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Mortgage Loan Closer Salary

Pay for Mortgage Loan Closers in the United States sits in the ballpark of $41K annually. The most important factor affecting compensation for this group is the company, followed by geography and tenure. Most workers in this position report high levels of job satisfaction. Mortgage Loan Closers who responded to the questionnaire are largely women, dominating at 81 percent. Most report receiving medical coverage from their employers and a strong majority collect dental insurance. The information for this rundown comes from respondents who completed PayScale's salary questionnaire.
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$31,859 - $51,805
(Median)
$32K
$41K
$52K
MEDIAN: $41,450
10%
50%
90%

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$12.84 - $23.30
(Median)
$13
$18
$23
MEDIAN: $18.00
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
$31,859 - $51,805  
   
Bonus
$0.00 - $8,123  
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).
)
$29,852 - $53,794  
Country: United States | Currency: USD | Updated: 16 May 2015 | Individuals Reporting: 329
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
$12.84 - $23.30  
   
Overtime
$19.09 - $37.58  
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 - $8,123  
   
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).
)
$29,852 - $53,794  
Country: United States | Currency: USD | Updated: 16 May 2015 | Individuals Reporting: 228

Find Out Exactly What You Should Be Paid

United States (change)


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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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Many Mortgage Loan Closers move into a Loan Closer role, which does not lead to a big boost in pay. Loan Closers on average bring in a similar salary to Mortgage Loan Closers.

Loan Closer Job Listings

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Popular Employer Salaries for Mortgage Loan Closer


Wells Fargo Home Mortgage offers the best pay with a median salary of $49K, though salaries there don't seem that varied, bottoming out near $36K and maxing out at just $57K.


Survey takers who work as Mortgage Loan Closers typically report just a few professional skills. Those who have experience with Loan Documents, Mortgage Loans, and Customer Service can expect to be compensated well for these skills. Many workers who know Loan Documents also know Mortgage Loans.

Pay by Experience Level for Mortgage Loan Closer

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


For Mortgage Loan Closers, more experience in the field does not usually mean bigger paychecks. 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. For Mortgage Loan Closers, 10 to 20 years of experience on the job amounts to an average salary of $45K. Mortgage Loan Closers who surpass 20 years on the job report pay that isn't higher than those with 10 to 20 years.

Related Job Salaries

United States (change)

Experience Affects Mortgage Loan Closer Salaries

Late-Career
up arrow 9%

Experienced
up arrow 8%

Mid-Career
up arrow 2%

National Average
$41,000

Entry-Level
up arrow 8%

Skills That Affect Mortgage Loan Closer Salaries

Mortgage Loans
up arrow 1%

Loan Documents
up arrow 1%

National Average
$41,000

Customer Service
up arrow 3%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 78 votes.

Gender

Female
81 %
Male
19 %

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: 81% dental benefits Dental: 72%
vision benefits Vision: 58% employee benefits None: 17%
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