Loan Closer Salary and Career Path Overview

As a loan closer, you'll typically earn a salary ranging from $60,000 to over $150,000 per year, depending on factors like location and experience.

Loan closers work in the mortgage industry, ensuring that loan documents are accurate and complete before a loan is finalized.

Their salary can vary significantly based on the specific job title, such as loan closer, loan processor, or mortgage closer.

A loan closer's career path often starts with a degree in a field like business, finance, or a related field, and may require specialized certifications or training.

Median salary is just one data point, and it can be helpful to look at the full range of compensation for mortgage loan closers.

The median salary for mortgage loan closers is $65,408 per year, based on a review of 53,296 job postings.

To give you a better idea of what to expect, let's break down the average salary for mortgage loan closers with different levels of experience:

The median hourly salary for mortgage loan closers is about $31, based on 32% of postings with advertised compensation.

The median salary for mortgage loan closers can vary depending on their level of experience, with senior-level professionals earning around $54,315 per year.

There were about 321,457 positions for mortgage loan closers in the United States in 2023.

Employers across the country posted 60,182 job postings related to positions for mortgage loan closers.

The median advertised salary for mortgage loan closers was $65,408 per year, based on 19,516 job postings that included salary information.

About 37% of job postings for mortgage loan closers included advertised salary data.

Advertised salaries for mortgage loan closers have decreased 35% over the past three years, based on compensation data from job postings dating back to September 2020.

The national median salary for mortgage loan closers was reported to be $69,992 in 2023.

Salary variations can be significant for Mortgage Closer positions.

Experience plays a crucial role in determining salary, with entry-level professionals earning around $49,111 per year and senior-level professionals earning up to $54,524.

The salary also varies based on location, with states like California, Massachusetts, and New Jersey offering higher average salaries, ranging from $55,802 to $56,571.

Here are some average annual salaries for Mortgage Closer positions in different states:

Additionally, salaries can also vary within cities, with San Francisco, CA, offering the highest average salary of $64,110, while New York, NY, offers $59,905.

Salaries for Mortgage Closers can vary significantly from city to city due to factors like cost of living, local economies, and industry presence.

In San Francisco, CA, the average yearly salary for a Mortgage Closer is $64,110. In New York, NY, the average annual salary is $59,905. In Boston, MA, a Mortgage Closer earns $57,494 per year.

These numbers highlight the importance of considering location when evaluating salary ranges for Mortgage Closers.

Salaries for Mortgage Closers vary significantly from state to state, influenced by factors like cost of living, local economies, and industry presence.

In California, the average yearly salary for a Mortgage Closer is a substantial $56,571.

Massachusetts and New Jersey also show notable salaries, with the average annual salary in Massachusetts being $55,802 and in New Jersey being $56,212.

These figures demonstrate the importance of considering location when determining a Mortgage Closer's salary.

Loan closers typically work for banks, credit unions, or other financial institutions, performing a variety of duties to assist in the closure of loans. They usually work a standard 40-hour workweek in a comfortable office environment.

According to the U.S. Bureau of Labor Statistics, employment for loan interviewers and clerks, which includes mortgage loan closers, is predicted to increase 9% from 2012-2022. This growth rate may vary by industry and specialty.

To give you a better idea of the job market, here are some key statistics:

The majority of loan closers earned between $30,488 and $64,277, as of July 2015.

As a loan closer, you'll typically work for banks, credit unions, or other financial institutions, performing a variety of duties to assist in the closure of loans.

Loan closers are responsible for verifying loan applicants' personal and financial information, obtaining the appropriate insurance, and verifying loan amounts.

You'll also communicate important information to applicants and loan officers, ensuring a smooth loan closure process.

Some loan closers work a standard 40-hour workweek in a comfortable office environment, while others may work part-time.

You'll often work full-time hours in an office environment, often for title companies, credit unions, mortgage companies, banks, or real estate companies.

Loan closers use computers to input financial information and data, so taking computer skills courses can be beneficial for this profession.

By taking relevant coursework in high school, such as mathematics and business classes, you can begin to develop some of the skills needed to succeed in this profession.

A career as a mortgage loan closer can be a great option for those looking for a stable job in the finance industry. Many positions require only a high school diploma or equivalent, making it accessible to those who may not have a college degree.

Employers typically provide on-the-job training, so you can learn the skills you need to succeed in the role. This is a great advantage, as it allows you to get started quickly and start earning a salary.

Most mortgage loan closers work in an office environment, which can be a comfortable and quiet place to work. They also typically work 40 hours a week, which is a standard full-time schedule.

However, the pay for mortgage loan closers can be relatively low, with a median annual wage of around $36,880 as of May 2014. This may not be the best option for those who are looking to earn a high salary.

Here are some key pros and cons of a career as a mortgage loan closer:

Overall, a career as a mortgage loan closer can be a good option for those who are looking for a stable job in the finance industry, but it may not be the best option for those who are looking to earn a high salary.

The median salary for mortgage loan closers in the United States in 2023 was $69,992, according to the BLS. This is a significant figure, and one that can give you a good idea of what to expect in terms of compensation.

Entry-level Mortgage Closers can expect to earn around $49,111 per year, while those with 1-2 years of experience can earn an average of $50,075. As experience grows, so do salaries, with Senior-Level Mortgage Closers earning around $52,649 and Specialist-Level Mortgage Closers earning $54,315.

Here's a breakdown of salary ranges for Mortgage Closers:

Keep in mind that these are just averages, and salaries can vary widely depending on factors like location, experience, and company size.

Annual salary data for mortgage closers is a valuable resource for professionals and job seekers alike. The median annual salary for mortgage closers in the United States in 2023 was $69,992.

Entry-level mortgage closers can expect to earn around $49,111 per year, while those with 1-2 years of experience can earn up to $50,075. As experience increases, so does salary, with senior-level professionals earning around $54,315.

Here's a breakdown of the average annual salaries for mortgage closers with different levels of experience:

In addition to these average salaries, it's worth noting that the lowest earners for mortgage loan closers and related professions earned about $37,024 per year in 2023, while the highest earners made about $139,464 annually.

As of 2023, the median average hourly pay for mortgage loan closers is $34, with the lowest earners taking home $18 and the highest reported hourly salaries reaching $67.

The hourly salary for mortgage loan closers can vary significantly depending on the employer and location.

A similar analysis of job postings reveals that the median hourly salary for open positions for mortgage loan closers in the United States is about $31, based on 32% of postings with advertised compensation.

The hourly salary for mortgage loan closers has also been reported to range from $20 to $31 as of January 01, 2025.

Here's a breakdown of hourly and monthly salary ranges for mortgage closers as of January 01, 2025: