Loan Closer Salary
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.
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
- 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
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.
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.
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.