Loan Quality Assurance Representative Average Salary in Virginia 2024
How much money does a person working as Loan Quality Assurance Representative make in Virginia?
LOW
42,100
USD AVERAGE
89,600
USD HIGH
142,000
USD
A person working as Loan Quality Assurance Representative in Virginia typically earns around 89,600 USD. Salaries range from 42,100 USD (lowest) to 142,000 USD (highest).
Salary Variance
This is the average salary including housing, transport, and other benefits. Loan Quality Assurance Representative salaries in Virginia vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Loan Quality Assurance Representative Pay Scale and Salaries in Virginia
Salary Structure and Pay Scale Comparison
84,300 USD or more
74,100 to 84,300 USD
51,600 USD or less
51,600 to 74,100 USD
 42,100 USD |
84,900 USD |
142,000 USD |
Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range
Salary Range, Minimum Wage, and Starting Salary
Salaries for the position Loan Quality Assurance Representative in Virginia range from 42,100 USD (starting salary) to 142,000 USD (maximum salary). It should be noted that the given figure is not the legally mandated minimum wage; rather, it represents the lowest figure reported in a salary survey that included thousands of participants and professionals from all regions of the country.
Median Salary
With a median salary of 84,900 USD, half of the professionals who work as Loan Quality Assurance Representative in Virginia earn less than this amount, and the other half earn more. The median salary denotes the middle value of salaries. Ideally, you would want to belong to the group earning more than the median salary, located on the right side of the salary distribution graph.
Percentiles and Salary Scale
The median is closely associated with two other values known as the 25th and 75th percentiles. By examining the salary distribution chart, it can be determined that 25% of professionals employed as Loan Quality Assurance Representative in Virginia earn less than 68,800 USD, while 75% earn more. Similarly, the chart shows that 75% earn less than 97,600 USD while 25% earn more.
Pay Scale Structure
To provide a better understanding of expected salaries, we categorized the frequently occurring salaries into different ranges. This approach provides a more precise representation of salary distribution for the job title Loan Quality Assurance Representative in Virginia compared to simply calculating the average. The majority of reported salaries, approximately 65%, fall within the range of 51,600 USD to 74,100 USD. About 20% of salaries are below the 51,600 USD mark, while 10% fall within the range of 74,100 USD to 84,300 USD. Only 5% of individuals have salaries exceeding 84,300 USD.
Salary Comparison by Years of Experience / Loan Quality Assurance Representative / Virginia
How do experience and age affect pay?
| 0 - 2 Years | 48,600 USD | |
| 2 - 5 Years | +38% | 66,900 USD |
| 5 - 10 Years | +42% | 95,300 USD |
| 10 - 15 Years | +22% | 116,000 USD |
| 15 - 20 Years | +6% | 123,000 USD |
| 20+ Years | +9% | 134,000 USD |
The experience level is the most important factor in determining the salary. Naturally, the more years of experience the higher the wage. We broke down salaries by experience level for people working as Loan Quality Assurance Representative and this is what we found.
Employees with less than two years of experience earn approximately 48,600 USD.
While someone with an experience level between two and five years is expected to earn 66,900 USD, 38% more than someone with less than two year's experience.
Moving forward, an experience level between five and ten years lands a salary of 95,300 USD, 42% more than someone with two to five years of experience.
Additionally, professionals whose expertise span anywhere between ten and fifteen years get a salary equivalent to 116,000 USD, 22% more than someone with five to ten years of experience.
If the experience level is between fifteen and twenty years, then the expected wage is 123,000 USD, 6% more than someone with ten to fifteen years of experience.
Lastly, employees with more than twenty years of professional experience get a salary of 134,000 USD, 9% more than people with fifteen to twenty years of experience.
Typical Salary Progress for Most Careers
Salary Comparison By Education / Loan Quality Assurance Representative / Virginia
How do education levels affect salaries?
Displayed below is the average salary variance between different education levels of professionals working as Loan Quality Assurance Representative.
| Bachelor's Degree | 66,900 USD | |
| Master's Degree | +83% | 123,000 USD |
We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down salaries by education level for the position Loan Quality Assurance Representative in order to make a comparison.
Level 1: Bachelor's Degree
Employees at this education level have an average salary of 66,900 USD.
Level 2: Master's Degree
At this level, the average salary becomes 123,000 USD, 83% more than the previous level.
