The average salary for a Loan Administrator is $48,599.
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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…Read more
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.
Job Satisfaction for Loan Administrator
Popular Employer Salaries for Loan Administrator
The top respondents for the job title Loan Administrator are from the companies Bank of America Corp. (BOFA), City National Bank and Wells Fargo Bank. Reported salaries are highest at City National Bank where the average pay is $64,500. Other companies that offer high salaries for this role include Bank of America Corp. (BOFA), earning around $55,000. Bank of The West pays the lowest at around $45,000. Wells Fargo Bank also pays on the lower end of the scale, paying $51,886.
Loan Administrator Job Listings
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Popular Skills for Loan Administrator
Skills in Loan Documents, Commercial Loans and Loan Processing are correlated to pay that is above average. Skills that pay less than market rate include Customer Service and Mortgage Loans.
Pay by Experience Level for Loan Administrator
An entry-level Loan Administrator with less than 1 year experience can expect to earn an average total compensation (includes tips, bonus, and overtime pay) of $35,097 based on 17 salaries. An early career Loan Administrator with 1-4 years of experience earns an average total compensation of $42,123 based on 183 salaries. A mid-career Loan Administrator with 5-9 years of experience earns an average total compensation of $49,257 based on 83 salaries. An experienced Loan Administrator with 10-19 years of experience earns an average total compensation of $54,458 based on 112 salaries. In their late career (20 years and higher), employees earn an average total compensation of $66,677.
Pay Difference by Location
Learn more about cost of living by city.
Employees with Loan Administrator in their job title in Los Angeles, California earn an average of 54.3% more than the national average. These job titles also find higher than average salaries in San Francisco, California (44.0% more) and Chicago, Illinois (33.1% more). The lowest salaries can be found in Atlanta, Georgia (9.4% less).
Years of Experience
This data is based on 464 survey responses.