Loan Operations Specialist Salary

Loan Operations Specialists in the United States can expect to earn an average of $15.14 per hour. Career length and the particular city each impact pay for this group, with the former having the largest influence. Female Loan Operations Specialists make up most of the survey respondents at 73 percent. Though the majority of Loan Operations Specialists do not report high levels of job satisfaction, most are moderately content with their role. A large number enjoy medical while a fair number get dental coverage. Vision coverage is also available to the larger part. Respondents to the PayScale salary survey provided the data for this report.

$28,823 - $56,761
(Median)
$29K
$40K
$57K
MEDIAN: $39,583
10%
50%
90%

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$11.58 - $20.46
(Median)
$12
$15
$20
MEDIAN: $15.00
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$19K$38K$57K
Salary
$28,823 - $56,761  
   
Bonus
$0.00 - $3,710  
Profit Sharing
$1,125  
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).
)
$26,291 - $52,261  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 178
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$11$22$33
Hourly Rate
$11.58 - $20.46  
   
Hourly Tips
$1.78  
Overtime
$17.82 - $32.44  
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$22K$44K$66K
Bonus
$0.00 - $3,710  
   
Profit Sharing
$1,125  
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).
)
$26,291 - $52,261  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 185
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Job Description for Loan Operations Specialist

Loan operations specialists are responsible for coordinating loan operations for their organizations, including reviewing documents, policies, and overseeing all loan processes. They must follow strict privacy guidelines to protect clients' information, as well as communicate regularly with other specialists to share data about loan applications.

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Loan Operations Specialist Tasks

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

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Popular Skills for Loan Operations Specialist


Survey results show that Loan Operations Specialists use a fair number of skills. Most notably, facility with Commercial Loans and Consumer Loans are correlated to pay that is significantly above average, leading to increases of 39 percent and 4 percent, respectively. Skills that are correlated to lower pay, on the other hand, 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 with a lot of experience do not necessarily enjoy more money. Salaries for inexperienced workers average out to $37K, and those with five to 10 years' experience earn a higher median of $33K. Loan Operations Specialists who work for 10 to 20 years in their occupation tend to earn about $40K. Survey participants who have spent more than 20 years on the job report a predictably higher median income of $45K, demonstrating that compensation is roughly commensurate with experience in the end.

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Experience Affects Loan Operations Specialist Salaries

Late-Career
up arrow 26%

Experienced
up arrow 11%

Mid-Career
up arrow 4%

National Average
$36,000

Entry-Level
up arrow 8%

Skills That Affect Loan Operations Specialist Salaries

Commercial Loans
up arrow 39%

Consumer Loans
up arrow 4%

Loan Processing
up arrow 3%

Regulatory Compliance
up arrow 2%

Loan Documents
up arrow 1%

National Average
$36,000

General Ledger Accounting
up arrow 3%

Auditing
up arrow 12%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 40 votes.

Gender

Female
73 %
Male
27 %

Years of Experience

Less than 1 year
5%
1-4 years
42%
5-9 years
20%
10-19 years
25%
20 years or more
9%

Common Health Benefits

medical benefits
Medical: 84%
dental benefits
Dental: 75%
medical benefits
Vision: 64%
dental benefits
None: 13%
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