Avg. Base Salary (USD)
The average salary for a Loan Closer is $50,298
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 $47,672 based on 96 salaries. A mid-career Loan …Read more
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 …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.