Mortgage Loan Closer Salary

Median pay for Mortgage Loan Closers in the United States lies in the neighborhood of $45K annually. Geography is the main element affecting pay for this group — the specific employer and years of experience are driving factors as well. Among survey respondents, women are more common than men; 84 percent of Mortgage Loan Closers are female. Most enjoy medical while a strong majority get dental coverage. Vision coverage is also available to a majority. For the most part, Mortgage Loan Closers enjoy their work and report high levels of job satisfaction. The information for this snapshot was generated by responses to the PayScale salary survey.
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$34,486 - $56,585
$34K
$45K
$57K
MEDIAN: $44,671
10%
50%
90%

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$14.92 - $24.50
$15
$20
$25
MEDIAN: $19.51
10%
50%
90%

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$0$58K
Salary $34,486 - $56,585
Bonus $1,014 - $11,818
Profit Sharing $4,250
Commission $4,000
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).
)
$34,117 - $58,198
  • Country: United States
  • Currency: USD
  • Updated: 11 Jul 2017
  • Individuals Reporting: 279
Hourly Data $0$37
Hourly Rate $14.92 - $24.50
Hourly Tips $3.19
Overtime $22.70 - $37.94
Annual Data $0$58K
Bonus $1,014 - $11,818
Commission $4,000
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).
)
$34,117 - $58,198
  • Country: United States
  • Currency: USD
  • Updated: 11 Jul 2017
  • Individuals Reporting: 182

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

  • Authorize funding upon verification of all documentation.
  • Order credit reports, appraisals, title insurance, and all other certifications as necessary.
  • Answer questions regarding closing requirements.
  • Maintain communication with brokers partners and closing/settlement agents with loan status.

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. Many Mortgage Loan Closers choose to become Loan Closers and Mortgage Loan Processors as their careers advance. However, folks in those positions report median salaries of $5K less and $9K less, respectively.

Mortgage Loan Closer Job Listings

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 $58K.

Pay by Experience Level for Mortgage Loan Closer

Pay by Experience for a Mortgage Loan Closer has a positive trend. An entry-level Mortgage Loan Closer with less than 5 years of experience can expect to earn an average total compensation of $41,000 based on 205 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Mortgage Loan Closer with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $46,000 based on 137 salaries. An experienced Mortgage Loan Closer which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $48,000 based on 196 salaries. A Mortgage Loan Closer with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $47,000 based on 84 salaries.

Pay Difference by Location

National Average: $44,755

Larger city markers indicate a job is popular in that location.

Chicago offers some of the highest pay in the country for Mortgage Loan Closers, 24 percent above the national average. Mortgage Loan Closers can also look forward to large paychecks in cities like Phoenix (+15 percent), New York (+14 percent), Dallas (+8 percent), and Salt Lake City (+7 percent). Falling short of the national average by 17 percent, the area with the worst salaries is Charlotte. Below-median salaries also turn up in Jacksonville and Orlando (17 percent lower and 14 percent lower, respectively).

Mortgage Loan Closer Reviews

Q: What is it like working as a Mortgage Loan Closer?

Mortgage Loan Closer in Boston:
"Mortgage Loan Closer."
Pros: It is an easy job despite the time pressure because the deadlines are finite. I have worked in better mortgage loan closing departments which are easier to manuver.
Cons: It is the type of job that is filled with women who are probably under paid. The quality of the position depends upon the people who are there.

Related Job Salaries

Key Stats for Mortgage Loan Closer

Gender

Female
84 %
Male
16 %

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 76 votes.
Less than 1 year
4%
1-4 years
29%
5-9 years
19%
10-19 years
32%
20 years or more
17%
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Location:
Years in Fields/Career:
United States (change)

Experience Affects Mortgage Loan Closer Salaries

▲7%

▲5%

▲3%

National Average
$45,000

▼8%

Skills That Affect Mortgage Loan Closer Salaries

National Average
$45,000

Mortgage Loans
▼1%

Loan Documents
▼1%

Loan Processing
▼8%

Customer Service
▼10%

Residential Loans
▼11%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 76 votes.

Gender

Female
84 %
Male
16 %

Years of Experience

Less than 1 year
4%
1-4 years
29%
5-9 years
19%
10-19 years
32%
20 years or more
17%

Common Health Benefits

medical benefits
Medical: 82%
dental benefits
Dental: 74%
vision benefits
Vision: 65%
no benefits
None: 16%
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