Mortgage Loan Closer Salary

Median pay for Mortgage Loan Closers in the United States is around $43K per year. Compensation for this group is mainly affected by residence, but the company and experience level are influential factors as well. Medical benefits are awarded to a large number, and a fair number earn dental coverage. The majority of workers are highly satisfied with their job. The vast majority of Mortgage Loan Closers (82 percent) who responded to the survey are women. This report is based on answers to PayScale's salary questionnaire.
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$33,503 - $53,772
(Median)
$34K
$43K
$54K
MEDIAN: $42,768
10%
50%
90%

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$13.04 - $23.75
(Median)
$13
$18
$24
MEDIAN: $18.00
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$19K$38K$57K
Salary
$33,503 - $53,772  
   
Bonus
$0.00 - $9,251  
Profit Sharing
$4,250  
Commission
$2,750  
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).
)
$31,051 - $55,188  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 375
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$13$26$39
Hourly Rate
$13.04 - $23.75  
   
Overtime
$19.52 - $37.66  
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$26K$52K$78K
Bonus
$0.00 - $9,251  
   
Commission
$2,750  
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).
)
$31,051 - $55,188  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 255
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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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For Mortgage Loan Closers, career advancements do not tend to correlate with a rise in salary. On average, lower-level Mortgage Loan Closers earn similar salaries to those in higher-end positions like Loan Closer.

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.


For Mortgage Loan Closers, experience does not seem to be a major factor in determining pay. Respondents with less than five years' experience take home $39K on average. In contrast, those who have been around for five to 10 years earn a noticeably higher average of $43K. For Mortgage Loan Closers, 10 to 20 years of experience on the job amounts to an average salary of $46K. Mortgage Loan Closers who have stuck around for more than two decades see earnings that are no higher than those of folks who have worked for 10 to 20 years.

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Experience Affects Mortgage Loan Closer Salaries

Late-Career
up arrow 10%

Experienced
up arrow 9%

Mid-Career
up arrow 3%

National Average
$42,000

Entry-Level
up arrow 7%

Skills That Affect Mortgage Loan Closer Salaries

Mortgage Loans
up arrow 1%

Loan Documents
up arrow 1%

National Average
$42,000

Customer Service
up arrow 4%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 90 votes.

Gender

Female
82 %
Male
18 %

Years of Experience

Less than 1 year
3%
1-4 years
30%
5-9 years
18%
10-19 years
33%
20 years or more
16%

Common Health Benefits

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