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.
|Salary||$28,908 - $60,677|
|Bonus||$972 - $10,241|
|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).)
|$25,986 - $57,039|
|Hourly Rate||$11.76 - $20.88|
|Overtime||$17.94 - $29.72|
|Bonus||$972 - $10,241|
|Total Pay (||$25,986 - $57,039|
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.Read More...
These specialists must contact applicants in a timely manner when documents or applications are incomplete and ensure that post-loan closing and servicing are supported. They must also provide applicants with disclosure paperwork as required by government agencies, and the ability to pull, review, and evaluate credit reports and credit scores is necessary in this position. Computer skills are important to use their employers' computer software and applications, and proficiency in Microsoft Office programs is often desirable. Strong communication and interpersonal skills are also important, and they must be able to work independently with minimal supervision as well as in a team environment.
An associate's degree or higher in a financial field and relevant prior experience are generally required for this position, and some may also be required to train or coach new employees. They may also attend training classes regularly to keep their skills and knowledge up-to-date. (Copyright 2017 PayScale.com)
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.
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Key Stats for Loan Operations Specialist
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