July 1, 2015
By Bob Coleman
First, Tim Terry of SBA Advisors Says;
“Just thought you would want some input from what I see as a national SBA focused recruiter. I wish I could find closers at $55. That would be a dream come true. The reality is that the big banks do pay much less than the regional or community bankers who have chosen to focus on SBA lending.”
“My own survey shows closer compensation substantially different. Junior closers with 2 years experience are at $60 to $65. 2 + years up to 5 years, you are at $70 to $75. Senior closers with more than 5 years experience are $75 to $85. Closing managers are between $85 and $120.”
“There are also significant regional differences in compensation. Most of this has to do with supply and demand. In high demand markets like California, Texas, Florida, Denver and more recently North and South Carolina, demand is so high and the supply insufficient, that pricing for good closers will be higher.”
“Unfortunately, this is true for SBA credit specialists as well.”
Or, Tim, fortunately if you are an SBA credit and closer specialist.
Others noted the geographical compensation disparity. That was a mistake on my part to not survey for experience and geography.
A Southern California lender tells me, “With reference to your article on Loan Closers I think it’s all based on demographics of the banking institution. Our community bank is based out of Orange County.
“We are an active CA top 10 SBA lender. In order to get a quality SBA loan closer in Southern CA the base compensation will need to be at least $85-90k with the top talent reaching in the 6 figures. Junior level, $50-60k.”
Thanks for all who participated in the survey.