The average hourly pay for a Loan Operations Specialist is $16.83.
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What Do Loan Operations Specialists Do?
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.
These specialists must contact applicants in a timely manner when documents or applications are incomplete and ensure that post-loan closing…Read more
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.
Job Satisfaction for Loan Operations Specialist
Explore the most common career paths for Loan Operations Specialist. Thickness and color of lines indicates popularity of movement from one job to the next. Visit our career path planner
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Loan Operations Specialist
Business Analyst, Finance/Banking
Somewhat common (8 - 20%)
Loan Operations Specialist Job Listings
What Are Popular Skills for Loan Operations Specialists?
Skills in Loan Processing, Loan Documents, Commercial Loans and Data Entry are correlated to pay that is above average. Skills that pay less than market rate include Consumer Loans.
What is the Pay by Experience Level for Loan Operations Specialists?
An entry-level Loan Operations Specialist with less than 1 year experience can expect to earn an average total compensation (includes tips, bonus, and overtime pay) of $15.96 based on 20 salaries. An early career Loan Operations Specialist with 1-4 years of experience earns an average total compensation of $15.88 based on 104 salaries. A mid-career Loan Operations Specialist with 5-9 years of experience earns an average total compensation of $17.38 based on 63 salaries. An experienced Loan Operations Specialist with 10-19 years of experience earns an average total compensation of $18.25 based on 66 salaries. In their late career (20 years and higher), employees earn an average total compensation of $17.
Pay Difference by Location
Employees with Loan Operations Specialist in their job title in Raleigh, North Carolina earn an average of 0.3% more than the national average. The lowest salaries can be found in St. Louis, Missouri (21.6% less), Greenville, South Carolina (16.0% less) and Chicago, Illinois (4.9% less).
Years of Experience
This data is based on 274 survey responses.