Loan Operations Specialist Salary

Median pay for Loan Operations Specialists in the United States is around $15.20 per hour. Career duration and the particular city each impact pay for this group, with the former having the largest influence. A large number claim medical and dental insurance and the larger part get vision coverage. Women account for the majority of Loan Operations Specialists who took the survey — 81 percent to be exact. Most Loan Operations Specialists like their work and job satisfaction is high. The data in this summary comes from the PayScale salary survey.

$30,127 - $62,073
$30K
$42K
$62K
MEDIAN: $42,150
10%
50%
90%

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$11.82 - $21.12
$12
$16
$21
MEDIAN: $15.82
10%
50%
90%

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$0$62K
Salary $30,127 - $62,073
Bonus $805 - $10,137
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).
)
$26,328 - $57,780
  • Country: United States
  • Currency: USD
  • Updated: 16 Nov 2017
  • Individuals Reporting: 65
Hourly Data $0$29
Hourly Rate $11.82 - $21.12
Hourly Tips $1.78
Overtime $18.02 - $29.51
Annual Data $0$57K
Bonus $805 - $10,137
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).
)
$26,328 - $57,780
  • Country: United States
  • Currency: USD
  • Updated: 16 Nov 2017
  • Individuals Reporting: 100

Job Description for Loan Operations Specialist

Loan operations specialists work primarily in the financial industry for banks, credit unions, or mortgage companies and are responsible for processing loan applications and reviewing loan documents to ensure their accurate completion. It is also important that all documents adhere to their institutions' established requirements and government regulations.

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Loan Operations Specialist Tasks

  • Process loan documentation, identifying and seeking missing paperwork or information.
  • Perform payments and adjust balances.
  • Update and capture interactions and communications in software systems.
  • Communicate with lawyers, borrowers, agencies and other groups to facilitate loans or collections.

Loan Operations Specialist Job Listings

Popular Skills for Loan Operations Specialist


Loan Operations Specialists seem to require a number of specific skills. Most notably, skills in Consumer Loans, General Ledger Accounting, Commercial Loans, and Regulatory Compliance are correlated to pay that is above average, with boosts between 13 percent and 16 percent. Skills that are correlated to lower pay, on the other hand, include Auditing. Those educated in Loan Documents tend to be well versed in Commercial Loans.

Pay by Experience Level for Loan Operations Specialist

Pay by Experience for a Loan Operations Specialist has a positive trend. An entry-level Loan Operations Specialist with less than 5 years of experience can expect to earn an average total compensation of $33,000 based on 101 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Loan Operations Specialist with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $35,000 based on 61 salaries. An experienced Loan Operations Specialist which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $39,000 based on 53 salaries. A Loan Operations Specialist with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $50,000 based on 19 salaries.

Related Job Salaries

Key Stats for Loan Operations Specialist

Gender

Female
80 %
Male
20 %

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 25 votes.
Less than 1 year
5%
1-4 years
39%
5-9 years
24%
10-19 years
26%
20 years or more
5%

Experience Affects Loan Operations Specialist Salaries

▲37%

▲8%

National Average
$36,000

▼3%

▼8%

Skills That Affect Loan Operations Specialist Salaries

Consumer Loans
▲14%

Commercial Loans
▲11%

General Ledger Accounting
▲11%

Regulatory Compliance
▲1%

National Average
$36,000



Auditing
▼13%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 25 votes.

Gender

Female
80 %
Male
20 %

Years of Experience

Less than 1 year
5%
1-4 years
39%
5-9 years
24%
10-19 years
26%
20 years or more
5%

Common Health Benefits

medical benefits
Medical: 87%
dental benefits
Dental: 82%
vision benefits
Vision: 67%
no benefits
None: 9%