June 25, 2015
By Bob Coleman
Editor, Coleman Report
Several weeks ago, I asked for industry feedback about compensation for SBA 7(a) loan packagers, closers and servicers.
I stated I had difficulty in the past arriving at an industry standard due to responses being all over the board. The job description of the SBA 7(a) loan closer can be varied from lender to lender.
However, the results I received from 31 respondents are getting us closer to an industry average.
The first takeaway is packagers and loan closers seem to overlap in job duties.
Second, I’ll take the natural cluster for the mean — $45,000 to $55,000, for a fair range of SBA 7(a) loan closer compensation
Now, this is unscientific, but here are the results.. Compensation if from highest to lowest.
$87,000 plus bonus
$80,000 to $85,000
$70,000 to $85,000 plus bonus
$70,000 to $80,000
$65,000 for packaging and closing
$55,000 to $80,000
$53,000 plus $300 per loan closed
$50,000 to $60,000
$45,000 to $55,000
$35,000 to $50,000
$42,000, without health insurance