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Loan specialist salary
Average loan specialist salary
$43,081
Understanding Loan Specialist Salaries
In the financial sector, the role of a Loan Specialist is vital for assisting clients with their lending needs. As of October 2025, the average annual salary for a Loan Specialist is approximately $43,081. This figure can vary significantly depending on factors such as geographic location and level of experience.
Salary Breakdown by Experience
Entry-level Loan Specialists can expect a starting salary around $35,000, while those with more experience can earn upwards of $50,000 annually. This career offers a clear path for advancement, often leading to higher positions within financial institutions.
Top-Paying States
Loan Specialists in states like California, New York, and Texas typically earn higher salaries compared to other regions. Understanding these geographical salary differences is crucial for job seekers looking to maximize their earning potential.
Job Opportunities
Explore job listings for Loan Specialists on Zippia to find opportunities that fit your skills and career aspirations. By staying informed about salary trends, you can make well-informed decisions as you navigate your career in the lending industry.
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Where can a Loan Specialist earn more?
Loan specialist salaries by experience level
Loan specialist salary estimates from across the web
Average loan specialist salary by state
The highest-paying states for loan specialists are Maryland, West Virginia, and Delaware. The lowest average loan specialist salary states are Montana, Georgia, and Utah.
- State view
- County view
Highest paying states for loan specialists
| Rank | State | Avg. salary | Hourly rate |
|---|---|---|---|
| 1 | Delaware | $49,799 | $23.94 |
| 2 | Maryland | $58,673 | $28.21 |
| 3 | Wisconsin | $46,951 | $22.57 |
| 4 | West Virginia | $57,533 | $27.66 |
| 5 | Rhode Island | $44,652 | $21.47 |
| 6 | Arkansas | $41,928 | $20.16 |
| 7 | New Jersey | $48,517 | $23.33 |
| 8 | North Carolina | $43,522 | $20.92 |
| 9 | Michigan | $43,134 | $20.74 |
| 10 | Virginia | $47,561 | $22.87 |
| 11 | Massachusetts | $49,037 | $23.58 |
| 12 | Ohio | $42,336 | $20.35 |
| 13 | Pennsylvania | $41,770 | $20.08 |
| 14 | Colorado | $42,030 | $20.21 |
| 15 | Indiana | $42,391 | $20.38 |
| 16 | New York | $46,289 | $22.25 |
| 17 | Alabama | $37,700 | $18.13 |
| 18 | Florida | $38,263 | $18.40 |
| 19 | Connecticut | $44,873 | $21.57 |
| 20 | North Dakota | $36,562 | $17.58 |
| 21 | Vermont | $38,842 | $18.67 |
| 22 | Arizona | $37,218 | $17.89 |
| 23 | Texas | $37,317 | $17.94 |
| 24 | Iowa | $34,659 | $16.66 |
| 25 | South Dakota | $35,079 | $16.86 |
| 26 | Wyoming | $34,035 | $16.36 |
| 27 | Minnesota | $36,966 | $17.77 |
| 28 | Alaska | $31,810 | $15.29 |
| 29 | Kentucky | $39,006 | $18.75 |
| 30 | Tennessee | $35,526 | $17.08 |
| 31 | Washington | $39,556 | $19.02 |
| 32 | Kansas | $38,393 | $18.46 |
| 33 | New Hampshire | $39,493 | $18.99 |
| 34 | Hawaii | $29,335 | $14.10 |
| 35 | Montana | $33,092 | $15.91 |
| 36 | Nevada | $34,391 | $16.53 |
| 37 | Utah | $32,492 | $15.62 |
| 38 | Mississippi | $35,955 | $17.29 |
| 39 | California | $40,465 | $19.45 |
| 40 | Idaho | $34,448 | $16.56 |
| 41 | South Carolina | $35,574 | $17.10 |
| 42 | Louisiana | $34,937 | $16.80 |
| 43 | Oregon | $35,928 | $17.27 |
| 44 | Oklahoma | $37,081 | $17.83 |
| 45 | Nebraska | $34,046 | $16.37 |
| 46 | Maine | $34,584 | $16.63 |
| 47 | Illinois | $37,448 | $18.00 |
| 48 | District of Columbia | $39,175 | $18.83 |
| 49 | New Mexico | $34,911 | $16.78 |
| 50 | Georgia | $32,571 | $15.66 |
| 51 | Missouri | $29,929 | $14.39 |
Highest paying cities for loan specialists
The highest-paying cities for loan specialists are Mount Laurel, NJ, Boston, MA, and Mechanicsville, VA.
| Rank | City | Avg. salary | Hourly rate |
|---|---|---|---|
| 1 | Mount Laurel, NJ | $50,039 | $24.06 |
| 2 | Boston, MA | $48,696 | $23.41 |
| 3 | Mechanicsville, VA | $47,417 | $22.80 |
| 4 | New York, NY | $46,740 | $22.47 |
| 5 | Raleigh, NC | $44,468 | $21.38 |
| 6 | Troy, MI | $43,181 | $20.76 |
| 7 | Columbus, OH | $42,630 | $20.50 |
| 8 | San Francisco, CA | $41,966 | $20.18 |
| 9 | Denver, CO | $41,964 | $20.18 |
| 10 | Pine Bluff, AR | $41,546 | $19.97 |
| 11 | Pittsburgh, PA | $40,970 | $19.70 |
| 12 | Washington, DC | $39,097 | $18.80 |
| 13 | Owensboro, KY | $37,881 | $18.21 |
| 14 | Chicago, IL | $37,571 | $18.06 |
| 15 | Birmingham, AL | $37,411 | $17.99 |
| 16 | Houston, TX | $37,379 | $17.97 |
| 17 | Scottsdale, AZ | $37,284 | $17.93 |
| 18 | Minneapolis, MN | $36,986 | $17.78 |
| 19 | Tulsa, OK | $36,908 | $17.74 |
| 20 | Portland, OR | $35,717 | $17.17 |
Loan Specialists are the most in-demand in these five cities:
Loan specialist salary details
A loan specialist's salary ranges from $26,000 a year at the 10th percentile to $68,000 at the 90th percentile.
