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Loan Operations Specialist Salary

Those pursuing careers as Loan Operations Specialists in the United States may have to make do with less; average incomes for people in this area hover around only $38K per year. 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. Men are in the minority of survey respondents, with female Loan Operations Specialists making up 71 percent. A large number report receiving medical coverage from their employers and a fair number collect dental insurance. The data in this summary comes from the PayScale salary survey.

$27,838 - $55,362
(Median)
$28K
$38K
$55K
MEDIAN: $38,452
10%
50%
90%

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$11.27 - $20.98
(Median)
$11
$15
$21
MEDIAN: $15.00
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$19K$38K$57K
Salary
$27,838 - $55,362  
   
Bonus
$0.00 - $3,027  
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).
)
$25,634 - $51,143  
Country: United States | Currency: USD | Updated: 16 May 2015 | Individuals Reporting: 164
National Hourly Rate Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$11$22$33
Hourly Rate
$11.27 - $20.98  
   
Overtime
$17.29 - $32.52  
National Annualized Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$22K$44K$66K
Bonus
$0.00 - $3,027  
   
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).
)
$25,634 - $51,143  
Country: United States | Currency: USD | Updated: 16 May 2015 | Individuals Reporting: 150

Find Out Exactly What You Should Be Paid

United States (change)


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Job Description for Loan Operations Specialist

  • 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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Loan Operations Specialists report using a pretty varied skill set on the job. Most notably, facility with Commercial Loans, Loan Processing, and Loan Documents are correlated to pay that is significantly above average, leading to increases of 36 percent, 5 percent, and 3 percent, respectively. Skills that are correlated to lower pay, on the other hand, include Auditing and General Ledger Accounting. Employees educated in Loan Documents are typically practiced in Loan Processing, too.

Pay by Experience Level for Loan Operations Specialist

Median of all compensation (including tips, bonus, and overtime) by years of experience.


For Loan Operations Specialists, level of experience appears to be a somewhat less important part of the salary calculation — more experience does not correlate to noticeably higher pay. The average worker who claims fewer than five years of experience earns around $33K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $38K. After working for 10 to 20 years, Loan Operations Specialists make a median salary of $40K. Survey participants who have spent more than 20 years on the job report a predictably higher median income of $46K, demonstrating that compensation is roughly commensurate with experience in the end.

Related Job Salaries

United States (change)

Experience Affects Loan Operations Specialist Salaries

Late-Career
up arrow 27%

Experienced
up arrow 10%

Mid-Career
up arrow 7%

National Average
$36,000

Entry-Level
up arrow 8%

Skills That Affect Loan Operations Specialist Salaries

Commercial Loans
up arrow 36%


Loan Documents
up arrow 3%

Regulatory Compliance
up arrow 2%

National Average
$36,000

General Ledger Accounting
up arrow 4%

Auditing
up arrow 12%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 48 votes.

Gender

Female
71 %
Male
29 %

Years of Experience

Less than 1 year
5%
1-4 years
40%
5-9 years
21%
10-19 years
25%
20 years or more
9%

Common Health Benefits

medical benefits Medical: 85% dental benefits Dental: 77%
vision benefits Vision: 63% employee benefits None: 11%
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