
34%
5-9 years
16%
10-19 years
29%
20 years or more
16%

Common Health Benefits

medical benefits
Medical: 83%
dental benefits
Dental: 71%
medical benefits
Vision: 54%
dental benefits
None: 15%
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