Is a Master's degree or an MBA worth it? Should you pursue higher education?
A Master's degree program or any post-graduate program in United States costs anywhere from 39,600 USD to 119,000 USD and lasts approximately two years. That is quite an investment.
You can't really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.
Many people pursue higher education as a tactic to switch to a higher-paying job. The numbers seem to support the theory. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.
If you can afford the costs of higher education, the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.
Typical Salary Difference by Education for Most Careers
Salary and Compensation Comparison By Gender / Loan Quality Assurance Representative / Virginia
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? For the people who work as Loan Quality Assurance Representative in United States, the average difference between the salary of male and female employees is 5%.
| Male | 77,000 USD | |
| Female | -5% | 73,500 USD |
Salary Comparison By Gender in United States for all Careers
Average Annual Salary Increment Percentage / Loan Quality Assurance Representative / Virginia
How much are annual salary increments in Virginia for individuals working as Loan Quality Assurance Representative? How often do employees get salary raises?
Individuals working as Loan Quality Assurance Representative in United States are likely to observe a salary increase of approximately % every months. The national average annual increment for all professions combined is 8% granted to employees every 16 months.
United States / All Professions
The term Annual Salary Increase usually refers to the increase in 12 calendar month period, but because it is rare that people get their salaries reviewed exactly on the one-year mark, it is more meaningful to know the frequency and the rate at the time of the increase.
How to calculate the salary increment percentage?
The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 / Increase Frequency
Worldwide Salary Raises: All Countries and All Jobs
Salary Packages and Schemes
Not all compensation increases are reflected directly in the salary. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary.
Bonus and Incentive Rates / Loan Quality Assurance Representative / United States
How much and how often are bonuses being awarded?
Share This Chart Tweet Get Chart Linkhttp://www.salaryexplorer.com/charts/united-states/banking/loan-quality-assurance-representative/annual-salary-bonus-rate-united-states-loan-quality-assurance-representative.jpg
100% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while % said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from % to % of their annual salary.
| Received Bonus | % | |
| No Bonus | 100% |
Types of Bonuses Considered
Individual Performance-Based BonusesThe most standard form of bonus, where the employee is awarded based on their exceptional performance.
Company Performance BonusesOccasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.
Goal-Based BonusesGranted upon achieving an important goal or milestone.
Holiday / End of Year BonusesThese types of bonuses are given without a reason and usually resemble an appreciation token.
Bonuses Are Not Commissions!
People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.
What makes a position worthy of good bonuses and a high salary?
The main two types of jobs | |
| Revenue Generators | Supporting Cast |
Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business. | Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations. |
Example: | Example: |
Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.
Bonus Comparison by Seniority Level
Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.
Average Hourly Wage / Loan Quality Assurance Representative / Virginia
43 USD per hourThe average hourly wage (pay per hour) for individuals working as Loan Quality Assurance Representative in Virginia is 43 USD.This is the rate they get paid for every worked hour.
About The Hourly Pay Rate
The hourly wage is the salary paid in one worked hour. Usually, jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fixed amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.
What is the minimum hourly rate of pay?
The minimum pay rate per hour for people working as Loan Quality Assurance Representative in Virginia is 20 USD. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.
