Loan Closer Salary

Median pay for Loan Closers in the United States lies in the neighborhood of $45K annually. Geography is the biggest factor affecting pay for this group, followed by career duration. Medical benefits are awarded to most, and a strong majority earn dental coverage. Women make up the vast majority of Loan Closers (81 percent) who answered the questionnaire. Work is enjoyable for Loan Closers, who typically claim high levels of job satisfaction. The data for this synopsis comes from respondents who took the PayScale salary survey.

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

Add this chart to your site: 640px    300px

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

Add this chart to your site: 640px    300px

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
United States (change)

Find Out Exactly What You Should Be Paid

United States (change)


Comp Managers: Start Here »

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...

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


Add this chart to your site:   640px 640px    300px 300px


As Loan Closers transition into upper-level roles like Mortgage Loan Funders, it's possible that they won't see a change in salary. Mortgage Loan Funders earn the same amount as Loan Closers on average.

Loan Closer Job Listings

Search for more jobs:


Survey results show that Loan Closers typically report just a few professional skills. Those who have experience with Commercial Loans, Loan Documents, and Loan Processing can expect to be compensated well for these skills. At the other end of the pay range are skills like 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, level of experience appears to be a somewhat less important part of the salary calculation — more experience does not correlate to noticeably higher pay. Those in the early stages of their career can expect to make around $38K; however, individuals with five to 10 years of experience bring in $44K on average — a distinctly larger sum. On average, Loan Closers make $47K following one to two decades on the job. After two decades in the workforce, the average Loan Closer generally earns more than ever; median pay for this group is estimated at $53K.

Related Job Salaries

United States (change)

Find Out Exactly What You Should Be Paid

United States (change)


Comp Managers: Start Here »

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%
ADVERTISEMENT