Loan Operations Specialist Salary

An average Loan Operations Specialist in the United States can expect to take home roughly $15.05 per hour. Career duration and the particular city each impact pay for this group, with the former having the largest influence. Job satisfaction is high and work is enjoyable for most Loan Operations Specialists. Medical and dental coverage is claimed by a large number, and the larger part earn vision coverage. Men are in the minority of survey respondents, with female Loan Operations Specialists making up 78 percent. The data for this synopsis comes from respondents who took the PayScale salary survey.

$29,520 - $59,354
$30K
$41K
$59K
MEDIAN: $41,203
10%
50%
90%

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$12.03 - $20.55
$12
$15
$21
MEDIAN: $15.05
10%
50%
90%

Add this chart to your site: 640px    300px

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
$29,520 - $59,354  
   
Bonus
$973 - $10,304  
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).
)
$26,677 - $56,001  
Country: United States | Currency: USD | Updated: 4 May 2017 | Individuals Reporting: 85
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
$12.03 - $20.55  
   
Hourly Tips
$1.78  
Overtime
$17.88 - $40.74  
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
$973 - $10,304  
   
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).
)
$26,677 - $56,001  
Country: United States | Currency: USD | Updated: 4 May 2017 | Individuals Reporting: 118

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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

  • 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


Overall, survey participants reported applying a fair number of skills to their work. Most notably, skills in Consumer Loans, General Ledger Accounting, Commercial Loans, and Regulatory Compliance are correlated to pay that is above average, with boosts between 13 percent and 16 percent. Skills that pay less than market rate include Auditing. Those educated in Loan Documents tend to be well versed in Commercial Loans.

Pay by Experience Level for Loan Operations Specialist

Pay by Experience for a Loan Operations Specialist has a positive trend. An entry-level Loan Operations Specialist with less than 5 years of experience can expect to earn an average total compensation of $33,000 based on 101 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Loan Operations Specialist with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $35,000 based on 61 salaries. An experienced Loan Operations Specialist which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $39,000 based on 53 salaries. A Loan Operations Specialist with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $50,000 based on 19 salaries.

Related Job Salaries

Key Stats for Loan Operations Specialist

Gender

Female
78 %
Male
22 %

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 24 votes.
Less than 1 year
5%
1-4 years
42%
5-9 years
21%
10-19 years
23%
20 years or more
8%
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Location:
Years in Fields/Career:
United States (change)

Experience Affects Loan Operations Specialist Salaries

▲39%

▲10%

National Average
$36,000

▼1%

▼7%

Skills That Affect Loan Operations Specialist Salaries

Consumer Loans
▲16%

Commercial Loans
▲13%

General Ledger Accounting
▲13%

Regulatory Compliance
▲2%


National Average
$36,000


Auditing
▼12%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 24 votes.

Gender

Female
78 %
Male
22 %

Years of Experience

Less than 1 year
5%
1-4 years
42%
5-9 years
21%
10-19 years
23%
20 years or more
8%

Common Health Benefits

medical benefits
Medical: 84%
dental benefits
Dental: 80%
vision benefits
Vision: 65%
no benefits
None: 12%
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