Salary comparison with similar jobs
| Job Title | Average Salary |
| Banking |  -100% | |
| AML Analyst | 165,000 USD |  +84% |
| Assistant Bank Branch Manager | 140,000 USD | +56% |
| Assistant Bank Manager | 189,000 USD | +110% |
| ATM Manager | 146,000 USD | +63% |
| ATM Service Technician | 40,800 USD | -54% |
| Bank Accounts Analyst | 61,500 USD | -31% |
| Bank Accounts Collector | 36,400 USD | -59% |
| Bank Accounts Controller | 78,300 USD | -13% |
| Bank Accounts Executive | 118,000 USD | +32% |
| Bank Accounts Manager | 138,000 USD | +54% |
| Bank Auditing Manager | 133,000 USD | +49% |
| Bank Branch Manager | 189,000 USD | +110% |
| Bank Branch Operations Coordinator | 84,100 USD | -6% |
| Bank Clerk | 35,800 USD | -60% |
| Bank Client Service Associate | 49,400 USD | -45% |
| Bank Collector | 35,800 USD | -60% |
| Bank Compliance Specialist | 99,400 USD | +11% |
| Bank Manager | 228,000 USD | +150% |
| Bank Operational Risk Manager | 225,000 USD | +150% |
| Bank Operations Head | 227,000 USD | +150% |
| Bank Operations Officer | 84,000 USD | -6% |
| Bank Operations Specialist | 131,000 USD | +46% |
| Bank Process Manager | 119,000 USD | +33% |
| Bank Product Manager | 146,000 USD | +63% |
| Bank Programme Manager | 153,000 USD | +71% |
| Bank Project Manager | 171,000 USD | +91% |
| Bank Propositions Manager | 164,000 USD | +83% |
| Bank Quantitative Analyst | 108,000 USD | +21% |
| Bank Regional Manager | 218,000 USD | +140% |
| Bank Regional Risk Officer | 118,000 USD | +32% |
| Bank Relationship Manager | 162,000 USD | +81% |
| Bank Relationship Officer | 72,500 USD | -19% |
| Bank Sustainability Analyst | 134,000 USD | +50% |
| Bank Teller | 37,900 USD | -58% |
| Banker | 77,400 USD | -14% |
| Banking Business Analyst | 116,000 USD | +30% |
| Banking Business Development Officer | 68,900 USD | -23% |
| Banking Business Planning Executive | 160,000 USD | +79% |
| Banking Data Analyst | 126,000 USD | +41% |
| Banking Product Manager | 148,000 USD | +65% |
| Banking Reference Data Manager | 119,000 USD | +33% |
| Banking Regulatory Compliance Officer | 131,000 USD | +46% |
| Banking Risk Analyst | 112,000 USD | +25% |
| Banking Technical Analyst | 60,400 USD | -33% |
| Bankruptcy Coordinator | 78,700 USD | -12% |
| Bill and Account Collector | 42,000 USD | -53% |
| Blockchain Analyst | 95,500 USD | +7% |
| Blockchain Architect | 112,000 USD | +25% |
| Blockchain Auditor | 101,000 USD | +13% |
| Blockchain Compliance Analyst | 105,000 USD | +17% |
| Blockchain Consultant | 112,000 USD | +25% |
| Blockchain Trade Facilitator | 93,700 USD | +5% |
| Budget Analyst | 117,000 USD | +31% |
| Capital Risk Manager | 211,000 USD | +140% |
| Cards Marketing Manager | 145,000 USD | +62% |
| Cash Management Manager | 195,000 USD | +120% |
| Check Processing Manager | 146,000 USD | +63% |
| Chief Blockchain Officer | 131,000 USD | +46% |
| Commercial Vault Associate | 114,000 USD | +27% |
| Corporate Banker | 80,400 USD | -10% |
| Corporate Dealer | 120,000 USD | +34% |
| Credit Analyst | 91,100 USD | +2% |
| Credit and Collections Manager | 160,000 USD | +79% |
| Credit Card Fraud Investigator | 113,000 USD | +26% |
| Credit Portfolio Manager | 209,000 USD | +130% |
| Credit Risk Analyst | 124,000 USD | +38% |
| Credit Risk Associate | 119,000 USD | +33% |
| Cryptocurrency Accountant | 69,600 USD | -22% |
| Cryptocurrency Adviser | 137,000 USD | +53% |
| Cryptocurrency Analyst | 104,000 USD | +16% |
| Cryptocurrency Compliance Manager | 131,000 USD | +46% |
| Cryptocurrency Trader | 119,000 USD | +33% |
| Digital Banking Manager | 155,000 USD | +73% |
| Digital Currency Analyst | 109,000 USD | +22% |
| Direct Bank Sales Representative | 78,200 USD | -13% |
| Exchange Control Consultant | 125,000 USD | +40% |
| Executive Account Analyst | 110,000 USD | +23% |
| Financial Bank Planning Consultant | 150,000 USD | +67% |
| Financial Banking Analysis Manager | 167,000 USD | +86% |
| Financial Banking Assistant | 54,800 USD | -39% |
| Financial Banking Systems Manager | 158,000 USD | +76% |
| Foreign Exchange Manager | 172,000 USD | +92% |
| Fraud Analyst | 121,000 USD | +35% |
