Loan Closer Salary

The average Loan Closer in the United States can expect to rake in roughly $45K annually. Geographic location is the biggest factor affecting pay for this group, followed by career length. Female Loan Closers far outnumber their male contemporaries among survey respondents. Most people on this career path report moderate levels of job satisfaction. Most enjoy medical while a strong majority get dental coverage. Vision coverage is also available to slightly more than half. This overview is based on answers to PayScale's salary questionnaire.

$30,488 - $64,277

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$13.34 - $23.17

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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$22K$44K$66K
Salary
$30,488 - $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).
)
$29,765 - $62,370  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 169
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
$13.34 - $23.17  
   
Overtime
$14.54 - $33.36  
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 - $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).
)
$29,765 - $62,370  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 78
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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 who responded to the survey indicated only a few skills that they use on the job. Commercial Loans and Loan Documents are considered valuable skills and can increase employee pay by 17 percent and 3 percent, respectively. 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.


For many Loan Closers, extensive experience does not lead to significantly more money. The average worker who claims fewer than five years of experience earns around $38K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $43K. For Loan Closers, 10 to 20 years of experience on the job amounts to an average salary of $47K. Survey participants who have spent more than 20 years on the job report a predictably higher median income of $53K, demonstrating that compensation is roughly commensurate with experience in the end.

Related Job Salaries

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Experience Affects Loan Closer Salaries

Late-Career
up arrow 24%

Experienced
up arrow 10%

Mid-Career
up arrow 2%

National Average
$42,000

Entry-Level
up arrow 12%

Skills That Affect Loan Closer Salaries

Commercial Loans
up arrow 17%

Loan Documents
up arrow 3%

National Average
$42,000

Loan Processing
up arrow 14%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 36 votes.

Gender

Female
81 %
Male
19 %

Years of Experience

Less than 1 year
5%
1-4 years
34%
5-9 years
17%
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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