Average Loan Closers in the United States make around $46K per year. Geography and career length each impact pay for this group, with the former having the largest influence. For the most part, Loan Closers enjoy their work and report high levels of job satisfaction. Female Loan Closers far outnumber their male contemporaries among survey respondents. A fair number report receiving medical coverage from their employers and more than half collect dental insurance. Figures cited in this summary are based on replies to PayScale's salary questionnaire.

$33,757 - $70,469
(Median)
$34K
$46K
$70K
MEDIAN: $46,120
10%
50%
90%

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$14.20 - $24.01
(Median)
$14
$18
$24
MEDIAN: $18.00
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
$33,757 - $70,469  
   
Bonus
$1,204 - $10,374  
Profit Sharing
$1,000  
Commission
$4,000  
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).
)
$31,406 - $66,182  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 152
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
$14.20 - $24.01  
   
Hourly Tips
$1.70  
Overtime
$17.52 - $35.23  
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
$1,204 - $10,374  
   
Commission
$4,000  
Profit Sharing
$1,000  
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).
)
$31,406 - $66,182  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 77
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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 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. Loan Closers most frequently advance into Mortgage Loan Processor and Closer roles even though the median salaries are $8K lower and $7K lower, respectively.

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Pay by Experience Level for Loan Closer

Median of all compensation (including tips, bonus, and overtime) by years of experience.


Respondents with less than five years' experience take home $39K on average. In contrast, those who have been around for five to 10 years earn a noticeably higher average of $46K. On average, Loan Closers make $50K following one to two decades on the job. Individuals who have achieved more than 20 years of experience don't seem to earn any more than people who have 10 to 20 years under their belts.

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Experience Affects Loan Closer Salaries

Experienced
up arrow 14%

Late-Career
up arrow 13%

Mid-Career
up arrow 4%

National Average
$44,000

Entry-Level
up arrow 11%

Skills That Affect Loan Closer Salaries

Commercial Loans
up arrow 12%

Loan Processing
up arrow 10%

Loan Documents
up arrow 1%

National Average
$44,000

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 22 votes.

Gender

Female
81 %
Male
19 %

Years of Experience

Less than 1 year
4%
1-4 years
40%
5-9 years
13%
10-19 years
28%
20 years or more
15%

Common Health Benefits

medical benefits
Medical: 79%
dental benefits
Dental: 67%
medical benefits
Vision: 59%
dental benefits
None: 17%
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