| Fraud Detection Associate | 86,100 USD | -4% |
| Fraud Detection Manager | 175,000 USD | +95% |
| Fraud Detection Supervisor | 95,400 USD | +7% |
| Internal Bank Audit Manager | 204,000 USD | +130% |
| Internal Bank Auditor | 110,000 USD | +23% |
| Internal Private Banker | 85,000 USD | -5% |
| International Banking Manager | 236,000 USD | +160% |
| Investment Banking Analyst | 159,000 USD | +78% |
| Loan Analyst | 113,000 USD | +26% |
| Loan Area Manager | 137,000 USD | +53% |
| Loan Audit Team Leader | 128,000 USD | +43% |
| Loan Branch Manager | 129,000 USD | +44% |
| Loan Business Development Officer | 70,400 USD | -21% |
| Loan Clerk | 41,700 USD | -53% |
| Loan Collection and Recovery Manager | 131,000 USD | +46% |
| Loan Collection Manager | 143,000 USD | +60% |
| Loan Collector | 36,200 USD | -60% |
| Loan Examiner | 48,900 USD | -45% |
| Loan Officer | 45,100 USD | -50% |
| Loan Processing Manager | 122,000 USD | +36% |
| Loan Processor | 51,700 USD | -42% |
| Loan Quality Assurance Auditor | 118,000 USD | +32% |
| Loan Quality Assurance Manager | 133,000 USD | +49% |
| Loan Quality Assurance Representative | 89,600 USD | +0% |
| Loan Review Manager | 124,000 USD | +38% |
| Loan Team Leader | 112,000 USD | +25% |
| Loans Manager | 155,000 USD | +73% |
| Mortgage Advisor | 78,200 USD | -13% |
| Mortgage Collection Manager | 134,000 USD | +50% |
| Mortgage Collector | 37,800 USD | -58% |
| Mortgage Credit Analyst | 62,200 USD | -31% |
| Mortgage Credit Manager | 132,000 USD | +47% |
| Mortgage Development Manager | 139,000 USD | +55% |
| Mortgage Document Reviewer | 48,000 USD | -46% |
| Mortgage Funding Manager | 144,000 USD | +61% |
| Mortgage Operations Manager | 206,000 USD | +130% |
| Mortgage Payment Processing Clerk | 41,600 USD | -54% |
| Mortgage Processing Manager | 129,000 USD | +44% |
| Mortgage Processor | 51,500 USD | -42% |
| Mortgage Quality Assurance Auditor | 109,000 USD | +22% |
| Mortgage Quality Assurance Manager | 127,000 USD | +42% |
| Mortgage Servicing Clerk | 40,300 USD | -55% |
| Mortgage Servicing Manager | 130,000 USD | +45% |
| Mortgage Underwriter | 47,900 USD | -47% |
| Online Banking Manager | 203,000 USD | +130% |
| Open Banking Strategist | 115,000 USD | +28% |
| Payment Processing Clerk | 41,900 USD | -53% |
| Personal Banker | 79,600 USD | -11% |
| Personal Banking Advisor | 81,200 USD | -9% |
| Phone Banker | 53,900 USD | -40% |
| Private Banker | 86,500 USD | -3% |
| Reconciliation and Investigation Specialist | 92,700 USD | +4% |
| Tax Officer | 69,400 USD | -23% |
| Teller | 38,400 USD | -57% |
| Trade Officer | 44,600 USD | -50% |
| Trade Product Manager | 129,000 USD | +44% |
| Trader | 54,900 USD | -39% |
| Treasury Operations Officer | 97,300 USD | +9% |
| Wealth Management Advisor | 165,000 USD | +84% |
Government vs Private Sector Salary Comparison
Where can you get paid more, working in a private company or the government? The difference between the public or government sector salaries and the private sector salaries in United States is 5% on average across all career fields.
| Private Sector | 92,800 USD | |
| Public Sector | +5% | 97,500 USD |
Salary Statistics and Calculation Guide
What is considered to be a good and competitive salary for the job title Loan Quality Assurance Representative in Virginia?
A good and competitive compensation would range anywhere between 84,900 USD and 97,600 USD. This is a very rough estimate. Experience and education play a very huge part in the final earnings.
Gross Salary (before tax) and Net Salary (after tax)
All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.
Base / Basic Salary
The base salary for a careers like Loan Quality Assurance Representative in Virginia ranges from 42,100 USD to 68,800 USD. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range with a grain of salt.
What is the difference between the median and the average salary?
Both are indicators. If your salary is higher than both the average and the median then you are doing very well. If your salary is lower than both, then many people earn more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary
