1. University of Pennsylvania
Philadelphia, PA • Private
In-State Tuition
$55,584
Enrollment
10,764
What is a Loan Representative?
There is more than meets the eye when it comes to being a loan representative. For example, did you know that they make an average of $16.36 an hour? That's $34,028 a year! Between 2018 and 2028, the career is expected to grow 5% and produce 72,100 job opportunities across the U.S.
What Does a Loan Representative Do
There are certain skills that many loan representatives have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed communication skills, math skills and organizational skills.
How To Become a Loan Representative
If you're interested in becoming a loan representative, one of the first things to consider is how much education you need. We've determined that 47.0% of loan representatives have a bachelor's degree. In terms of higher education levels, we found that 4.1% of loan representatives have master's degrees. Even though most loan representatives have a college degree, it's possible to become one with only a high school degree or GED.
Loan Representative Career Paths
As you move along in your career, you may start taking on more responsibilities or notice that you've taken on a leadership role. Using our career map, a loan representative can determine their career goals through the career progression. For example, they could start out with a role such as loan officer, progress to a title such as account executive and then eventually end up with the title senior account manager.
Loan Representative
Senior Account Manager
7 Years
Accounting Manager
7 Years
Manager, Assistant Vice President
7 Years
National Account Manager
8 Years
Assistant Vice President
7 Years
Vice President And Manager
10 Years
Show More
Average Salary for a Loan Representative
Loan Representatives in America make an average salary of $34,028 per year or $16 per hour. The top 10 percent makes over $42,000 per year, while the bottom 10 percent under $26,000 per year.
Average Loan Representative Salary
$34,028 Yearly$16.36 hourly
What Am I Worth?
Roles and Types of Loan Representative
The role of a loan representative includes a wide range of responsibilities. These responsibilities can vary based on an individual's specific job, company, or industry.Here are some general loan representative responsibilities:
- As a mortgage loan representative, you are the liaison between prospective/existing members
- Process all loan transactions including payments
- Indirect loan representatives serve as a liaison between the indirect finance network
There are several types of loan representative, including:
Service Representative
Role:
As a service representative, you're going to spend a lot of your time addressing customer complaints. For someone who likes to solve problems, this is a great position. Bonus points if you're able to be nice with every customer.
You'll probably only need a high school degree in this position, as you'll get a lot of on-the-job training to really learn about the job. Aside from handling customer complaints, you will take a lot of orders from customers and you'll be a resource for people to ask questions. So it's not all negative.
What's even better about this job is that you'll only ever work full-time. You probably won't ever have to work more than that so you can take solice in knowing that. Plus, you'll have lots of job opportunities as service respresentatives are helpful in nearly every industry.
- Average Salary: $33,692
- Degree: Bachelor's Degree
Representative
Role:
Since respresentative is such a broad term, you can really take your pick when it comes to having a career as one. Maybe you want to pursue customer service or politics. Either way, representatives are very important for the people they're serving.
As a representative, it's important that you present yourself well. A state representative needs to be a likeable figure for people to vote into office, while a customer service representative needs to put on an understanding face when presented with a customer complaint.
Representatives work all sorts of hours, depending on the industry they've picked. Luckily, there are so many industries that a representative can go into that you'll have plenty of job opportunities available.
- Average Salary: $36,023
- Degree: Bachelor's Degree
Account Representative
Role:
As the primary contact for clients, it's your job to represent your company well. Your goal is to have those clients return, year after year, while also creating new client relationships. New growth is always good.
Some of your responsibilities include going over customer complaints and working toward a solution for each complaint. We can't stressed this enough - you want to keep your clients happy, no matter how much you despise them.
The majority of account representatives put in a full-time schedule, week after week. But every now and then, you might be responsible for meeting with a client after working hours. And you're just going to have to be ok with it.
- Average Salary: $36,977
- Degree: Bachelor's Degree
States With The Most Loan Representative Jobs
Mouse over a state to see the number of active loan representative jobs in each state. The darker areas on the map show where loan representatives earn the highest salaries across all 50 states.
