Written By: Joel Palmer, Op-Ed Writer
The professionals who review the final mortgage loan documents, close loans and disburse funds can expect to earn an average salary in the $40,000 range, according to salary surveys available on multiple career websites.
According to Indeed.com, the average salary for mortgage closers in the U.S. is $41,000 a year, while Glassdoor.com lists the national average at a slightly lower $40,570.
Payscale lists the average national salary for mortgage closers as $45,000 with a range of $34,000 to $58,000. The site lists the national annual average for post closers at $40,000 and $45,122 for senior mortgage loan closers.
Like with any job, the amount a person earns will also depend on the location, the company employing the processor, the amount of experience possessed by the professional, and the value of benefits and bonuses provided. The consensus is that around half of mortgage loan closers have more than 10 years of experience, and those with that amount of experience will typically earn between 10 and 15 percent more than those beginning in the field.
The website Salary.com measured the median salary of mortgage closers and post closers, the latter being less experienced professionals who assist with the closing process by reviewing documents for compliance, completeness and accuracy and obtain missing information. A median salary indicates a middle point where 50 percent of subjects earn less than the median and the other 50 percent earn more.
According to Salary.com, the median salary of a mortgage closer, as of December 28, 2016, was $43,599, with a typical range between $38,039 and $48,054. About 25 percent of all mortgage loan closers earned at least $48,054 while 10 percent made at least $52,110 in base salary.
The median salary of a mortgage post closer was $37,186, with most professionals falling in the range between $32,463 and $42,617. The top 10 percent made at least $47,562.
Certain parts of the country will pay more than the national average or median, while others will pay less.
Salary.com data revealed that closers made an average annual salary of $50,000 in Boston and New York City, $47,000 to $48,000 in most major California markets, $45,800 in Chicago, $44,000 in Denver, $43,000 in Dallas and Houston, $42,000 in Cleveland and Cincinnati, and between $41,000 and $43,000 in Florida markets, including Miama, Tampa, and Jacksonville.
While the most significant portion of a professional’s income, base salary in most cases accounts for only 70 percent of a mortgage closer’s total compensation. Most in the profession are eligible for medical, dental and even vision benefits.
Closers can also earn annual bonuses. Regular closers can earn a median annual bonus of nearly $2,000, according Salary.com, while post closers collect median bonuses of $875.
The total value of company-paid benefits to mortgage underwriters includes Social Security contributions, 401(k) or 403(b) contributions, disability insurance premiums, health insurance premiums, pension funds and paid time off.
The totality of these benefits, according to Salary.com, results in median total compensation of $66,189 for mortgage closers and $56,360 for post closers.
About the Author
As an NAMP® Opinion Editorial Contributor, Joel Palmer is a freelance writer who spent 10 years as a business and financial reporter and another 10 years in marketing for the insurance and financial services industries. He regularly writes about the mortgage industry, as well as residential and commercial real estate, investments, and retirement income planning. He has also ghostwritten books on starting a business, marketing, and retirement income planning.