The Average Salary of a Mortgage Closer
A mortgage closer is often a notary public or attorney who picks up extra work by acting as a closing agent for various banks, finance companies and mortgage brokers. These jobs usually require minimal work but are a crucial component of the mortgage process. Closers must ensure all documents are signed correctly, notarized, reviewed, and recorded properly at the registry of deeds. Most closers do not pursue this job as a career, but many working attorneys use it to make extra money.
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Average Salary
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According to Salary.com, the salaries of a mortgage closer nationwide can range from $29,620 to more than $48,000 as of 2011, with a median of $40,791. This number fluctuates a bit as one moves from region to region and as cost of living fluctuates.
Types
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There are a couple types of mortgage closers. The rules for loan closing are governed by each state not the federal government, and therefore a closer must follow a myriad of laws and regulations. For example, some states require an attorney to close all secured loans; some require a notary public; other states require a witness as a part of the loan closing. The fees vary, but generally attorneys make much more than notaries and witnesses for individual closings.
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Misconceptions
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Some confuse mortgage closers with mortgage originators or loan officers. Mortgage closers double-check paperwork, sign documents with borrowers, notarize deeds, and answer any lingering questions. Loan officers, though, handle the entire process up until loan closing including solicitation, processing, and funding.
Expenses
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A loan closer must be a notary public even if he is an attorney. Potential loan closers must apply at their notary board and pay a fee. Additionally, a notary public must have an embossed stamp, usually ranging from $25 to $50.
Benefits
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Mortgage closers usually make the most of their income from prearranged closings with mortgage companies. While the fees charged by closers can vary, often mortgage closers collect $50 to $300 per closing. The most successful closing agents have contracts with mortgage companies and regularly close loans for particular loan officers.
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References
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