Mortgage Loan Closer Salary

Mortgage Loan Closers in the United States pull down an average of $42K per year. Compensation for this group is mainly affected by geographic location, but the company and years of experience are influential factors as well. Medical benefits are awarded to a large number, and a fair number earn dental coverage. The vast majority (82 percent) of Mortgage Loan Closers who took the survey are female. Work is enjoyable for Mortgage Loan Closers, who typically claim high levels of job satisfaction. The information for this snapshot was generated by responses to the PayScale salary survey.
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$32,451 - $52,372
(Median)
$32K
$42K
$52K
MEDIAN: $41,874
10%
50%
90%

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$12.89 - $23.25
(Median)
$13
$18
$23
MEDIAN: $17.00
10%
50%
90%

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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$18K$36K$54K
Salary
$32,451 - $52,372  
   
Bonus
$0.00 - $7,891  
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).
)
$29,998 - $53,909  
Country: United States | Currency: USD | Updated: 2 Jul 2015 | Individuals Reporting: 335
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$13$26$39
Hourly Rate
$12.89 - $23.25  
   
Overtime
$19.25 - $37.05  
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$26K$52K$78K
Bonus
$0.00 - $7,891  
   
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).
)
$29,998 - $53,909  
Country: United States | Currency: USD | Updated: 2 Jul 2015 | Individuals Reporting: 242
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Job Description for Mortgage Loan Closer

Loan closers gathers all documentation needed to process loans and ensures that all paperwork is processed appropriately. These professionals makes sure that any necessary information is verified in accordance with state and federal regulations and that all paperwork is complete. The loan closer’s primary responsibility is to ensure that all loan-related paperwork such as deeds of trust, poverty insurance papers, and title commitments are properly processed through the appropriate authorities. They are in charge of scheduling the time and location for the closing for any loans they process, and they ensure that all necessary parties are present; they also confirm that all of the conditions set for the loan have been met. Other duties performed by the loan closer include answering their organization’s telephone, responding to email queries, and greeting customers.

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Mortgage 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 Mortgage Loan Closer


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Mortgage Loan Closers' salary tends to stay somewhat level for those who assume higher-end positions like Loan Closer. Median pay for Loan Closers is $39K.

Loan Closer Job Listings

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Popular Employer Salaries for Mortgage Loan Closer


Although Wells Fargo Home Mortgage offers the highest salaries (median pay is $49K), survey participants reported a rather limited pay range of $36K to $57K.


Mortgage Loan Closers typically list a handful of skills they use on the job. Those who have experience with Mortgage Loans, Loan Documents, and Customer Service can expect to be compensated well for these skills. Loan Documents and Mortgage Loans are correlating skills — those who know the former usually know the latter.

Pay by Experience Level for Mortgage Loan Closer

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


Mortgage Loan Closers with more experience do not necessarily bring home bigger paychecks. In fact, experience in this field tends to impact compensation minimally. Respondents with less than five years' experience take home $38K on average. In contrast, those who have been around for five to 10 years earn a noticeably higher average of $42K. Mortgage Loan Closers with one to two decades of relevant experience report an average salary of approximately $45K. People who have worked for more than 20 years report a median income of $46K, which is barely higher than the median for folks with 10 to 20 years of experience.

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Experience Affects Mortgage Loan Closer Salaries

Late-Career
up arrow 10%

Experienced
up arrow 9%

Mid-Career
up arrow 2%

National Average
$41,000

Entry-Level
up arrow 7%

Skills That Affect Mortgage Loan Closer Salaries

Mortgage Loans
up arrow 1%

Loan Documents
0%

National Average
$41,000

Customer Service
up arrow 3%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 80 votes.

Gender

Female
82 %
Male
18 %

Years of Experience

Less than 1 year
3%
1-4 years
32%
5-9 years
20%
10-19 years
30%
20 years or more
15%

Common Health Benefits

medical benefits Medical: 82% dental benefits Dental: 72%
vision benefits Vision: 60% employee benefits None: 16%
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