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.

$34,229 - $67,611
$34K
$46K
$68K
MEDIAN: $45,975
10%
50%
90%

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$14.36 - $23.99
$14
$18
$24
MEDIAN: $18.42
10%
50%
90%

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$0$67K
Salary $34,229 - $67,611
Bonus $983 - $9,500
Profit Sharing $2,500
Commission $10,000
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
  • Country: United States
  • Currency: USD
  • Updated: 11 Jul 2017
  • Individuals Reporting: 141
Hourly Data $0$33
Hourly Rate $14.36 - $23.99
Hourly Tips $1.70
Overtime $20.87 - $33.99
Annual Data $0$62K
Bonus $983 - $9,500
Commission $10,000
Profit Sharing $2,500
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
  • Country: United States
  • Currency: USD
  • Updated: 11 Jul 2017
  • Individuals Reporting: 76

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

  • 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


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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.

Related Job Salaries

Key Stats for Loan Closer

Gender

Female
77 %
Male
23 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 23 votes.
Less than 1 year
4%
1-4 years
39%
5-9 years
15%
10-19 years
29%
20 years or more
12%
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Location:
Years in Fields/Career:
United States (change)

Experience Affects Loan Closer Salaries

▲13%

Late-Career
▲10%

Mid-Career
▲2%

National Average
$44,000

Entry-Level
▼13%

Skills That Affect Loan Closer Salaries

Commercial Loans
▲11%

Loan Processing
▲9%

National Average
$44,000

Loan Documents
▼1%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 23 votes.

Gender

Female
77 %
Male
23 %

Years of Experience

Less than 1 year
4%
1-4 years
39%
5-9 years
15%
10-19 years
29%
20 years or more
12%

Common Health Benefits

medical benefits
Medical: 80%
dental benefits
Dental: 72%
vision benefits
Vision: 57%
no benefits
None: 16%
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