Loan Closer Salary

Pay for Loan Closers in the United States sits in the ballpark of $45K per year. Location and years of experience each impact pay for this group, with the former having the largest influence. There are far more female Loan Closers who answered the questionnaire than men, making up 81 percent. Medical benefits are awarded to a large number, and a fair number earn dental coverage. The majority of individuals in this role claim moderate levels of job satisfaction. The numbers in this rundown were provided by PayScale's salary survey participants.

$30,271 - $64,277
(Median)
$30K
$45K
$64K
MEDIAN: $45,145
10%
50%
90%

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$13.23 - $22.88
(Median)
$13
$18
$23
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
$30,271 - $64,277  
   
Bonus
$0.00 - $5,960  
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).
)
$29,601 - $62,514  
Country: United States | Currency: USD | Updated: 2 Jul 2015 | Individuals Reporting: 169
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
$13.23 - $22.88  
   
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 - $5,960  
   
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).
)
$29,601 - $62,514  
Country: United States | Currency: USD | Updated: 2 Jul 2015 | Individuals Reporting: 74
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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 sometimes move into a Mortgage Loan Funder role, where the salary is similar.

Loan Closer Job Listings

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Loan Closers who responded to the survey report just a handful of professional skills. Those who have experience with Commercial Loans, Loan Documents, and Loan Processing can expect to be compensated well for these skills. 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. Loan Closers bring in $47K after working for 10 to 20 years. 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 25%

Experienced
up arrow 11%

Mid-Career
up arrow 2%

National Average
$42,000

Entry-Level
up arrow 11%

Skills That Affect Loan Closer Salaries

Commercial Loans
up arrow 17%

Loan Documents
up arrow 3%

National Average
$42,000

Loan Processing
up arrow 13%

Job Satisfaction

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

Gender

Female
81 %
Male
19 %

Years of Experience

Less than 1 year
5%
1-4 years
34%
5-9 years
18%
10-19 years
26%
20 years or more
17%

Common Health Benefits

medical benefits Medical: 84% dental benefits Dental: 71%
vision benefits Vision: 54% employee benefits None: 14%
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