Do loan processors make good money?

Yes, loan processors make good money. A loan processor's average annual salary is $41,782 or $20.09 per hour. On the lower end of the salary range, you may only make around $33,000, usually for entry-level positions. On the higher end, you can make around $52,000. Senior-level positions can earn you an average salary of $61,300 or more compared to mid-level positions of $45,000.

How long does it take to become a mortgage closer?

It takes about one year to become a mortgage closer. Since the only required level of education to be completed is high school, all you would need to become a mortgage closer is at least one year of experience working in banking or loan processing.

How much does a closer make a year?

A closer makes $75,000 a year, on average. However, because closers are paid based on commission, this salary can vary greatly depending on the terms set by the closer and the location and value of the properties being worked with.

How To Become A Loan Closer: What It Is and Career Path

What is a loan closer and how to become one

Updated January 8, 2025

3 min read

Loan closers work for banks and other lending institutions to close on real estate mortgage loans. The job involves preparing, reviewing, and submitting important documents to ensure that it meets the stipulated regulations.

Loan closers work directly with loan officers, and frequently meet with them to answer questions on the borrower's behalf. They're involved in every aspect of the loan process, from the initial request to the final closure. Loan officers keep track of deposits and payments, arrange for property appraisals, and ensure that all closing documents are delivered. They may spend several hours meeting to discuss with borrowers, lenders and other middlemen during this process.

You'll need a high school diploma or GED at minimum to work as a loan officer. Experience with banking and loans in general is also required. It helps to have proficiency with loan software and Office Suites packages. After meeting these qualifications, you can earn an hourly rate of $18.34.

ScoreLoan CloserUS Average

Salary

3.1

Avg. Salary $39,093

Avg. Salary $59,228

Stability level

8.6

Growth rate -3%

Growth rate 0.3%

Diversity

8.2

Race

American Indian and Alaska Native 0.40%

Asian 7.01%

Black or African American 12.92%

Hispanic or Latino 14.81%

Unknown 4.29%

White 60.56%

Gender

female 77.43%

male 22.57%

Age - 41

Race

American Indian and Alaska Native 3.00%

Asian 7.00%

Black or African American 14.00%

Hispanic or Latino 19.00%

White 57.00%

Gender

female 47.00%

male 53.00%

Age - 41

Stress level

8.6

Stress level is very high

7.1 - high

Complexity level

6.9

Complexity level is challenging

7 - challenging

Work life balance

5.2

Work life balance is fair

6.4 - fair

Key steps to become a loan closer

Explore loan closer education requirements

Most common loan closer degrees

Bachelor's

51.1 %

Associate

23.1 %

High School Diploma

13.3 %

Start to develop specific loan closer skills

Skills	Percentages
Customer Service	24.10%
Excellent Organizational	5.03%
TRID	4.26%
FHA	4.22%
Va	4.22%

Complete relevant loan closer training and internships

Accountants spend an average of 1-2 years on post-employment, on-the-job training. New loan closers learn the skills and techniques required for their job and employer during this time. The chart below shows how long it takes to gain competency as a loan closer based on U.S. Bureau of Labor Statistics data and data from real loan closer resumes.

Research loan closer duties and responsibilities

Time management and organization skills to effectively prioritize multiple objectives and achieve volume goals.
Update files by obtaining annual and interim financial statements, renew insurance policies and UCC amendments, continuations and terminations.
Maintain a working knowledge of government underwriting policies pertaining to multiple programs such as VA, USDA, and FHA financing.
Gain knowledge of requirements establish by the FHA/VA, FNMA, FHLMC and private investors.

Prepare your loan closer resume

When your background is strong enough, you can start writing your loan closer resume.

You can use Zippia's AI resume builder to make the resume writing process easier while also making sure that you include key information that hiring managers expect to see on a loan closer resume. You'll find resume tips and examples of skills, responsibilities, and summaries, all provided by Zippi, your career sidekick.

Choose from 10+ customizable loan closer resume templates

Build a professional loan closer resume in minutes. Browse through our resume examples to identify the best way to word your resume. Then choose from 10+ resume templates to create your loan closer resume.

Apply for loan closer jobs

Now it's time to start searching for a loan closer job. Consider the tips below for a successful job search:

Browse job boards for relevant postings
Consult your professional network
Reach out to companies you're interested in working for directly
Watch out for job scams

How do loan closers rate their job?

-/5

5 stars

4 stars

3 stars

2 stars

1 star

Loan closer reviews

A zippia user wrote a review on Mar 2022

Cons

Having to Decline applicants

A zippia user wrote a review on Oct 2019

Pros

This is a challenging position. It is not a one-size-fits-all job. The nature of your work depends heavily on the loan officer you work under. High-volume is no joke. You'll need to be sharp and focused all-day, every day you come to work.