Mortgage Loan Closer Salary

Mortgage Loan Closers in the United States can expect wages of $45K per year on average. The most influential factor affecting pay for this group is residence, though the company and tenure have a (lesser) impact as well. The vast majority (85 percent) of Mortgage Loan Closers who took the survey are female. Medical benefits are awarded to a large number, and a fair number earn dental coverage. Most workers in this position report high levels of job satisfaction. Respondents to the PayScale salary survey provided the data for this report.
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$34,835 - $57,422
$35K
$45K
$57K
MEDIAN: $44,932
10%
50%
90%

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$14.65 - $24.57
$15
$19
$25
MEDIAN: $19.34
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
$34,835 - $57,422  
   
Bonus
$1,041 - $11,782  
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).
)
$33,910 - $58,437  
Country: United States | Currency: USD | Updated: 25 Mar 2017 | Individuals Reporting: 285
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
$14.65 - $24.57  
   
Hourly Tips
$3.19  
Overtime
$21.70 - $37.80  
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
$1,041 - $11,782  
   
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).
)
$33,910 - $58,437  
Country: United States | Currency: USD | Updated: 25 Mar 2017 | Individuals Reporting: 194

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 make advancements in their career path, their salaries may not change right away. For example, the higher-level Mortgage Loan Funder position pays around the same amount as the Mortgage Loan Closer job on average. Many Mortgage Loan Closers advance into roles as Loan Closers or Mortgage Loan Processors, but the median salaries are $5K lower and $9K lower, respectively.

Loan Closer Job Listings

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Popular Employer Salaries for Mortgage Loan Closer


Salary cannot be beat at Wells Fargo Home Mortgage, where median pay comes to $49K. The range seems somewhat confined, however; the lower end sits at $36K, and the higher end is not far away at $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: $44,408

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

With a pay rate for Mortgage Loan Closers that is 25 percent greater than the national average, Chicago offers a comfortable salary for those in this profession. Mortgage Loan Closers will also find cushy salaries in Phoenix (+16 percent), New York (+15 percent), Dallas (+8 percent), and Salt Lake City (+8 percent). In Charlotte, salaries are 17 percent below the national average and represent the lowest-paying market. A couple other locations with smaller-than-average paychecks include Jacksonville (16 percent lower) and Orlando (13 percent lower).

Related Job Salaries

Key Stats for Mortgage Loan Closer

Gender

Female
85 %
Male
15 %

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 73 votes.
Less than 1 year
4%
1-4 years
28%
5-9 years
18%
10-19 years
32%
20 years or more
18%
Location:
Years in Fields/Career:
United States (change)

Experience Affects Mortgage Loan Closer Salaries

▲7%

▲6%

▲4%

National Average
$44,000

▼8%

Skills That Affect Mortgage Loan Closer Salaries

Mortgage Loans
▼0%

Loan Documents
▼0%

National Average
$44,000

Loan Processing
▼7%

Customer Service
▼9%

Residential Loans
▼10%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 73 votes.

Gender

Female
85 %
Male
15 %

Years of Experience

Less than 1 year
4%
1-4 years
28%
5-9 years
18%
10-19 years
32%
20 years or more
18%

Common Health Benefits

medical benefits
Medical: 85%
dental benefits
Dental: 74%
vision benefits
Vision: 63%
no benefits
None: 14%
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