What is a loan specialist's salary?
| Percentile | Annual salary | Monthly salary | Hourly rate |
|---|---|---|---|
| 90th Percentile | $68,000 | $5,667 | $33 |
| 75th Percentile | $55,000 | $4,583 | $26 |
| Average | $43,081 | $3,590 | $21 |
| 25th Percentile | $33,000 | $2,750 | $16 |
| 10th Percentile | $26,000 | $2,167 | $13 |
Highest paying loan specialist jobs
The highest paying types of loan specialists are loan servicing specialist, specialist, and processing specialist.
| Job title | Annual salary | Monthly salary | Hourly rate | Job openings |
|---|---|---|---|---|
| Closing Coordinator | $39,066 | $3,256 | $18.78 | 19,203 |
| Loan Services Representative | $38,603 | $3,217 | $18.56 | 85,475 |
| Loan Closer | $39,093 | $3,258 | $18.79 | 11,431 |
| Loan Processor | $38,122 | $3,177 | $18.33 | 16,228 |
| Loan Coordinator | $39,836 | $3,320 | $19.15 | 24,765 |
| Loan Analyst | $37,857 | $3,155 | $18.20 | 24,756 |
Top companies hiring loan specialists now:
Which companies pay loan specialists the most?
Loan specialist salaries at FNB and Fifth Third Bank are the highest-paying according to our most recent salary estimates. In addition, the average loan specialist salary at companies like Northern Trust and Citi are highly competitive.
| Rank | Company | Average salary | Hourly rate |
|---|---|---|---|
| 1 | FNB | $96,285 | $46.29 |
| 2 | Fifth Third Bank | $95,897 | $46.10 |
| 3 | Northern Trust | $85,109 | $40.92 |
| 4 | Citi | $81,152 | $39.02 |
| 5 | JPMorgan Chase & Co. | $80,979 | $38.93 |
| 6 | Murtech | $77,841 | $37.42 |
| 7 | NBT Bancorp Incorporated | $76,066 | $36.57 |
| 8 | City National Bank | $74,194 | $35.67 |
| 9 | Cognizant | $73,424 | $35.30 |
| 10 | Huntington National Bank | $73,147 | $35.17 |
| 11 | Raymond James Financial | $71,833 | $34.54 |
| 12 | M&T Bank | $71,250 | $34.25 |
| 13 | QuinStreet | $70,049 | $33.68 |
| 14 | Busey | $67,359 | $32.38 |
| 15 | First Republic Bank | $65,891 | $31.68 |
| 16 | Discover | $63,816 | $30.68 |
| 17 | BancorpSouth | $59,760 | $28.73 |
| 18 | Export-Import Bank of the United States | $59,631 | $28.67 |
| 19 | Accion | $59,034 | $28.38 |
| 20 | First Horizon Bank | $58,814 | $28.28 |
Wage gap by gender, race and education
Loan specialist salary trends
The average loan specialist salary has risen by $6,821 over the last ten years. In 2014, the average loan specialist earned $36,260 annually, but today, they earn $43,081 a year. That works out to a 7% change in pay for loan specialists over the last decade.
Compare loan specialist salaries for cities or states with the national average over time.
Average loan specialist salary over time
Compare loan specialist salaries for individual cities or states with the national average.
Loan specialist salary by year
| Year | Avg. salary | Hourly rate | % Change |
|---|---|---|---|
| 2025 | $43,100 | $20.71 | +1.8% |
| 2024 | $42,300 | $20.35 | +1.8% |
| 2023 | $41,500 | $19.97 | +2.1% |
| 2022 | $40,700 | $19.56 | +1.1% |
| 2021 | $40,200 | $19.34 | +2.4% |
Recently added loan specialist salaries
| Company | Job | Location | Date added | Salary |
|---|---|---|---|---|
| Broadridge | Clo/Syndicate Loan Settlement Specialist(Hybrid) | Newark, NJ | 06/30/2025 | $100,000 |
| Veterans United Home Loans | Loan Specialist | Springfield, MO | 06/30/2025 | $45,000 |
| Nbtbancorp | Operations Commercial Loan Specialist | Williamsville, NY | 06/30/2025 | $39,590 |
| Old National Bank | Special Loan Specialist II | Evansville, IN | 06/29/2025 | $35,479 |
| Carringtonres | Specialist, Loan Set-Up, Wholesale, II | Windsor, CT | 06/29/2025 | $38,000 |
| Regional Finance | Loan Specialist | Greenville, SC | 06/28/2025 | $41,000 |
| Regional Finance | Loan Specialist | Phoenix, AZ | 06/28/2025 | $41,000 |
| Regional Finance | Loan Specialist | Charlotte, NC | 06/28/2025 | $41,000 |
| Regional Finance | Bilingual Loan Specialist | Sacramento, CA | 06/28/2025 | $48,001 |
| Wells Fargo | Commercial Loan Closing Specialist | Roanoke, VA | 06/27/2025 | $43,300 |
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