Mortgage closers typically work for banks and credit unions. They review and verify the financial information of loan applicants for the loan officers originating and processing the mortgage loans. They also work with processing agents to obtain private mortgage insurance, or PMI, which the loan applicant pays to protect the loan in case of default. Experience and professional certifications often help a candidate to secure the job — not to mention higher salaries.
The Bureau of Labor Statistics estimates that mortgage closers earned a median annual salary of $33,710, or $16.21 per hour, in 2010. But this figure isn’t exclusive to loan closers, including other roles such as payroll clerks, brokerage clerks and credit authorizers. For 2012, a mortgage closer is likely to make $32,250 to $44,750 per year, according to Robert Half Finance & Accounting, a financial recruitment agency.
While mortgage closers need only a high school diploma to facilitate the closing process, professional certifications can improve employment opportunities. The National Association of Mortgage Processors offers two certificates: The Certified Purple Processor, or CPP, is for loan closers with little to no experience, while the Certified Master Loan Processor, or CMLP, is for those professionals with at least five years of experience. With either certification, a mortgage closer can expect to earn 5 to 10 percent more per year than those without, increasing salaries to an average of $33,863 to $49,225.
Besides certifications, location affects salaries. A mortgage closer working in San Jose, California, for example, earns 33 percent more per year, bringing the salary range up to $42,893 to $59,518 without certification and $45,033 to $65,469 with a professional certificate. Those working in Seattle, Washington, also fare better than most, making almost 19 percent more per year. Now, you’re looking at a salary of $38,345 to $53208 without certification and $40,263 to $58,588 with certification.
The Bureau of Labor Statistics predicts employment for loan closers and other loan clerks to decline by 3 percent between 2010 and 2020 — a drastic difference from the anticipated 14 percent growth for all occupations. This is at least partly due to computer systems taking over much of their work.