Loan Closer Salary

Median pay for Loan Closers in the United States is around $46K per year. Location and tenure each impact pay for this group, with the former having the largest influence. A fair number report receiving medical coverage from their employers and the greater part collect dental insurance. Female Loan Closers make up most of the survey respondents at 78 percent. The majority of Loan Closers claim high levels of job satisfaction. Participants in PayScale's salary questionnaire provided the particulars of this report.

$33,432 - $71,115
$33K
$46K
$71K
MEDIAN: $46,081
10%
50%
90%

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$14.30 - $23.88
$14
$18
$24
MEDIAN: $18.18
10%
50%
90%

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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$24K$48K$72K
Salary
$33,432 - $71,115  
   
Bonus
$1,007 - $9,696  
Profit Sharing
$2,500  
Commission
$7,000  
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).
)
$31,560 - $64,671  
Country: United States | Currency: USD | Updated: 25 Mar 2017 | Individuals Reporting: 142
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
$14.30 - $23.88  
   
Hourly Tips
$1.70  
Overtime
$17.70 - $33.47  
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
$1,007 - $9,696  
   
Commission
$7,000  
Profit Sharing
$2,500  
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).
)
$31,560 - $64,671  
Country: United States | Currency: USD | Updated: 25 Mar 2017 | Individuals Reporting: 79

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

  • Authorize funding upon verification of all documentation.
  • Order credit reports, appraisals, title insurance, and all other certifications as necessary.
  • Answer questions regarding closing requirements.
  • Maintain communication with brokers partners and closing/settlement agents with loan status.

Common Career Paths for Loan Closer


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As Loan Closers transition into upper-level roles like Mortgage Loan Closers, it's possible that they won't see a change in salary. Mortgage Loan Closers earn the same amount as Loan Closers on average. Loan Closers most often move into positions as Mortgage Loan Processors or Closers. Mortgage Loan Processors actually earn $8K less on average, however, and Closers earn $7K less per year than Loan Closers do.

Loan Closer Job Listings

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Pay by Experience Level for Loan Closer

Pay by Experience for a Loan Closer has a positive trend. An entry-level Loan Closer with less than 5 years of experience can expect to earn an average total compensation of $39,000 based on 114 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Loan Closer with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $45,000 based on 54 salaries. An experienced Loan Closer which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $50,000 based on 78 salaries. A Loan Closer with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $49,000 based on 31 salaries.

Related Job Salaries

Key Stats for Loan Closer

Gender

Female
78 %
Male
22 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 23 votes.
Less than 1 year
5%
1-4 years
39%
5-9 years
13%
10-19 years
29%
20 years or more
14%
Location:
Years in Fields/Career:
United States (change)

Experience Affects Loan Closer Salaries

▲14%

Late-Career
▲11%

Mid-Career
▲3%

National Average
$44,000

Entry-Level
▼12%

Skills That Affect Loan Closer Salaries

Commercial Loans
▲12%

Loan Processing
▲10%

Loan Documents
▼0%

National Average
$44,000

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 23 votes.

Gender

Female
78 %
Male
22 %

Years of Experience

Less than 1 year
5%
1-4 years
39%
5-9 years
13%
10-19 years
29%
20 years or more
14%

Common Health Benefits

medical benefits
Medical: 78%
dental benefits
Dental: 67%
vision benefits
Vision: 59%
no benefits
None: 19%