Loan Operations Specialist Salary

Loan Operations Specialists in the United States take home an average $15.13 per hour. Career duration and the particular city each impact pay for this group, with the former having the largest influence. Men are in the minority of survey respondents, with female Loan Operations Specialists making up 76 percent. Job satisfaction is reported as high by the vast majority of workers. In this profession, a large number enjoy medical and dental coverage, and the larger part have vision insurance, as well. The information for this snapshot was generated by responses to the PayScale salary survey.

$29,449 - $59,336
$29K
$41K
$59K
MEDIAN: $41,274
10%
50%
90%

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$12.20 - $20.49
$12
$15
$20
MEDIAN: $15.13
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$20K$40K$60K
Salary
$29,449 - $59,336  
   
Bonus
$705 - $10,067  
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).
)
$27,003 - $54,811  
Country: United States | Currency: USD | Updated: 18 Jan 2017 | Individuals Reporting: 105
National Hourly Rate Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$14$28$42
Hourly Rate
$12.20 - $20.49  
   
Hourly Tips
$1.78  
Overtime
$18.07 - $39.84  
National Annualized Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$28K$56K$84K
Bonus
$705 - $10,067  
   
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).
)
$27,003 - $54,811  
Country: United States | Currency: USD | Updated: 18 Jan 2017 | Individuals Reporting: 120

Find Out Exactly What You Should Be Paid

United States (change)

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Job Description for Loan Operations Specialist

Loan operations specialists work primarily in the financial industry for banks, credit unions, or mortgage companies and are responsible for processing loan applications and reviewing loan documents to ensure their accurate completion. It is also important that all documents adhere to their institutions' established requirements and government regulations.

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Loan Operations Specialist Tasks

  • Process loan documentation, identifying and seeking missing paperwork or information.
  • Perform payments and adjust balances.
  • Update and capture interactions and communications in software systems.
  • Communicate with lawyers, borrowers, agencies and other groups to facilitate loans or collections.

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Popular Skills for Loan Operations Specialist


Loan Operations Specialists report using a diverse set of skills on the job. Most notably, skills in Consumer Loans, Commercial Loans, General Ledger Accounting, and Loan Documents are correlated to pay that is above average, with boosts between 12 percent and 15 percent. Skills that are correlated to lower pay, on the other hand, include Auditing. Those proficient in Loan Documents are, more often than not, also skilled in Commercial Loans.

Pay by Experience Level for Loan Operations Specialist

Median of all compensation (including tips, bonus, and overtime) by years of experience.


More years of relevant experience do not necessarily translate to higher paychecks. People who have worked for fewer than five years earn around $34K, and folks with five to 10 years of experience see a modestly higher median of $36K. The average pay reported by folks with 10 to 20 years of experience is around $41K. In the end, more experience does seem to mean larger paychecks; seasoned Loan Operations Specialists with more than 20 years of experience earn a predictably higher median salary of $50K.

Related Job Salaries

Key Stats for Loan Operations Specialist

Gender

Female
76 %
Male
24 %

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 26 votes.
Less than 1 year
5%
1-4 years
39%
5-9 years
22%
10-19 years
26%
20 years or more
8%
Location:
Years in Fields/Career:
United States (change)

Experience Affects Loan Operations Specialist Salaries

Late-Career
▲38%

Experienced
▲14%

Mid-Career
▼0%

National Average
$36,000

Entry-Level
▼7%

Skills That Affect Loan Operations Specialist Salaries

Consumer Loans
▲15%

Commercial Loans
▲14%

General Ledger Accounting
▲12%


Regulatory Compliance
▲1%

National Average
$36,000


Auditing
▼13%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 26 votes.

Gender

Female
76 %
Male
24 %

Years of Experience

Less than 1 year
5%
1-4 years
39%
5-9 years
22%
10-19 years
26%
20 years or more
8%

Common Health Benefits

medical benefits
Medical: 85%
dental benefits
Dental: 81%
vision benefits
Vision: 65%
dental benefits
None: 12%
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