Mortgage Loan Closer Salary
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.Read More...
A bachelor’s degree is often required for this position. Previous experience in a similar role may be required or preferred. The loan closer must have strong interpersonal skills, which help ensure that all customers feel satisfied in their interactions with the loan closer’s agency. In addition, the loan closer must also be proficient with basic computer software such as the Microsoft Office suite. They must also be detail oriented and keep up to date with all state and federal regulations that affect the loan industry and other aspects of the banking world.
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
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. Mortgage Loan Closers most frequently advance into Loan Closer and Mortgage Loan Processor roles even though the median salaries are $5K lower and $8K lower, respectively.
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.
Respondents with less than five years' experience take home $41K on average. In contrast, those who have been around for five to 10 years earn a noticeably higher average of $46K. Mortgage Loan Closers claiming one to two decades of experience make an estimated median of $47K. Respondents who boast more than two decades on the job don't boast commensurate pay, unfortunately; these veterans see average earnings of only $46K.