Mortgage Loan Closers: How to Become One
If you were to ask a group of mortgage loan closers about how they arrived at their current job, there's a good chance you would get several different answers about the paths and steps that each person took.
That said, there are still ways that you can develop a baseline understanding of the preparation that is necessary to become one.
The Best Adult Colleges and Careers Guide has gathered data to provide you with insight into the type of education that's commonly required for mortgage loan closers to land a job. This page contains information, sourced from real job postings, that describes the experience levels and specific skills that employers of mortgage loan closers expect candidates to have. In the end, this information will help you create an education or professional development plan that aligns with your career aspirations.
Keep reading to learn more about career steps for mortgage loan closers.
What Education & Experience is Needed for Mortgage Loan Closers?
Do mortgage loan closers need a degree? What kind of experience do mortgage loan closers typically need? Thanks to data sourced from Lightcast™ from real job postings, we can get some clarity on those questions, as well as the level of education that is commonly required for mortgage loan closers to secure jobs.
Education Level Required in Job Postings for Mortgage Loan Closers
Jobs Postings for Mortgage Loan Closers By Education
- Bachelor's degree: 36,899 (38%)
- No Education Listed: 29,036 (30%)
- High School or GED: 26,673 (28%)
- Master's degree: 3,683 (4%)
- Ph.D. or professional degree: 671 (1%)
A bachelor's degree is the level of education sought the most by employers of mortgage loan closers. According to job data, a bachelor's degree was required for 38% of positions. In 30% of job listings no education level was listed and in 28% of postings a High School diploma or GED was required.
Experience Level Required in Job Postings for Mortgage Loan Closers
Jobs Postings for Mortgage Loan Closers By Experience
- 0-1 Years: 14,720 (27%)
- 2-3 Years: 25,490 (46%)
- 4-6 Years: 11,178 (20%)
- 7-9 Years: 2,186 (4%)
- 10+ Years: 1,807 (3%)
While the amount of required experience will vary based on the responsibility and seniority of the position, an aggregate view of job posting data can help paint a picture of the experience level sought for most job openings for mortgage loan closers. In 46% of job postings for Mortgage Loan Closers, employers were looking for candidates with 2-3 years of experience. In 27% of listings employers were looking for candidates with 0-1 years of experience, while 4-6 years of experience was sought in 20% of job postings for mortgage loan closers.
What Kind of Degree Do Mortgage Loan Closers Need?
So far this page has provided detail into the level of education and the amount of experience required in job openings for mortgage loan closers, but what type of education or degree will help prepare you for a career in the field?
According to occupational data obtained through Lightcast,™ there are 3 key academic programs that can help prepare prospective mortgage loan closers, and in 2021 a total of 52,431 of those programs were completed at institutions in the United States.
Check out the information below to learn more about the specific programs that should be considered by prospective mortgage loan closers.
Top Degree Programs for Mortgage Loan Closers
Top 5 Degree Programs for Mortgage Loan Closers (2021)
| Program | Completions |
|---|---|
| Finance, General. | 51,430 |
| Banking and Financial Support Services. | 991 |
| Credit Management. | 10 |
What Skills Do Mortgage Loan Closers Need?
Education and experience have been covered, so what are the specific skills and traits needed by mortgage loan closers to secure a job?
A good way to understand this is to examine actual job postings for skills commonly sought by employers. Continue reading for a breakdown of specialized skills found in job postings for mortgage loan closers, as well as common skills that can help you thrive in the workplace.
In-Demand Skills for Today's Mortgage Loan Closers
Based on 88,197 job postings
Top 5 Specialized Skills for Mortgage Loan Closers
| Skills | Postings | % of Total Postings |
|---|---|---|
| Loans | 65,327 | 74% |
| Mortgage Loans | 44,019 | 50% |
| Underwriting | 31,817 | 36% |
| Loan Origination | 27,952 | 32% |
| Finance | 13,882 | 16% |
Top 5 Common Skills for Mortgage Loan Closers
| Skills | Postings | % of Total Postings |
|---|---|---|
| Customer Service | 36,092 | 41% |
| Communications | 36,050 | 41% |
| Sales | 32,018 | 36% |
| Management | 21,628 | 25% |
| Detail Oriented | 17,282 | 20% |
Based on 88,197 job postings related to mortgage loan closers, loans was the top specialized skill sought by employers, with 74% of all postings looking for that skillset. Skills for mortgage loans, underwriting, loan origination, finance and mortgage loan origination were also highly sought.
As for common skills, customer service was the most desired skill found in job postings for mortgage loan closers, followed by communications, sales, management, detail oriented and writing.
| Skill | Postings | % of Total Postings |
|---|---|---|
| Loans | 65,327 | 74% |
| Mortgage Loans | 44,019 | 50% |
| Underwriting | 31,817 | 36% |
| Loan Origination | 27,952 | 32% |
| Finance | 13,882 | 16% |
| Mortgage Loan Origination | 13,182 | 15% |
| Marketing | 13,145 | 15% |
| Commercial Lending | 12,104 | 14% |
| Loan Documentation | 11,473 | 13% |
| Financial Services | 11,091 | 13% |
| Accounting | 10,878 | 12% |
| Sales Prospecting | 9,814 | 11% |
| Cross-Selling | 9,164 | 10% |
| Loan Closing | 8,543 | 10% |
| Business Development | 7,667 | 9% |
| Financial Analysis | 7,522 | 9% |
| Customer Relationship Management | 7,144 | 8% |
| Banking | 7,129 | 8% |
| Loan Processing | 7,120 | 8% |
| Consumer Lending | 6,764 | 8% |
| Skill | Postings | % of Total Postings |
|---|---|---|
| Customer Service | 36,092 | 41% |
| Communications | 36,050 | 41% |
| Sales | 32,018 | 36% |
| Management | 21,628 | 25% |
| Detail Oriented | 17,282 | 20% |
| Writing | 16,720 | 19% |
| Real Estate | 16,198 | 18% |
| Operations | 13,924 | 16% |
| Interpersonal Communications | 13,304 | 15% |
| Microsoft Office | 12,834 | 15% |
| Self-Motivation | 11,955 | 14% |
| Problem Solving | 11,287 | 13% |
| Verbal Communication Skills | 11,136 | 13% |
| Microsoft Excel | 10,765 | 12% |
| Multitasking | 10,583 | 12% |
| Organizational Skills | 10,285 | 12% |
| Time Management | 9,137 | 10% |
| Computer Literacy | 8,028 | 9% |
| Presentations | 7,921 | 9% |
| Leadership | 7,372 | 8% |
Additional Links
Ready to dig deeper into career information about mortgage loan closers? Visit our other pages focused on salary and education for mortgage loan closers.
What do mortgage loan closers do?
How much do mortgage loan closers make?
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