With around half of Mortgage Loan Closers in the United States reporting more than 10 years of experience in the field, this area is heavily weighted toward experienced professionals. Pay ranges from $34K to $58K per year and averages out to $45K per year. This group's pay is mainly influenced by geography, followed by the company and tenure. Medical benefits are awarded to a large number, and a fair number earn dental coverage. The vast majority of Mortgage Loan Closers (85 percent) who responded to the survey are women. Job satisfaction is high and work is enjoyable for most Mortgage Loan Closers. Figures cited in this summary are based on replies to PayScale's salary questionnaire.
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$35,699 - $57,724
(Median)
$36K
$45K
$58K
MEDIAN: $45,181
10%
50%
90%

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$13.54 - $24.41
(Median)
$14
$19
$24
MEDIAN: $19.00
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$20K$40K$60K
Salary
$35,699 - $57,724  
   
Bonus
$1,033 - $12,027  
Profit Sharing
$4,250  
Commission
$3,000  
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).
)
$33,555 - $57,871  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 279
National Hourly Rate Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$14$28$42
Hourly Rate
$13.54 - $24.41  
   
Hourly Tips
$3.19  
Overtime
$21.39 - $39.26  
National Annualized Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$28K$56K$84K
Bonus
$1,033 - $12,027  
   
Commission
$3,000  
Profit Sharing
$4,250  
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).
)
$33,555 - $57,871  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 199
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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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As Mortgage Loan Closers transition into upper-level roles like Mortgage Loan Funders, it's possible that they won't see a change in salary. Mortgage Loan Funders earn the same amount as Mortgage Loan Closers on average. Mortgage Loan Closers most frequently advance into Loan Closer and Mortgage Loan Processor roles even though the median salaries are $5K lower and $8K lower, respectively.

Loan Closer Job Listings

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Popular Employer Salaries for Mortgage Loan Closer


Wells Fargo Home Mortgage pays the most with a median salary of $49K, though there is little variation overall ($36K to $58K).

Pay by Experience Level for Mortgage Loan Closer

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


Respondents with less than five years' experience take home $41K on average. In contrast, those who have been around for five to 10 years earn a noticeably higher average of $46K. Mortgage Loan Closers claiming one to two decades of experience make an estimated median of $47K. Respondents who boast more than two decades on the job don't boast commensurate pay, unfortunately; these veterans see average earnings of only $46K.

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Experience Affects Mortgage Loan Closer Salaries

Experienced
up arrow 7%

Late-Career
up arrow 5%

Mid-Career
up arrow 4%

National Average
$44,000

Entry-Level
up arrow 7%

Skills That Affect Mortgage Loan Closer Salaries

National Average
$44,000

Mortgage Loans
up arrow 1%

Loan Documents
up arrow 1%

Loan Processing
up arrow 7%

Customer Service
up arrow 9%

Residential Loans
up arrow 9%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 70 votes.

Gender

Female
85 %
Male
15 %

Years of Experience

Less than 1 year
4%
1-4 years
27%
5-9 years
18%
10-19 years
33%
20 years or more
18%

Common Health Benefits

medical benefits
Medical: 85%
dental benefits
Dental: 75%
medical benefits
Vision: 63%
dental benefits
None: 14%
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