Loan Specialist Salary in Rochester, Minnesota

How much does a Loan Specialist make in Rochester, MN?

As of March 01, 2025, the average annual salary for a Loan Specialist in Rochester, MN is $59,886. According to Salary.com, salaries can range from a low of $44,665 to a high of $88,506, with most professionals earning between $51,919 and $74,867.

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Salary range for a Loan Specialist

$51,919 to $74,867

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Loan Specialist

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Job Openings for Loan Specialist in Rochester, MN

What does a Loan Specialist do?

Common responsibilities of a Loan Specialist

Assist department by reporting any changes to internal controls or procedural changes as they occur to ensure policies and procedures are reflective of current processes and workflows.

November 25, 2022

Prepares memos with appropriate recommendations under Individual Delegated Authority (IDA) and to the appropriate approval authority for those transactions exceeding an IDA.

February 21, 2023

Requires High School diploma or equivalent and some 2+ year banking or loan processing, documentation or loan assistant experience or other directly related experience.

March 14, 2023

Completes a review of executed loan documentation packages to verify that all required documents have been received and signed accurately and authorizes the executed loan package to be boarded onto the Bank's loan system.

April 11, 2023

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Loan Specialist Salary By Experience Levels in Rochester, MN

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RELEVANT JOB EXPERIENCE

Length of experience is a pay differentiator. Those with greater experience may have an advantage in negotiating salary. For those with less experience, other factors such as education or special skills could impact your pay. Please visit Professional Salary Report for more details.

Loan Specialist Salary By Level of Education in Rochester, MN

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LEVEL OF EDUCATION

Depending on the job, educational levels may have a significant impact on pay levels. Be informed and understand how things like education and certifications can help to increase potential earnings for the career you are interested in. Please visit Professional Salary Report for more details.

Average Salary Range for Loan Specialist in Rochester, MN

Average Base Salary

Core compensation

51919

74867

59886

Average Total Cash Compensation

Includes base and annual incentives

54592

78474

62363

What is the average salary for Loan Specialist in 2025?

These charts show the average base salary (core compensation), as well as the average total cash compensation for the job of Loan Specialist in Rochester, MN. The base salary for Loan Specialist ranges from $51,919 to $74,867 with the average base salary of $59,886. The total cash compensation, which includes base, and annual incentives, can vary anywhere from $54,592 to $78,474 with the average total cash compensation of $62,363.

View Average Salary for Loan Specialist as table

	Average Salary	Average Salary Range
Base Salary	$59,886	$51,919 - $74,867
Bonus	$2,477	$2,673 - $3,607
Total Pay	$62,363	$54,592 - $78,474

* Base Salary represents gross income before taxes and deductions. It does not include additional pay such as benefits, bonuses, profit sharing or commissions.

* Total Pay combines base salary, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job.

Loan Specialist Salary Near Rochester, MN

CITY, STATE	AVERAGE SALARY RANGE	COMPARE TO Rochester, MN
CITY, STATE Lakeville, MN	AVERAGE SALARY RANGE $54,807 - $79,032	COMPARE TO Rochester, MN
CITY, STATE Burnsville, MN	AVERAGE SALARY RANGE $54,993 - $79,301	COMPARE TO Rochester, MN
CITY, STATE La Crosse, WI	AVERAGE SALARY RANGE $48,098 - $69,358	COMPARE TO Rochester, MN
CITY, STATE Saint Paul, MN	AVERAGE SALARY RANGE $55,149 - $79,524	COMPARE TO Rochester, MN
CITY, STATE Eau Claire, WI	AVERAGE SALARY RANGE $49,556 - $71,459	COMPARE TO Rochester, MN
CITY, STATE Eden Prairie, MN	AVERAGE SALARY RANGE $55,055 - $79,390	COMPARE TO Rochester, MN

See salaries for Loan Specialist in locations close to Rochester, MN. Pay for the same job may vary based on the location and on the location and on other factors such as the size of company, the industry, and other local conditions.

About Rochester, Minnesota

Rochester is a city founded in 1854 in the U.S. State of Minnesota and is the county seat of Olmsted County located on the Zumbro River's south fork in Southeast Minnesota. It is Minnesota's third-largest city and the largest city located outside the Minneapolis-St. Paul Metropolitan Statistical Area. As of 2015, the Rochester metropolitan area has a population of 215,884. According to the 2010 United States Census the city has a population of 106,769. The U.S. Census Bureau estimated that the 2017 population was 115,733. It is the home of the Mayo Clinic and an IBM facility, formerly one of t...

Source: Wikipedia (as of 04/11/2019). Read more from Wikipedia

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