Loan Closer Salary

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.

When mistakes are found, the information should be relayed to the appropriate department within the company. Loan closers must determine how many payments will be necessary to fulfill a loan and how much they will be; when loans cannot be closed, they must specify what needs to be fulfilled to obtain them. It is also essential that all procedures and documents adhere to company polices and all laws and regulations.

Those in this position must have strong attention to detail and the abilities to multitask and meet time-constraints. Generally, a high school diploma is required, though some employers will prefer applicants with some college education, especially in a relevant field. Some companies may offer training, while others only accept those who have held a similar position or had other prior experience. The work is generally carried out in an office environment during traditional business hours. (Copyright 2017 PayScale.com)

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.