What is a Loan Closer

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.

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 $19.08 an hour? That's $39,689 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 Communication skills, Math skills and Organizational skills.

Learn more about what a Loan Closer does

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 51.1% of Loan Closers have a bachelor's degree. In terms of higher education levels, we found that 5.0% of Loan Closers have master's degrees. Even though most 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 Associate Degree degrees. Other degrees that we often see on Loan Closer resumes include High School Diploma 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
$39,689
Average Salary
Job Growth Rate
5%
Job Growth Rate
Job Openings
8,764
Job Openings
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Loan Closer Career Paths

Top Careers After Loan Closer

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Average Salary for a Loan Closer

Loan Closers in America make an average salary of $39,689 per year or $19 per hour. The top 10 percent makes over $49,000 per year, while the bottom 10 percent under $31,000 per year.
Average Salary
$39,689
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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.

Learn How To Write a Loan Closer Resume

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

View Loan Closer Resume Examples And Templates

Loan Closer Demographics

Loan Closer Gender Statistics

female

72.8 %

male

23.0 %

unknown

4.2 %

Loan Closer Ethnicity Statistics

White

67.6 %

Hispanic or Latino

15.8 %

Black or African American

8.3 %

Loan Closer Foreign Languages Spoken Statistics

Spanish

57.4 %

French

6.4 %

Italian

4.3 %
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Loan Closer Education

Loan Closer Majors

35.7 %
8.3 %

Loan Closer Degrees

Bachelors

51.1 %

Associate

23.1 %

High School Diploma

13.3 %

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None
High School / GED
Associate
Bachelor's
Master's
Doctorate

Top Colleges for Loan Closers

1. University of Pennsylvania

Philadelphia, PA • Private

In-State Tuition
$55,584
Enrollment
10,764

2. Northwestern University

Evanston, IL • Private

In-State Tuition
$54,568
Enrollment
8,451

3. University of Southern California

Los Angeles, CA • Private

In-State Tuition
$56,225
Enrollment
19,548

4. SUNY at Binghamton

Vestal, NY • Private

In-State Tuition
$9,808
Enrollment
13,990

5. Villanova University

Villanova, PA • Private

In-State Tuition
$53,308
Enrollment
6,819

6. San Diego State University

San Diego, CA • Private

In-State Tuition
$7,488
Enrollment
30,018

7. Bentley University

Waltham, MA • Private

In-State Tuition
$49,880
Enrollment
4,177

8. Boston University

Boston, MA • Private

In-State Tuition
$53,948
Enrollment
17,238

9. SUNY Stony Brook

Stony Brook, NY • Private

In-State Tuition
$9,625
Enrollment
17,407

10. New York University

New York, NY • Private

In-State Tuition
$51,828
Enrollment
26,339
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Online Courses For Loan Closer That You May Like

How to Become a Mobile Notary and Loan Signing Agent
udemy
4.6
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Learn how to make over six figures as a Real Estate Loan Signing Agent and Mobile Notary...

Become a Mortgage Loan Processor
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Finibi Mortgage CEO, Joe Correa, teaches you how to become a mortgage loan processor...

Advanced Mortgage Loan Processor: Essential Skills Training
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Finibi Mortgage CEO, Joe Correa, teaches you how to take your mortgage loan processor career to the next level...

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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, 17.1% of Loan Closers listed Customer Service on their resume, but soft skills such as Communication skills and Math skills are important as well.

  • Customer Service, 17.1%
  • Loan Portfolio, 14.5%
  • Title Companies, 8.9%
  • Ensure Compliance, 7.8%
  • Regulatory Agencies, 4.9%
  • Other Skills, 46.8%
  • See All Loan Closer Skills

12 Loan Closer RESUME EXAMPLES

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 California, Washington, New Jersey, and West Virginia. Loan Closers make the most in California with an average salary of $49,773. Whereas in Washington and New Jersey, they would average $48,034 and $47,284, respectively. While Loan Closers would only make an average of $47,060 in West Virginia, 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. New Jersey

Total Loan Closer Jobs:
247
Highest 10% Earn:
$65,000
Location Quotient:
1.09
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. Washington

Total Loan Closer Jobs:
199
Highest 10% Earn:
$61,000
Location Quotient:
0.96
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. Vermont

Total Loan Closer Jobs:
26
Highest 10% Earn:
$56,000
Location Quotient:
1.19
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
Full List Of Best States For Loan Closers

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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 $35,159. Wells Fargo follows up with an average salary of $35,189, and then comes JPMorgan Chase & Co. with an average of $35,234. 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 FIS, Mcgriff, Seibels & Williams, and First Horizon National

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Becoming a Loan Closer FAQs

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.

As most jobs go, education, location, and experience can determine your salary. Those with a college degree typically earn more than those without. Some of the top-paying states are West Virginia, California, and Connecticut, with average salaries above $46,000.

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