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Loan Closer Salary

The average Loan Closer in the United States earns approximately $44K annually. Residence is the biggest factor affecting pay for this group, followed by career length. Most enjoy medical while a strong majority get dental coverage. Vision coverage is also available to a little more than half. Most workers in this position report moderate levels of job satisfaction. The vast majority (81 percent) of Loan Closers who took the survey are female. The data for this snapshot was collected from individuals who took PayScale's salary survey.

$30,504 - $61,984
(Median)
$31K
$44K
$62K
MEDIAN: $44,032
10%
50%
90%

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$13.11 - $22.46
(Median)
$13
$18
$22
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$21K$42K$63K
Salary
$30,504 - $61,984  
   
Bonus
$0.00 - $5,884  
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).
)
$29,579 - $60,968  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 153
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
$13.11 - $22.46  
   
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 - $5,884  
   
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).
)
$29,579 - $60,968  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 70

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

  • 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 tend not to experience significant pay changes as they move up the career ladder to roles like Mortgage Loan Funder. The two jobs pay about the same on average.

Loan Closer Job Listings

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Loan Closers usually report a few specific skills. Commercial Loans and Loan Documents are considered valuable skills and can increase employee pay by 20 percent and 3 percent, respectively. 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, more experience in the field does not usually mean bigger paychecks. 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 $43K. Loan Closers bring in $46K after working for 10 to 20 years. Old hands boasting more than twenty years of relevant experience report pay that is more or less commensurate with that extensive experience; average earnings for this group come out to approximately $52K.

Related Job Salaries

United States (change)

Experience Affects Loan Closer Salaries

Late-Career
up arrow 25%

Experienced
up arrow 12%

Mid-Career
up arrow 3%

National Average
$41,000

Entry-Level
up arrow 9%

Skills That Affect Loan Closer Salaries

Commercial Loans
up arrow 20%

Loan Documents
up arrow 3%

National Average
$41,000

Loan Processing
up arrow 11%

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
4%
1-4 years
35%
5-9 years
18%
10-19 years
26%
20 years or more
17%

Common Health Benefits

medical benefits Medical: 83% dental benefits Dental: 71%
vision benefits Vision: 53% employee benefits None: 14%
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