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Mortgage Loan Closer Salary

Pay for Mortgage Loan Closers in the United States sits in the ballpark of $41K annually. The most influential factor affecting pay for this group is geography, though the specific employer and tenure have a (lesser) impact as well. The vast majority of Mortgage Loan Closers (82 percent) who participated in the survey are women. Work is enjoyable for Mortgage Loan Closers, who typically claim high levels of job satisfaction. Most enjoy medical while a strong majority get dental coverage. Vision coverage is also available to the greater part. Participants in PayScale's salary questionnaire provided the particulars of this report.
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$31,342 - $51,365
(Median)
$31K
$41K
$51K
MEDIAN: $40,842
10%
50%
90%

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$12.88 - $22.99
(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
$31,342 - $51,365  
   
Bonus
$0.00 - $7,047  
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).
)
$29,960 - $53,273  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 296
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
$12.88 - $22.99  
   
Overtime
$18.30 - $36.11  
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 - $7,047  
   
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).
)
$29,960 - $53,273  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 202
United States (change)

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 go on to become Loan Closers may see somewhat stagnant compensation. On average, a Loan Closer, an upper-level role, pays $39K.

Loan Closer Job Listings

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Popular Employer Salaries for Mortgage Loan Closer


Bank of America Corp. (BOFA) offers the lowest pay in the field with a median salary of just $41K, but on the other end, some employees may earn up to $50K.


Mortgage Loan Closers usually report a few specific skills. Those who have experience with Loan Documents, Mortgage Loans, and Customer Service can expect to be compensated well for these skills. Aptitude in Loan Documents tends to also indicate an understanding of Mortgage Loans.

Pay by Experience Level for Mortgage Loan Closer

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


Experience does not seem to be a strong driver of pay increase in this role. The average worker who claims fewer than five years of experience earns around $38K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median 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

Experience Affects Mortgage Loan Closer Salaries

Late-Career
up arrow 10%

Experienced
up arrow 7%

Mid-Career
up arrow 3%

National Average
$41,000

Entry-Level
up arrow 8%

Skills That Affect Mortgage Loan Closer Salaries

Loan Documents
up arrow 3%

Mortgage Loans
up arrow 2%

National Average
$41,000

Customer Service
up arrow 2%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 74 votes.

Gender

Female
82 %
Male
18 %

Years of Experience

Less than 1 year
3%
1-4 years
32%
5-9 years
21%
10-19 years
30%
20 years or more
14%

Common Health Benefits

medical benefits Medical: 81% dental benefits Dental: 72%
vision benefits Vision: 57% employee benefits None: 17%