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Loan Operations Specialist Salary

Loan Operations Specialists in the United States are not likely to strike it rich; they only make around $38K per year on average. Career duration and the particular city each impact pay for this group, with the former having the largest influence. A large number report receiving medical coverage from their employers and a fair number collect dental insurance. Most Loan Operations Specialists survey respondents are women (71 percent). For the most part, Loan Operations Specialists enjoy their work and report high levels of job satisfaction. The data for this snapshot was collected from individuals who took PayScale's salary survey.

$27,838 - $55,362
(Median)
$28K
$38K
$55K
MEDIAN: $38,307
10%
50%
90%

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$11.26 - $21.04
(Median)
$11
$16
$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).
)
$25,619 - $51,089  
Country: United States | Currency: USD | Updated: 2 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
$11.26 - $21.04  
   
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).
)
$25,619 - $51,089  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 148

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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Overall, survey participants reported applying a fair number of skills to their work. 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, 6 percent, and 4 percent, respectively. At the other end of the pay range are skills like Auditing and General Ledger Accounting. Loan Documents and Loan Processing are also commonly seen together.

Pay by Experience Level for Loan Operations Specialist

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


For many Loan Operations Specialists, extensive experience does not lead to significantly more money. Salaries for the relatively untried average out to around $33K, but survey participants with five to 10 years of experience earn a significantly higher median of $38K. On average, Loan Operations Specialists make $39K following one to two decades on the job. In the end, the overall pattern seems to be that more experience generally corresponds to higher pay; a Loan Operations Specialist with more than 20 years of experience can earn $45K on average.

Related Job Salaries

United States (change)

Experience Affects Loan Operations Specialist Salaries

Late-Career
up arrow 26%

Experienced
up arrow 10%

Mid-Career
up arrow 6%

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 4%

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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