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Mortgage Loan Closer Salary

Pay for Mortgage Loan Closers in the United States sits in the ballpark of $41K per year. The most influential factor affecting pay for this group is the particular firm, though the particular city and tenure have a (lesser) impact as well. Medical benefits are awarded to a large number, and a fair number earn dental coverage. Job satisfaction is high and work is enjoyable for most Mortgage Loan Closers. Mortgage Loan Closers who responded to the questionnaire are largely women, dominating at 81 percent. Figures cited in this summary are based on replies to PayScale's salary questionnaire.
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$31,344 - $51,843
(Median)
$31K
$41K
$52K
MEDIAN: $41,241
10%
50%
90%

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$12.72 - $23.14
(Median)
$13
$18
$23
MEDIAN: $18.00
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
$31,344 - $51,843  
   
Bonus
$0.00 - $8,159  
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).
)
$29,637 - $53,589  
Country: United States | Currency: USD | Updated: 31 Mar 2015 | Individuals Reporting: 316
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
$12.72 - $23.14  
   
Overtime
$18.68 - $37.24  
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 - $8,159  
   
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).
)
$29,637 - $53,589  
Country: United States | Currency: USD | Updated: 31 Mar 2015 | Individuals Reporting: 219

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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 the highest salaries can be found at Wells Fargo Home Mortgage where median pay is $49K, there is little variation in compensation; paychecks are spread only between $36K and $57K.


Mortgage Loan Closers typically list a handful of skills they use on the job. Those who have experience with Loan Documents, Mortgage Loans, and Customer Service can expect to be compensated well for these skills. Competency in Loan Documents frequently indicates knowledge of Mortgage Loans.

Pay by Experience Level for Mortgage Loan Closer

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


Mortgage Loan Closers do not generally earn higher incomes from more experience in the field. Although individuals who have less than five years' experience earn $38K on average, people with five to 10 years benefit from a notably larger average of $42K. Mortgage Loan Closers claiming one to two decades of experience make an estimated median of $44K. Mortgage Loan Closers who have stuck around for more than two decades see earnings that are only slightly higher than those of folks who have worked for 10 to 20 years; the more senior group makes around $45K on average.

Related Job Salaries

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Experience Affects Mortgage Loan Closer Salaries

Late-Career
up arrow 10%

Experienced
up arrow 8%

Mid-Career
up arrow 3%

National Average
$41,000

Entry-Level
up arrow 9%

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 2%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 79 votes.

Gender

Female
81 %
Male
19 %

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: 81% dental benefits Dental: 72%
vision benefits Vision: 58% employee benefits None: 16%