Working as a Loan Closer

There is more than meets the eye when it comes to being a loan closer. For example, did you know that they make an average of $18.67 an hour? That's $38,837 a year!

Between 2018 and 2028, the career is expected to grow 5% and produce 72,100 job opportunities across the U.S.

What Does a Loan Closer Do

There are certain skills that many loan closers have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed dexterity, math skills and mechanical skills.

When it comes to the most important skills required to be a loan closer, we found that a lot of resumes listed 21.1% of loan closers included loan applications, while 11.3% of resumes included title companies, and 9.6% of resumes included customer service. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.

When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the loan closer job title. But what industry to start with? Most loan closers actually find jobs in the finance and professional industries.

How To Become a Loan Closer

If you're interested in becoming a loan closer, one of the first things to consider is how much education you need. We've determined that 39.7% of loan closers have a bachelor's degree. In terms of higher education levels, we found that 7.9% of loan closers have master's degrees. Even though some loan closers have a college degree, it's possible to become one with only a high school degree or GED.

Choosing the right major is always an important step when researching how to become a loan closer. When we researched the most common majors for a loan closer, we found that they most commonly earn bachelor's degree degrees or high school diploma degrees. Other degrees that we often see on loan closer resumes include associate degree degrees or master's degree degrees.

You may find that experience in other jobs will help you become a loan closer. In fact, many loan closer jobs require experience in a role such as loan processor. Meanwhile, many loan closers also have previous career experience in roles such as customer service representative or mortgage loan processor.

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Average Salary$38,837
Job Growth Rate5%

Loan Closer Jobs

Loan Closer Career Paths

Top Careers Before Loan Closer
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Top Careers After Loan Closer
Closer8.5 %
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What is the right job for my career path?

Tell us your goals and we'll match you with the rights job to get there.

Average Salary for a Loan Closer

Loan Closers in America make an average salary of $38,837 per year or $19 per hour. The top 10 percent makes over $46,000 per year, while the bottom 10 percent under $32,000 per year.
Average Salary
$38,837

Best Paying Cities

City
Average Salary

Recently Added Salaries

Job TitleCompanyCompanyStart DateSalary
Mortgage Loan Post-Closer
Mortgage Loan Post-Closer
Oregon Community Credit Union
Oregon Community Credit Union
07/29/2020
07/29/2020
$37,39907/29/2020
$37,399
Mortgage Closer 2
Mortgage Closer 2
Wells Fargo
Wells Fargo
07/28/2020
07/28/2020
$36,50007/28/2020
$36,500
Loan Closer-Fully Remote
Loan Closer-Fully Remote
Aerotek
Aerotek
07/28/2020
07/28/2020
$93,91507/28/2020
$93,915
Loan Closer-Fully Remote
Loan Closer-Fully Remote
Aerotek
Aerotek
07/28/2020
07/28/2020
$93,91507/28/2020
$93,915
Loan Closer
Loan Closer
Management Recruiters of Wausau
Management Recruiters of Wausau
07/27/2020
07/27/2020
$28,00007/27/2020
$28,000
See More Recent Salaries

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Loan Closer Demographics

Gender

Female

72.8 %

Male

23.0 %

Unknown

4.2 %
Ethnicity

White

62.1 %

Hispanic or Latino

16.0 %

Black or African American

11.6 %
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Foreign Languages Spoken

Spanish

57.4 %

French

6.4 %

Russian

4.3 %
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Loan Closer Education

Schools

Ashford University

7.2 %

Arizona State University

7.2 %

Texas A&M University

7.2 %

University of South Florida

6.5 %
Show More
Majors

Business

34.3 %

Accounting

9.9 %

Finance

9.1 %

Real Estate

4.4 %
Show More
Degrees

Bachelors

39.7 %

High School Diploma

19.6 %

Associate

18.7 %

Masters

7.9 %
Show More

Entry Level Jobs For Becoming A Loan Closer

Job type you want
Full Time
Part Time
Internship
Temporary

Top Skills For a Loan Closer

The skills section on your resume can be almost as important as the experience section, so you want it to be an accurate portrayal of what you can do. Luckily, we've found all of the skills you'll need so even if you don't have these skills yet, you know what you need to work on. Out of all the resumes we looked through, 21.1% of loan closers listed loan applications on their resume, but soft skills such as dexterity and math skills are important as well.

Best States For a Loan Closer

Some places are better than others when it comes to starting a career as a loan closer. The best states for people in this position are Hawaii, California, Louisiana, and Alaska. Loan closers make the most in Hawaii with an average salary of $67,807. Whereas in California and Louisiana, they would average $63,336 and $61,565, respectively. While loan closers would only make an average of $58,490 in Alaska, you would still make more there than in the rest of the country. We determined these as the best states based on job availability and pay. By finding the median salary, cost of living, and using the Bureau of Labor Statistics' Location Quotient, we narrowed down our list of states to these four.

1. Mississippi

Total Loan Closer Jobs:
37
Highest 10% Earn:
$116,000
Location Quotient:
2.21
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

2. Ohio

Total Loan Closer Jobs:
152
Highest 10% Earn:
$110,000
Location Quotient:
1.34
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

3. Kentucky

Total Loan Closer Jobs:
47
Highest 10% Earn:
$102,000
Location Quotient:
1.43
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here
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Loan Closer Resumes

Designing and figuring out what to include on your resume can be tough, not to mention time-consuming. That's why we put together a guide that is designed to help you craft the perfect resume for becoming a loan closer. If you're needing extra inspiration, take a look through our selection of templates that are specific to your job.

At Zippia, we went through countless loan closer resumes and compiled some information about how best to optimize them. Here are some suggestions based on what we found, divided by the individual sections of the resume itself.

Learn How To Write a Loan Closer Resume

At Zippia, we went through countless loan closer resumes and compiled some information about how best to optimize them. Here are some suggestions based on what we found, divided by the individual sections of the resume itself.

View Detailed Information

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Top Loan Closer Employers

We've made finding a great employer to work for easy by doing the hard work for you. We looked into employers that employ loan closers and discovered their number of loan closer opportunities and average salary. Through our research, we concluded that Bank of America was the best, especially with an average salary of $56,114. Wells Fargo follows up with an average salary of $42,050, and then comes JPMorgan Chase with an average of $75,304. In addition, we know most people would rather work from home. So instead of having to change careers, we identified the best employers for remote work as a loan closer. The employers include Freedom Mortgage, Robert Half International, and Amerisave Mortgage

1. Bank of America
4.8
Avg. Salary: 
$56,114
Loan Closers Hired: 
465+
2. Wells Fargo
4.8
Avg. Salary: 
$42,050
Loan Closers Hired: 
185+
3. JPMorgan Chase
4.9
Avg. Salary: 
$75,304
Loan Closers Hired: 
167+
4. Citi
4.9
Avg. Salary: 
$73,912
Loan Closers Hired: 
76+
5. U.S. Bank
4.8
Avg. Salary: 
$43,726
Loan Closers Hired: 
54+
6. SunTrust Banks
4.8
Avg. Salary: 
$49,834
Loan Closers Hired: 
48+

Loan Closer Videos

Recently Added Loan Closer Jobs

Updated October 2, 2020