An average Loan Closer in the United States can expect to take home roughly $46K per year. Location and tenure each impact pay for this group, with the former having the largest influence. A fair number enjoy medical while the greater part get dental coverage. Vision coverage is also available to the larger part. Most Loan Closers survey respondents are women (78 percent). Most workers in this position report high levels of job satisfaction. This report is based on answers to PayScale's salary questionnaire.

$32,740 - $69,913
$33K
$46K
$70K
MEDIAN: $45,900
10%
50%
90%

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$14.28 - $23.94
$14
$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$24K$48K$72K
Salary
$32,740 - $69,913  
   
Bonus
$1,000 - $9,887  
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).
)
$31,315 - $63,830  
Country: United States | Currency: USD | Updated: 18 Jan 2017 | Individuals Reporting: 145
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
$14.28 - $23.94  
   
Hourly Tips
$1.70  
Overtime
$17.45 - $33.27  
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
$1,000 - $9,887  
   
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).
)
$31,315 - $63,830  
Country: United States | Currency: USD | Updated: 18 Jan 2017 | Individuals Reporting: 78

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 choose to become Mortgage Loan Processors and Closers as their careers advance. However, folks in those positions report median salaries of $8K less and $7K less, respectively.

Loan Closer Job Listings

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Pay by Experience Level for Loan Closer

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


Survey participants with less than five years' experience pocket $38K on average, but those with five to 10 years of experience enjoy a much bigger median of $46K. For Loan Closers, 10 to 20 years of experience on the job amounts to an average salary of $50K. Survey participants with more than twenty years of experience only make around $49K on average, though; this group reports a lower median than the one claimed by mid-career individuals.

Related Job Salaries

Key Stats for Loan Closer

Gender

Female
78 %
Male
22 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 24 votes.
Less than 1 year
4%
1-4 years
39%
5-9 years
14%
10-19 years
28%
20 years or more
14%
Location:
Years in Fields/Career:
United States (change)

Experience Affects Loan Closer Salaries

Experienced
up arrow 13%

Late-Career
up arrow 11%

Mid-Career
up arrow 5%

National Average
$44,000

Entry-Level
up arrow 12%

Skills That Affect Loan Closer Salaries

Commercial Loans
up arrow 13%

Loan Processing
up arrow 10%


National Average
$44,000

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 24 votes.

Gender

Female
78 %
Male
22 %

Years of Experience

Less than 1 year
4%
1-4 years
39%
5-9 years
14%
10-19 years
28%
20 years or more
14%

Common Health Benefits

medical benefits
Medical: 79%
dental benefits
Dental: 67%
vision benefits
Vision: 58%
dental benefits
None: 17%
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