Loan Operations Specialist Salary

Loan Operations Specialists in the United States are not likely to strike it rich; they only make around $39K per year on average. Experience level and the particular city each impact pay for this group, with the former having the largest influence. Most Loan Operations Specialists like their work and job satisfaction is high. Most Loan Operations Specialists survey respondents are women (72 percent). A large number enjoy medical while a fair number get dental coverage. Vision coverage is also available to the greater part. Participants in PayScale's salary questionnaire provided the particulars of this report.

$28,369 - $55,708
(Median)
$28K
$39K
$56K
MEDIAN: $38,823
10%
50%
90%

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$11.30 - $20.39
(Median)
$11
$15
$20
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
$28,369 - $55,708  
   
Bonus
$0.00 - $2,944  
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).
)
$25,823 - $50,679  
Country: United States | Currency: USD | Updated: 2 Jul 2015 | Individuals Reporting: 160
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
$11.30 - $20.39  
   
Overtime
$17.25 - $30.66  
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 - $2,944  
   
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).
)
$25,823 - $50,679  
Country: United States | Currency: USD | Updated: 2 Jul 2015 | Individuals Reporting: 154
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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 seem to require a number of specific skills. Most notably, facility with Consumer Loans, Commercial Loans, and Loan Processing are correlated to pay that is significantly above average, leading to increases of 40 percent, 36 percent, and 4 percent, respectively. At the other end of the pay range are skills like Auditing and General Ledger Accounting. Aptitude in Loan Documents tends to also indicate an understanding of Loan Processing.

Pay by Experience Level for Loan Operations Specialist

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


Loan Operations Specialists with more experience do not necessarily bring home bigger paychecks. In fact, experience in this field tends to impact compensation minimally. 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. The average pay reported by folks with 10 to 20 years of experience is around $40K. As Loan Operations Specialists reach more than two decades on the job, compensation remains commensurate with experience; the average pay in this group is $44K.

Related Job Salaries

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Experience Affects Loan Operations Specialist Salaries

Late-Career
up arrow 24%

Experienced
up arrow 12%

Mid-Career
up arrow 6%

National Average
$36,000

Entry-Level
up arrow 8%

Skills That Affect Loan Operations Specialist Salaries

Consumer Loans
up arrow 40%

Commercial Loans
up arrow 36%

Loan Processing
up arrow 4%

Regulatory Compliance
up arrow 2%

Loan Documents
up arrow 1%

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 42 votes.

Gender

Female
72 %
Male
28 %

Years of Experience

Less than 1 year
6%
1-4 years
39%
5-9 years
23%
10-19 years
24%
20 years or more
9%

Common Health Benefits

medical benefits Medical: 86% dental benefits Dental: 76%
vision benefits Vision: 64% employee benefits None: 11%
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