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Mortgage Loan Closer Salary

Mortgage Loan Closers in the United States take home approximately $41K annually on average. The most important factor affecting compensation for this group is the specific employer, followed by geography and experience level. Medical benefits are awarded to most, and a strong majority earn dental coverage. The majority of Mortgage Loan Closers claim high levels of job satisfaction. There are far more female Mortgage Loan Closers who answered the questionnaire than men, making up 81 percent. This snapshot results from replies to PayScale's salary survey.
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$31,685 - $51,775
(Median)
$32K
$41K
$52K
MEDIAN: $41,350
10%
50%
90%

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$12.83 - $23.17
(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
$31,685 - $51,775  
   
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).
)
$29,783 - $53,777  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 321
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
$12.83 - $23.17  
   
Overtime
$19.14 - $37.54  
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).
)
$29,783 - $53,777  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 227

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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Mortgage Loan Closers who transition into an upper level Loan Closer position will not necessarily make much more than they do in their current role. The average Loan Closer makes $39K a year.

Loan Closer Job Listings

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Popular Employer Salaries for Mortgage Loan Closer


With a median salary of $49K, Wells Fargo Home Mortgage offers Mortgage Loan Closers the highest pay. However, earnings don't seem to live on a large spectrum; they generally peter out at $36K and are capped at $57K.


Mortgage Loan Closers only report a few specific skills. Those who have experience with Loan Documents, Mortgage Loans, 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.


Experience does not seem to be a strong driver of pay increase in this role. Relatively untried employees who have less than five years' experience make $38K, but folks with five to 10 years under their belts enjoy an appreciably larger median of $42K. Mortgage Loan Closers who work for 10 to 20 years in their occupation tend to earn about $44K. Veterans who have surpassed the 20-year mark may make only slightly more than those who are navigating the mid-career stage; the more senior group reports median earnings of around $45K.

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 2%

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: 80% dental benefits Dental: 72%
vision benefits Vision: 59% employee benefits None: 17%
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