Loan Administrator Salary
|Salary||$32,314 - $71,039|
|Bonus||$981 - $6,896|
|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).)
|$30,651 - $67,927|
|Hourly Rate||$13.35 - $24.07|
|Overtime||$21.84 - $45.44|
|Bonus||$981 - $6,896|
|Total Pay (||$30,651 - $67,927|
Job Description for Loan Administrator
There are many reasons individuals seek to procure loans, places one may go to find one, and different contexts in which loan processes are administered. Whatever the variables, most institutions which loan money typically employ a loan administrator to oversee the processes. Also known as a loan officer or a loan processor, these individuals are responsible for every aspect of the loan process, from meeting with prospective borrowers and hashing out terms to overseeing collection and processing of payments and ensuring that everything is handled within legal and regulatory boundaries.Read More...
The specific duties vary among different organizations. A loan administrator for a bank or lending institution must understand the financial processes and regulations and be able to explain them to prospective borrowers. They work closely with these clients to understand their needs and evaluate them to establish their creditworthiness. The loan administrator will also collect all necessary paperwork and documentation and ensure it is correctly filed and registered, and may reach out to current clients in good standing to pitch new loans and other offers.
A loan administrator who works in real estate will deal with budding homeowners and help them understand their many home loan options. They often work with several lending agencies and help new homeowners choose the right lender for their needs. Still others work for collection agencies; these loan administrators work with debtors to assist them in creating payment schedules and other options so they are better able to repay their obligations.
Many organizations do not have specific educational requirements for this position beyond a high school diploma or equivalent, although a college degree in Business Management or Finance is recommended and some may require an established background in accounting or bookkeeping. Most employers focus less on education than the applicant's previous experience in loans and banking in general. (Copyright 2017 PayScale.com)
Loan Administrator Tasks
- Assess loan applications and credit reports.
- Maintain legal documentation and ensure accuracy.
- Develop and negotiate plans with borrowers.
- Answer questions and interview applicants.
Loan Administrator Job Listings
Popular Skills for Loan Administrator
Loan Administrators report a narrow range of specific skills. Most notably, skills in Commercial Loans, Loan Processing, Loan Documents, and Mortgage Loans are correlated to pay that is above average. Skills that seem to negatively impact pay include Mortgage Loans, Loan Documents, and Loan Processing. Most people familiar with Loan Documents also know Commercial Loans.
Pay by Experience Level for Loan Administrator
Pay by Experience for a Loan Administrator has a positive trend. An entry-level Loan Administrator with less than 5 years of experience can expect to earn an average total compensation of $38,000 based on 144 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Loan Administrator with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $46,000 based on 76 salaries. An experienced Loan Administrator which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $48,000 based on 73 salaries. A Loan Administrator with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $64,000 based on 41 salaries.
Pay Difference by Location
Loan Administrators will find that San Diego offers an impressive pay rate, one which exceeds the national average by 41 percent. Loan Administrators can also look forward to large paychecks in cities like Philadelphia (+39 percent), Boston (+37 percent), San Francisco (+37 percent), and Dallas (+26 percent). The smallest paychecks in the market, 11 percent south of the national average, can be found in Atlanta.
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Key Stats for Loan Administrator
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