Median pay for Mortgage Loan Closers in the United States comes out to approximately $45K annually, but employers in Chicago pay the most, the average compensation in that city is around $56K. Mortgage Loan Closers can also look forward to large paychecks in cities like Phoenix (+21 percent), New York (+17 percent), Austin (+10 percent), and Dallas (+9 percent). The data for this snapshot was collected from individuals who took PayScale's salary survey.
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$34,830 - $57,385
$35K
$45K
$57K
MEDIAN: $45,103
10%
50%
90%

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$13.92 - $24.63
$14
$19
$25
MEDIAN: $19.33
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
$34,830 - $57,385  
   
Bonus
$1,036 - $11,675  
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).
)
$33,580 - $58,232  
Country: United States | Currency: USD | Updated: 18 Jan 2017 | Individuals Reporting: 293
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
$13.92 - $24.63  
   
Hourly Tips
$3.19  
Overtime
$21.65 - $38.82  
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
$1,036 - $11,675  
   
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).
)
$33,580 - $58,232  
Country: United States | Currency: USD | Updated: 18 Jan 2017 | Individuals Reporting: 205

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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Mortgage Loan Closers' salaries tend to stay somewhat constant even when they advance into higher-level positions like Mortgage Loan Funder. On average, Mortgage Loan Funders get paid about the same as Mortgage Loan Closers do. Mortgage Loan Closers most often move into Loan Closer or Mortgage Loan Processor roles. However, the former pays $5K less on average, and the latter pays $9K less.

Loan Closer Job Listings

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Popular Employer Salaries for Mortgage Loan Closer


Although Wells Fargo Home Mortgage offers the highest salaries (median pay is $49K), survey participants reported a rather limited pay range of $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. The average pay reported by folks with 10 to 20 years of experience is around $48K. Survey respondents who have worked for more than 20 years actually report somewhat lower incomes of $47K.

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 68 votes.
031
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

Experienced
up arrow 8%

Late-Career
up arrow 5%

Mid-Career
up arrow 4%

National Average
$44,000

Entry-Level
up arrow 7%

Skills That Affect Mortgage Loan Closer Salaries

National Average
$44,000



Loan Processing
up arrow 7%

Customer Service
up arrow 9%

Residential Loans
up arrow 10%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 68 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: 75%
vision benefits
Vision: 63%
dental benefits
None: 13%
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