Loan Closer Salary
An average Loan Closer in the United States can expect to take home roughly $46K per year. Location and tenure each impact pay for this group, with the former having the largest influence. A fair number enjoy medical while the greater part get dental coverage. Vision coverage is also available to the larger part. Most Loan Closers survey respondents are women (78 percent). Most workers in this position report high levels of job satisfaction. This report is based on answers to PayScale's salary questionnaire.
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...
When mistakes are found, the information should be relayed to the appropriate department within the company. Loan closers must determine how many payments will be necessary to fulfill a loan and how much they will be; when loans cannot be closed, they must specify what needs to be fulfilled to obtain them. It is also essential that all procedures and documents adhere to company polices and all laws and regulations.
Those in this position must have strong attention to detail and the abilities to multitask and meet time-constraints. Generally, a high school diploma is required, though some employers will prefer applicants with some college education, especially in a relevant field. Some companies may offer training, while others only accept those who have held a similar position or had other prior experience. The work is generally carried out in an office environment during traditional business hours.
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
Loan Closers may not see large compensation differences if they transition into an upper-level role such as Mortgage Loan Closer. Mortgage Loan Closers on average make about as much as Loan Closers do. Many Loan Closers choose to become Mortgage Loan Processors and Closers as their careers advance. However, folks in those positions report median salaries of $8K less and $7K less, respectively.
Loan Closer Job Listings
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Pay by Experience Level for Loan Closer
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Survey participants with less than five years' experience pocket $38K on average, but those with five to 10 years of experience enjoy a much bigger median of $46K. For Loan Closers, 10 to 20 years of experience on the job amounts to an average salary of $50K. Survey participants with more than twenty years of experience only make around $49K on average, though; this group reports a lower median than the one claimed by mid-career individuals.
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Key Stats for Loan Closer
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