Loan Operations Specialist Salary

Pay for Loan Operations Specialists in the United States sits in the ballpark of $15.04 per hour. Career length and the particular city each impact pay for this group, with the former having the largest influence. A large number receive medical and dental insurance and the larger part get vision plans. Most workers in this position report high levels of job satisfaction. Men are in the minority of survey respondents, with female Loan Operations Specialists making up 77 percent. The numbers in this rundown were provided by PayScale's salary survey participants.

$29,187 - $59,437
$29K
$41K
$59K
MEDIAN: $40,809
10%
50%
90%

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$12.09 - $20.59
$12
$15
$21
MEDIAN: $15.04
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
$29,187 - $59,437  
   
Bonus
$750 - $10,113  
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).
)
$26,628 - $55,282  
Country: United States | Currency: USD | Updated: 25 Mar 2017 | Individuals Reporting: 84
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
$12.09 - $20.59  
   
Hourly Tips
$1.78  
Overtime
$18.21 - $40.61  
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
$750 - $10,113  
   
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).
)
$26,628 - $55,282  
Country: United States | Currency: USD | Updated: 25 Mar 2017 | Individuals Reporting: 114

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, General Ledger Accounting, Commercial Loans, and Regulatory Compliance are correlated to pay that is above average, with boosts between 14 percent and 17 percent. At the other end of the pay range are skills like Auditing. Those familiar with Loan Documents also tend to know 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
77 %
Male
23 %

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 23 votes.
Less than 1 year
5%
1-4 years
39%
5-9 years
22%
10-19 years
24%
20 years or more
10%
Location:
Years in Fields/Career:
United States (change)

Experience Affects Loan Operations Specialist Salaries

▲40%

▲11%

National Average
$35,000

▼1%

▼6%

Skills That Affect Loan Operations Specialist Salaries

Consumer Loans
▲17%

Commercial Loans
▲14%

General Ledger Accounting
▲14%

Regulatory Compliance
▲3%


National Average
$35,000


Auditing
▼11%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 23 votes.

Gender

Female
77 %
Male
23 %

Years of Experience

Less than 1 year
5%
1-4 years
39%
5-9 years
22%
10-19 years
24%
20 years or more
10%

Common Health Benefits

medical benefits
Medical: 84%
dental benefits
Dental: 81%
vision benefits
Vision: 64%
no benefits
None: 12%