Loan Operations Specialist Salary

Pay for Loan Operations Specialists in the United States is very modest at just $39K per year. Career duration and the particular city each impact pay for this group, with the former having the largest influence. Men are in the minority of survey respondents, with female Loan Operations Specialists making up 72 percent. Medical benefits are awarded to a large number, and a fair number earn dental coverage. Job satisfaction for Loan Operations Specialists is high. This overview is based on answers to PayScale's salary questionnaire.

$28,739 - $55,451

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$11.32 - $20.40

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National Salary Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$19K$38K$57K
Salary
$28,739 - $55,451  
   
Bonus
$0.00 - $2,980  
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).
)
$26,030 - $50,809  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 163
National Hourly Rate Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$11$22$33
Hourly Rate
$11.32 - $20.40  
   
Overtime
$17.31 - $30.57  
National Annualized Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$22K$44K$66K
Bonus
$0.00 - $2,980  
   
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).
)
$26,030 - $50,809  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 153
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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 put a wide range of professional skills to use. 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 4 percent, respectively. Skills that seem to negatively impact pay include Auditing and General Ledger Accounting. Experience with Loan Documents is often linked with knowledge of Loan Processing.

Pay by Experience Level for Loan Operations Specialist

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


Experience and pay tend to be weakly linked for Loan Operations Specialists — those with more experience do not necessarily bring in higher earnings. 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. People with 10 to 20 years of experience make an average of about $40K in this role. Survey participants who have spent more than 20 years on the job report a predictably higher median income of $44K, demonstrating that compensation is roughly commensurate with experience in the end.

Related Job Salaries

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Experience Affects Loan Operations Specialist Salaries

Late-Career
up arrow 23%

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 39%

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: 77%
vision benefits Vision: 65% employee benefits None: 11%
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