The average salary for a Loan Closer is $49,488.
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What Do Loan Closers Do?
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…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.
Job Satisfaction for Loan Closer
Popular Employer Salaries for Loan Closer
Explore the most common career paths for Loan Closer. Thickness and color of lines indicates popularity of movement from one job to the next. Visit our career path planner
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Loan Underwriter, Mortgage
Somewhat common (8 - 20%)
What Are Popular Skills for Loan Closers?
Skills in Loan Documents, Mortgage Loans, Commercial Loans, Loan Processing and Real Estate are correlated to pay that is above average.
What is the Pay by Experience Level for Loan Closers?
An entry-level Loan Closer with less than 1 year experience can expect to earn an average total compensation (includes tips, bonus, and overtime pay) of $41,142 based on 16 salaries. An early career Loan Closer with 1-4 years of experience earns an average total compensation of $47,758 based on 103 salaries. A mid-career Loan Closer with 5-9 years of experience earns an average total compensation of $49,730 based on 63 salaries. An experienced Loan Closer with 10-19 years of experience earns an average total compensation of $54,715 based on 68 salaries. In their late career (20 years and higher), employees earn an average total compensation of $53,196.
Pay Difference by Location
Employees with .NET Software Developer / Programmer in these locations earn less than the national average. The lowest salaries can be found in Pittsburgh, Pennsylvania (17.2% less), Jacksonville, Florida (11.4% less) and Minneapolis, Minnesota (9.1% less).
Years of Experience
This data is based on 297 survey responses.