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.
|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|
|Hourly Rate||$12.20 - $20.49|
|Overtime||$18.07 - $39.84|
|Bonus||$705 - $10,067|
|Total Pay (||$27,003 - $54,811|
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.
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.
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Key Stats for Loan Operations Specialist
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