Career Definition for a Loan Closer
Loan closers assemble, prepare and verify closing documents during the completion of real estate transactions. Once a mortgage loan is approved and an offer is made and accepted, the loan closer coordinates all aspects of the closing process and ensures that all terms of the sale are met. They may prepare loan and property insurance paperwork included in a loan package, keep track of deposits, arrange for property appraisals and coordinate the details of the final closing meeting, during which the closing statement and mortgage note are signed. After the sale has been finalized, the loan closer also ensures that all documents are properly recorded and delivered. Loan closers work for mortgage banking companies, home builders and financial institutions throughout the United States.
|Education||High school diploma or GED with experience in banking required; certificate programs also available|
|Job Skills||Detail-oriented nature, customer service and communication skills, organization skills, computer skills, math skills|
|Median Salary (2018)*||$39,890 for loan interviewers and clerks|
|Job Growth (2016-2026)*||10% to 14% for loan interviewers and clerks|
Source: *U.S. Bureau of Labor Statistics
Many loan closing positions require a high school diploma or GED and experience in loan documentation and banking; however, some employers may require completion of a loan closing certificate program and notary licensing. Loan closing certificate programs and classes are offered through vocational schools and community colleges, but specific courses, such as those covering the Federal Housing Administration (FHA) loans are also available online. The National Notary Association (NNA) website offers information about notary training and exam requirements in each state.
Loan closers must be detail-oriented and organized with excellent communication, phone and customer service skills. They must have strong computer skills and proficiency with loan industry software, in addition to a working knowledge of word processing and spreadsheet programs. In addition to having current knowledge of loan closing and documentation procedures, closers must have solid math and calculation skills. Multiple language skills may also enhance job prospects.
Economic Forecast and Career Outlook
The U.S. Bureau of Labor Statistics (BLS) predicts faster than average job growth of 10% - 14% for loan interviewers and clerks, including loan closing occupations, throughout the 2016-2026 period. Candidates with good customer service skills and loan closing experience may have a competitive edge in the job market. As of 2018, BLS figures indicated a median salary for loan interviewers and clerks of $39,890 per year.
Alternate Career Options
Check out these other choices for careers in finance:
Bill and Account Collector
With a high school education and on-the-job training, these professionals work to recover payments for bills that are past due, sometimes setting up repayment plans with the debtors. Employment decline of 3% was predicted by the BLS for these positions during the 2016-2026 decade. The median annual wage for bill and account collectors in 2018 was $36,020, according to the BLS.
These clerks collect information and maintain records, in addition to performing other routine clerical tasks. Some secondary education could be necessary for some specialty areas, although a high school education may suffice. Job growth of 3% was expected by the BLS from 2016-2026 for this occupation. The median annual salary for information clerks was $34,520 in 2018.