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Loan Closer Salary

Median pay for Loan Closers in the United States is around $44K annually. Experience level is the biggest factor affecting pay for this group, followed by geography. Work is reasonably fulfilling for most Loan Closers — the majority report average levels of job satisfaction. Medical benefits are awarded to most, and a strong majority earn dental coverage. There are far more female Loan Closers who answered the questionnaire than men, making up 81 percent. The data for this snapshot was collected from individuals who took PayScale's salary survey.

$30,451 - $62,074
(Median)
$30K
$44K
$62K
MEDIAN: $44,032
10%
50%
90%

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$13.28 - $22.26
(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
$30,451 - $62,074  
   
Bonus
$0.00 - $5,896  
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).
)
$29,640 - $60,879  
Country: United States | Currency: USD | Updated: 31 Mar 2015 | Individuals Reporting: 151
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
$13.28 - $22.26  
   
Overtime
$1.55 - $33.33  
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 - $5,896  
   
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).
)
$29,640 - $60,879  
Country: United States | Currency: USD | Updated: 31 Mar 2015 | Individuals Reporting: 66

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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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As Loan Closers make advancements in their career path, their salaries may not change right away. For example, the higher-level Mortgage Loan Funder position pays around the same amount as the Loan Closer job 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 19 percent and 4 percent, respectively. Skills that seem to negatively impact pay include Loan Processing.

Pay by Experience Level for Loan Closer

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


For many Loan Closers, extensive experience does not lead to significantly more money. Average salaries for inexperienced employees average out to around $38K, but folks who have five to 10 years of experience earn a higher median of $42K. Loan Closers who work for 10 to 20 years in their occupation tend to earn about $46K. After two decades in the workforce, the average Loan Closer generally earns more than ever; median pay for this group is estimated at $52K.

Related Job Salaries

United States (change)

Experience Affects Loan Closer Salaries

Late-Career
up arrow 25%

Experienced
up arrow 11%

Mid-Career
up arrow 2%

National Average
$41,000

Entry-Level
up arrow 9%

Skills That Affect Loan Closer Salaries

Commercial Loans
up arrow 19%

Loan Documents
up arrow 4%

National Average
$41,000

Loan Processing
up arrow 12%

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
35%
5-9 years
18%
10-19 years
25%
20 years or more
17%

Common Health Benefits

medical benefits Medical: 84% dental benefits Dental: 72%
vision benefits Vision: 53% employee benefits None: 13%