Loan Closer Salary

Median pay for Loan Closers in the United States is around $45K annually. Geographic location is the biggest factor affecting pay for this group, followed by experience level. Among survey respondents, women are more common than men; 81 percent of Loan Closers are female. Most workers in this position report moderate levels of job satisfaction. Most report receiving medical coverage from their employers and a strong majority collect dental insurance. The figures in this rundown are based on the results of PayScale's salary questionnaire.

$30,376 - $63,931
(Median)
$30K
$45K
$64K
MEDIAN: $45,151
10%
50%
90%

Add this chart to your site: 640px    300px

$13.23 - $22.88
(Median)
$13
$18
$23
MEDIAN: $17.00
10%
50%
90%

Add this chart to your site: 640px    300px

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$22K$44K$66K
Salary
$30,376 - $63,931  
   
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).
)
$29,622 - $62,287  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 165
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
$13.23 - $22.88  
   
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 - $5,960  
   
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).
)
$29,622 - $62,287  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 74
United States (change)

Find Out Exactly What You Should Be Paid

United States (change)


Comp Managers: Start Here »

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.

Read More...

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


Add this chart to your site:   640px 640px    300px 300px


Loan Closers' salaries tend to stay somewhat constant even when they advance into higher-level positions like Mortgage Loan Funder. On average, Mortgage Loan Funders get paid about the same as Loan Closers do.

Loan Closer Job Listings

Search for more jobs:


Typical Loan Closers report a focused set of job skills. Those who have experience with Commercial Loans, Loan Documents, and Loan Processing can expect to be compensated well for these skills. 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.


Loan Closers with a lot of experience do not necessarily enjoy more money. Those in the early stages of their career can expect to make around $38K; however, individuals with five to 10 years of experience bring in $43K on average — a distinctly larger sum. For Loan Closers, 10 to 20 years of experience on the job amounts to an average salary of $47K. After two decades in the workforce, the average Loan Closer generally earns more than ever; median pay for this group is estimated at $53K.

Related Job Salaries

United States (change)

Find Out Exactly What You Should Be Paid

United States (change)


Comp Managers: Start Here »

Experience Affects Loan Closer Salaries

Late-Career
up arrow 25%

Experienced
up arrow 12%

Mid-Career
up arrow 2%

National Average
$42,000

Entry-Level
up arrow 11%

Skills That Affect Loan Closer Salaries

Commercial Loans
up arrow 17%

Loan Documents
up arrow 3%

National Average
$42,000

Loan Processing
up arrow 13%

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
33%
5-9 years
18%
10-19 years
27%
20 years or more
17%

Common Health Benefits

medical benefits Medical: 84% dental benefits Dental: 71%
vision benefits Vision: 53% employee benefits None: 14%
ADVERTISEMENT