Loan Operations Specialist Salary
Median pay for Loan Operations Specialists in the United States lies in the neighborhood of $15.21 per hour. Career length and the particular city each impact pay for this group, with the former having the largest influence. Job satisfaction for Loan Operations Specialists is high. A large number have medical and dental plans, and the greater part have vision insurance. Men are in the minority of survey respondents, with female Loan Operations Specialists making up 78 percent. This report is based on responses to the PayScale salary survey.
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.Read More...
Loan operations specialists generally work in an office environment with other loan professionals and must work well in a team setting to achieve objectives within given time-frames. They typically use a personal computer to create documents, review spreadsheets, and verify that all legal requirements for loans are met by applicants, and strong interpersonal skills are important in this position to explain financial concepts, duties, and rights to applicants before loan contracts are signed. They are also responsible for creating and modifying loan terms according to company instructions and processing payments and payoff amounts.
These specialists must keep accurate records on paper and electronically for future use in a company database, and they typically work during regular business hours, though some overtime may occasionally be necessary. They must provide excellent client service by resolving inquiries and issues and generally report their progress to a loan supervisor in their department. They should also have advanced multitasking skills to handle multiple tasks at once and under strict deadlines, and the ability to work well independently and knowledge of federal banking regulations are also important.
A bachelor's degree in finance, economics, accounting, or a related field is generally required for this position, and prior work experience with loans is highly beneficial. Industry certifications are also helpful.
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
Loan Operations Specialists report using a pretty varied skill set on the job. Most notably, skills in General Ledger Accounting, Commercial Loans, Consumer Loans, and Regulatory Compliance are correlated to pay that is above average, with boosts between 4 percent and 13 percent. Skills that seem to negatively impact pay 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 do not generally earn higher incomes from more experience in the field. Loan Operations Specialists in the early stages of their careers take home approximately $33K on average. The average for people in the five-to-10 year group is only a little larger at $36K. Loan Operations Specialists claiming one to two decades of experience make an estimated median of $41K. After two decades in the workforce, the average Loan Operations Specialist generally earns more than ever; median pay for this group is estimated at $46K.