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Loan Closer Salary

Earnings for Loan Closers in the United States come in at around $43K per year on average. Experience level and the particular city each impact pay for this group, with the former having the largest influence. A large number report receiving medical coverage from their employers and a fair number collect dental insurance. The vast majority (81 percent) of Loan Closers who took the survey are female. Though the majority of Loan Closers do not report high levels of job satisfaction, most are moderately content with their role. This report is based on responses to the PayScale salary survey.
$29,455 - $61,009
(Median)
29K
35K
43K
52K
61K
MEDIAN: $42,700
10%
25%
50%
75%
90%

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$12.97 - $22.15
(Median)
13
17
20
22
MEDIAN: $17.00
10%
50%
75%
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
$29,455 - $61,009  
   
Bonus
$0.00 - $4,941  
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).
)
$29,049 - $58,506  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | 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$11$22$33
Hourly Rate
$12.97 - $22.15  
   
Overtime
$14.79 - $32.39  
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$22K$44K$66K
Bonus
$0.00 - $4,941  
   
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).
)
$29,049 - $58,506  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 79
United States (change)

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 transition into upper-level roles, like Mortgage Loan Funders, they often do not see a change in salary. Mortgage Loan Funders earn the same amount as Loan Closers on average.

Loan Closer Job Listings

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Just a handful of professional skills are reported by Loan Closers who took the survey. Fortunate workers who know Commercial Loans command much higher paychecks, scoring salaries 21 percent above average. 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.


Loan Closers with more experience do not necessarily bring home bigger paychecks. In fact, experience in this field tends to impact compensation minimally. Relatively untried employees who have fewer than five years of experience earn around $37K on average. People who have worked for five to 10 years can expect a higher median salary of $42K. Loan Closers with one to two decades of relevant experience report an average salary of approximately $45K. In the end, more experience does seem to mean larger paychecks; seasoned Loan Closers with more than 20 years of experience earn a predictably higher median salary of $51K.

Related Job Salaries

Experience Affects Loan Closer Salaries

Late-Career
up arrow 24%

Experienced
up arrow 10%

Mid-Career
up arrow 2%

National Average
$41,000

Entry-Level
up arrow 9%

Skills That Affect Loan Closer Salaries

Commercial Loans
up arrow 21%

Loan Documents
up arrow 2%

National Average
$41,000

Loan Processing
up arrow 10%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 38 votes.

Gender

Female
81 %
Male
19 %

Years of Experience

Less than 1 year
6%
1-4 years
33%
5-9 years
20%
10-19 years
26%
20 years or more
15%

Common Health Benefits

medical benefits Medical: 84% dental benefits Dental: 74%
vision benefits Vision: 51% employee benefits None: 14%