Loan Operations Manager Salary
The average salary for a Loan Operations Manager is $61,650 per year. The highest paying skills associated with this job are Commercial Loans and Mortgage Loans.
|Salary||$43,823 - $97,672|
|Bonus||$984 - $12,209|
|Total Pay (|
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).)
|$42,827 - $98,721|
|Hourly Rate||$12.37 - $38.78|
|Bonus||$984 - $12,209|
|Total Pay (||$42,827 - $98,721|
Job Description for Loan Operations Manager
Loan operations managers work primarily for financial institutions, such as banks, credit unions, and mortgage lending companies, to manage loan operations and consumer and/or business loan support staff. They must ensure that document preparation and loan processing are completed in a timely manner, and they may also oversee post-closing and customer service and train staff within a department.Read More...
Loan operations managers design and administer procedures and systems and ensure that they comply with their companies' policies and procedures. They must ensure that loan processing is completed in accordance with federal, state, and local laws and regulations, and they may help establish budgets for their departments and are involved in hiring and training staff with the human resources (HR) department. They also perform performance appraisals in accordance with their companies' policies, procedures, and guidelines and provide timely feedback.
A bachelor's degree in accounting, finance, business administration, or a related field and prior experience are generally required for this position, and some employers may prefer those who have a master's degree. Strong communication and leadership skills are also important in this position, and they should have computer skills and proficiency in Microsoft Office programs. Some may be required to attend additional courses and seminars and read relevant business journals to stay up-to-date with industry trends and regulations.
Loan Operations Manager Tasks
- Supervise lenders processing loan applications, managework flow, and ensure compliance with regulations.
- Generate new business through sales outreach.
- Hire, train, evaluate, and discipline lending staff.
- Develop and implement strategies to improve loan department efficiency and meet sales targets.
Pay by Experience Level for Loan Operations Manager
Pay by Experience for a Loan Operations Manager has a positive trend. An entry-level Loan Operations Manager with less than 5 years of experience can expect to earn an average total compensation of $52,000 based on 31 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Loan Operations Manager with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $57,000 based on 51 salaries. An experienced Loan Operations Manager which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $66,000 based on 69 salaries. A Loan Operations Manager with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $72,000 based on 48 salaries.
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Key Stats for Loan Operations Manager
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