$48,392
Avg. Salary
$18.84
Avg. Hourly Rate

Average additional compensation:

$3,041

Bonus

$4,000

Profit Sharing

$11,000

Commission

What am I worth?
How should I pay?

The average pay for a Loan Closer is $18.84 per hour.

The average pay for a Loan Closer is $48,392 per year.

10%
$14.64
10%
$18.84
50%
$24.40
90%
90%
MEDIAN $18.84
10%
$34k
10%
$48k
50%
$69k
90%
90%
MEDIAN $48,392
$34,490 - $69,261
$34K
$48K
$69K
MEDIAN: $48,392
10%
50%
90%

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$14.64 - $24.40
$15
$19
$24
MEDIAN: $18.84
10%
50%
90%

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$0$69K
Salary $34,490 - $69,261
Bonus $900 - $9,916
Profit Sharing $4,000
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).
)
$32,895 - $64,773
  • Country: United States
  • Currency: USD
  • Updated: 14 Apr 2019
  • Individuals Reporting: 242
Hourly Data $0$38
Hourly Rate $14.64 - $24.40
Hourly Tips $1.70
Overtime $20.55 - $38.26
Annual Data $0$64K
Bonus $900 - $9,916
Commission $11,000
Profit Sharing $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).
)
$32,895 - $64,773
  • Country: United States
  • Currency: USD
  • Updated: 14 Apr 2019
  • Individuals Reporting: 133

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.

Read More...
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.

Loan Closer Pay By Employer

$0$52K

$52,000

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
81 %
Male
19 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 48 votes.
Less than 1 year
4%
1-4 years
38%
5-9 years
20%
10-19 years
26%
20 years or more
13%

Experience Affects Loan Closer Salaries

▲8%

Late-Career
▲5%

National Average
$47,000

Mid-Career
▼3%

Entry-Level
▼17%

Skills That Affect Loan Closer Salaries

Commercial Loans
▲6%

Loan Processing
▲4%

National Average
$47,000

Loan Documents
▼5%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 48 votes.

Gender

Female
81 %
Male
19 %

Years of Experience

Less than 1 year
4%
1-4 years
38%
5-9 years
20%
10-19 years
26%
20 years or more
13%

Common Health Benefits

medical benefits
Medical: 82%
dental benefits
Dental: 71%
vision benefits
Vision: 62%
no benefits
None: 16%