Mortgage Loan Closer Salary

Earnings for Mortgage Loan Closers in the United States come in at around $42K 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. Mortgage Loan Closers who responded to the questionnaire are largely women, dominating at 82 percent. Work is enjoyable for Mortgage Loan Closers, who typically claim high levels of job satisfaction. A large number report receiving medical coverage from their employers and a fair number collect dental insurance. Figures cited in this summary are based on replies to PayScale's salary questionnaire.
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$32,502 - $52,310

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$12.96 - $23.24

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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$18K$36K$54K
Salary
$32,502 - $52,310  
   
Bonus
$0.00 - $7,891  
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).
)
$30,097 - $53,826  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 338
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
$12.96 - $23.24  
   
Overtime
$18.81 - $37.05  
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
$0.00 - $7,891  
   
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).
)
$30,097 - $53,826  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 243
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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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For Mortgage Loan Closers, career advancements do not tend to correlate with a rise in salary. On average, lower-level Mortgage Loan Closers earn similar salaries to those in higher-end positions like Loan Closer.

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.


Survey takers who work as Mortgage Loan Closers typically report just a few professional skills. Those who have experience with Mortgage Loans, Loan Documents, and Customer Service can expect to be compensated well for these skills. Experience with Loan Documents is often linked with 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 with more experience do not necessarily bring home bigger paychecks. In fact, experience in this field tends to impact compensation minimally. Workers in their first five years can expect to earn $39K, but people who have been around for five to 10 years earn a noticeably bigger sum of $43K. Mortgage Loan Closers claiming one to two decades of experience make an estimated median of $45K. Respondents who claim more than 20 years of experience may encounter pay that doesn't quite reflect their extensive experience; these veterans report a median income of around $46K.

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Experience Affects Mortgage Loan Closer Salaries

Late-Career
up arrow 10%

Experienced
up arrow 9%

Mid-Career
up arrow 2%

National Average
$41,000

Entry-Level
up arrow 7%

Skills That Affect Mortgage Loan Closer Salaries

Mortgage Loans
up arrow 1%

Loan Documents
0%

National Average
$41,000

Customer Service
up arrow 3%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 80 votes.

Gender

Female
82 %
Male
18 %

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: 82% dental benefits Dental: 71%
vision benefits Vision: 59% employee benefits None: 16%
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