The average pay for a Loan Closer is $18.84 per hour.
The average pay for a Loan Closer is $48,392 per year.
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...- 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
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.
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Key Stats for Loan Closer
Gender
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Female
81 % |
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Male
19 % |
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Job Satisfaction
| Extremely satisfied |
Rated 5 out of 5 based on 48 votes. |
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