Mortgage Loan Closer Salary

Mortgage Loan Closers in the United States take home an average $42K per year. This group's pay is mainly influenced by location, followed by the company and experience level. There are far more female Mortgage Loan Closers who answered the questionnaire than men, making up 82 percent. Medical benefits are awarded to a large number, and a fair number earn dental coverage. The majority of Mortgage Loan Closers claim high levels of job satisfaction. Respondents to the PayScale salary survey provided the data for this report.
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$32,333 - $52,372
(Median)
$32K
$42K
$52K
MEDIAN: $41,808
10%
50%
90%

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$12.84 - $23.35
(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
$32,333 - $52,372  
   
Bonus
$0.00 - $7,946  
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).
)
$29,948 - $53,979  
Country: United States | Currency: USD | Updated: 20 Jun 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
$12.84 - $23.35  
   
Overtime
$19.04 - $37.22  
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 - $7,946  
   
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).
)
$29,948 - $53,979  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 235
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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


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.


Survey results show that Mortgage Loan Closers typically report just a few professional skills. Those who have experience with Mortgage Loans, Loan Documents, 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 many Mortgage Loan Closers, extensive experience does not lead to significantly more money. Workers in their first five years can expect to earn $38K, but people who have been around for five to 10 years earn a noticeably bigger sum of $42K. Mortgage Loan Closers see a median salary of $45K after reaching one to two decades on the job. Folks who have racked up more than 20 years in the field report incomes that aren't that much higher than less experienced individuals' earnings; the veterans make just $46K on average.

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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 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 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: 59% employee benefits None: 16%
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