Loan Closer Salary

An average Loan Closer in the United States can expect to take home roughly $46K annually. Geographic location is the biggest factor affecting pay for this group, followed by career length. Most Loan Closers report high levels of job satisfaction. Most enjoy medical while a strong majority get dental coverage. Vision coverage is also available to a majority. Most Loan Closers survey respondents are women (76 percent). Figures cited in this summary are based on replies to PayScale's salary questionnaire.

$34,308 - $69,903
$34K
$47K
$70K
MEDIAN: $46,618
10%
50%
90%

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$14.69 - $24.08
$15
$19
$24
MEDIAN: $18.61
10%
50%
90%

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$0$69K
Salary $34,308 - $69,903
Bonus $1,007 - $10,271
Commission $11,000
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).
)
$33,295 - $64,560
  • Country: United States
  • Currency: USD
  • Updated: 20 Sep 2017
  • Individuals Reporting: 158
Hourly Data $0$35
Hourly Rate $14.69 - $24.08
Hourly Tips $1.70
Overtime $21.03 - $35.35
Annual Data $0$64K
Bonus $1,007 - $10,271
Commission $11,000
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).
)
$33,295 - $64,560
  • Country: United States
  • Currency: USD
  • Updated: 20 Sep 2017
  • Individuals Reporting: 76

Find Out Exactly What You Should Be Paid

United States (change)

Job Description for Loan Closer

Loan closers work for mortgage companies by carrying out administrative duties to prepare closing packages, which is an essential part of helping loans come to fruition. They must enter information accurately to properly close loans and review all related documents to ensure they are correct and complete; these documents include invoices, titles, insurance, and closing commitment documents. Other information to be verified includes names, property addresses, lock dates, and underwriting approval documents.

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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 Loan Closer


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Loan Closers may not see large compensation differences if they transition into an upper-level role such as Mortgage Loan Closer. Mortgage Loan Closers on average make about as much as Loan Closers do. Loan Closers most frequently advance into Mortgage Loan Processor and Closer roles even though the median salaries are $9K lower and $8K lower, respectively.

Loan Closer Job Listings

Pay by Experience Level for Loan Closer

Pay by Experience for a Loan Closer has a positive trend. An entry-level Loan Closer with less than 5 years of experience can expect to earn an average total compensation of $39,000 based on 114 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Loan Closer with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $45,000 based on 54 salaries. An experienced Loan Closer which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $50,000 based on 78 salaries. A Loan Closer with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $49,000 based on 31 salaries.

Related Job Salaries

Key Stats for Loan Closer

Gender

Female
75 %
Male
25 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 30 votes.
Less than 1 year
3%
1-4 years
39%
5-9 years
16%
10-19 years
29%
20 years or more
13%
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Location:
Years in Fields/Career:
United States (change)

Experience Affects Loan Closer Salaries

▲10%

Late-Career
▲8%

Mid-Career
▼0%

National Average
$46,000

Entry-Level
▼15%

Skills That Affect Loan Closer Salaries

Commercial Loans
▲8%

Loan Processing
▲6%

National Average
$46,000

Loan Documents
▼3%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 30 votes.

Gender

Female
75 %
Male
25 %

Years of Experience

Less than 1 year
3%
1-4 years
39%
5-9 years
16%
10-19 years
29%
20 years or more
13%

Common Health Benefits

medical benefits
Medical: 81%
dental benefits
Dental: 71%
vision benefits
Vision: 57%
no benefits
None: 16%
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