Loan Operations Specialist Salary

Pay for Loan Operations Specialists in the United States is very modest at just $39K annually. Career length is the biggest factor affecting pay for this group, followed by geography. Most Loan Operations Specialists like their work and job satisfaction is high. Most Loan Operations Specialists survey respondents are women (71 percent). Most enjoy medical while a strong majority get dental coverage. Vision coverage is also available to the greater part. The data in this summary comes from the PayScale salary survey.

$28,138 - $56,358
(Median)
$28K
$39K
$56K
MEDIAN: $38,964
10%
50%
90%

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$11.30 - $20.48
(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
$28,138 - $56,358  
   
Bonus
$0.00 - $3,072  
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).
)
$25,733 - $51,134  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 162
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 - $20.48  
   
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 - $3,072  
   
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).
)
$25,733 - $51,134  
Country: United States | Currency: USD | Updated: 20 Jun 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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Survey results suggest that Loan Operations Specialists use a fairly large toolkit of professional 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 39 percent, 36 percent, and 5 percent, respectively. Skills that are correlated to lower pay, on the other hand, include Auditing and General Ledger Accounting. Loan Documents and Loan Processing are correlating skills — those who know the former usually know the latter.

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. 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 $45K.

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Experience Affects Loan Operations Specialist Salaries

Late-Career
up arrow 24%

Experienced
up arrow 11%

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 39%

Commercial Loans
up arrow 36%


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 43 votes.

Gender

Female
71 %
Male
29 %

Years of Experience

Less than 1 year
6%
1-4 years
40%
5-9 years
22%
10-19 years
23%
20 years or more
9%

Common Health Benefits

medical benefits Medical: 86% dental benefits Dental: 77%
vision benefits Vision: 64% employee benefits None: 10%
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