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.
|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|
|Hourly Rate||$12.03 - $20.55|
|Overtime||$17.88 - $40.74|
|Bonus||$973 - $10,304|
|Total Pay (||$26,677 - $56,001|
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
- 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.
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.
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Key Stats for Loan Operations Specialist
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