Loan Operations Specialist Salary
Median pay for Loan Operations Specialists in the United States lies in the neighborhood of $15.21 per hour. Career length and the particular city each impact pay for this group, with the former having the largest influence. Job satisfaction for Loan Operations Specialists is high. A large number have medical and dental plans, and the greater part have vision insurance. Men are in the minority of survey respondents, with female Loan Operations Specialists making up 78 percent. This report is based on responses to the PayScale salary survey.
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.Read More...
These specialists must contact applicants in a timely manner when documents or applications are incomplete and ensure that post-loan closing and servicing are supported. They must also provide applicants with disclosure paperwork as required by government agencies, and the ability to pull, review, and evaluate credit reports and credit scores is necessary in this position. Computer skills are important to use their employers' computer software and applications, and proficiency in Microsoft Office programs is often desirable. Strong communication and interpersonal skills are also important, and they must be able to work independently with minimal supervision as well as in a team environment.
An associate's degree or higher in a financial field and relevant prior experience are generally required for this position, and some may also be required to train or coach new employees. They may also attend training classes regularly to keep their skills and knowledge up-to-date.
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 pretty varied skill set on the job. Most notably, skills in General Ledger Accounting, Commercial Loans, Consumer Loans, and Regulatory Compliance are correlated to pay that is above average, with boosts between 4 percent and 13 percent. Skills that seem to negatively impact pay include Auditing. Most people experienced in Loan Documents also know Commercial Loans.
Pay by Experience Level for Loan Operations Specialist
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Loan Operations Specialists do not generally earn higher incomes from more experience in the field. Loan Operations Specialists in the early stages of their careers take home approximately $33K on average. The average for people in the five-to-10 year group is only a little larger at $36K. Loan Operations Specialists claiming one to two decades of experience make an estimated median of $41K. After two decades in the workforce, the average Loan Operations Specialist generally earns more than ever; median pay for this group is estimated at $46K.