Average Salary: Job Openings:
Number Of Loan Representative Jobs By State
| Rank | State | Number of Jobs | Average Salary |
|---|---|---|---|
| 1 | California | 3,710 | $41,601 |
| 2 | Texas | 3,226 | $35,335 |
| 3 | Florida | 2,667 | $29,177 |
| 4 | Illinois | 1,809 | $36,176 |
| 5 | Pennsylvania | 1,803 | $30,127 |
| 6 | Georgia | 1,795 | $31,753 |
| 7 | Ohio | 1,501 | $29,922 |
| 8 | New York | 1,497 | $35,673 |
| 9 | Michigan | 1,371 | $30,478 |
| 10 | Virginia | 1,304 | $29,546 |
| 11 | Arizona | 1,187 | $32,262 |
| 12 | Minnesota | 1,167 | $33,710 |
| 13 | North Carolina | 1,149 | $31,394 |
| 14 | Massachusetts | 1,138 | $36,454 |
| 15 | New Jersey | 1,133 | $37,707 |
| 16 | Colorado | 1,056 | $36,348 |
| 17 | Missouri | 1,037 | $26,864 |
| 18 | Wisconsin | 915 | $35,064 |
| 19 | Indiana | 885 | $33,666 |
| 20 | Washington | 827 | $38,108 |
| 21 | Alabama | 803 | $32,237 |
| 22 | Tennessee | 778 | $29,193 |
| 23 | Maryland | 767 | $38,401 |
| 24 | South Carolina | 688 | $28,888 |
| 25 | Iowa | 613 | $33,203 |
| 26 | Kentucky | 529 | $36,212 |
| 27 | Oregon | 494 | $37,156 |
| 28 | Louisiana | 491 | $32,175 |
| 29 | Utah | 484 | $32,255 |
| 30 | Arkansas | 442 | $35,967 |
| 31 | Oklahoma | 438 | $32,995 |
| 32 | Kansas | 409 | $35,906 |
| 33 | Mississippi | 338 | $29,261 |
| 34 | Connecticut | 336 | $34,640 |
| 35 | Nevada | 321 | $30,634 |
| 36 | Maine | 317 | $32,677 |
| 37 | Idaho | 291 | $30,909 |
| 38 | Nebraska | 265 | $30,219 |
| 39 | West Virginia | 249 | $40,338 |
| 40 | New Hampshire | 246 | $34,916 |
| 41 | New Mexico | 242 | $30,593 |
| 42 | Rhode Island | 189 | $35,993 |
| 43 | Delaware | 176 | $33,420 |
| 44 | Montana | 156 | $32,462 |
| 45 | North Dakota | 150 | $34,785 |
| 46 | South Dakota | 148 | $31,751 |
| 47 | Hawaii | 142 | $36,083 |
| 48 | Alaska | 99 | $38,147 |
| 49 | Vermont | 93 | $36,513 |
| 50 | Wyoming | 68 | $32,720 |
Top Colleges for Loan Representatives
2. Northwestern University
Evanston, IL • Private
In-State Tuition
$54,568
Enrollment
8,451
3. University of Southern California
Los Angeles, CA • Private
In-State Tuition
$56,225
Enrollment
19,548
4. SUNY at Binghamton
Vestal, NY • Private
In-State Tuition
$9,808
Enrollment
13,990
5. Villanova University
Villanova, PA • Private
In-State Tuition
$53,308
Enrollment
6,819
6. San Diego State University
San Diego, CA • Private
In-State Tuition
$7,488
Enrollment
30,018
7. Bentley University
Waltham, MA • Private
In-State Tuition
$49,880
Enrollment
4,177
8. Boston University
Boston, MA • Private
In-State Tuition
$53,948
Enrollment
17,238
9. SUNY Stony Brook
Stony Brook, NY • Private
In-State Tuition
$9,625
Enrollment
17,407
10. New York University
New York, NY • Private
In-State Tuition
$51,828
Enrollment
26,339
Top Skills For a Loan Representative
The skills section on your resume can be almost as important as the experience section, so you want it to be an accurate portrayal of what you can do. Luckily, we've found all of the skills you'll need so even if you don't have these skills yet, you know what you need to work on. Out of all the resumes we looked through, 12.6% of loan representatives listed customer service on their resume, but soft skills such as communication skills and math skills are important as well.
Choose From 10+ Customizable Loan Representative Resume templates
Zippia allows you to choose from different easy-to-use Loan Representative templates, and provides you with expert advice. Using the templates, you can rest assured that the structure and format of your Loan Representative resume is top notch. Choose a template with the colors, fonts & text sizes that are appropriate for your industry.
Loan Representative diversity
Loan Representative Gender Distribution
Female
65%
Male
35%
After extensive research and analysis, Zippia's data science team found that:
- Among loan representatives, 65.1% of them are women, while 34.9% are men.
- The most common race/ethnicity among loan representatives is White, which makes up 60.4% of all loan representatives.
- The most common foreign language among loan representatives is Spanish at 60.5%.
Online Courses For Loan Representative That You May Like
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Best States For a Loan Representative
Some places are better than others when it comes to starting a career as a loan representative. The best states for people in this position are California, West Virginia, Maryland, and Alaska. Loan representatives make the most in California with an average salary of $41,601. Whereas in West Virginia and Maryland, they would average $40,338 and $38,401, respectively. While loan representatives would only make an average of $38,147 in Alaska, you would still make more there than in the rest of the country. We determined these as the best states based on job availability and pay. By finding the median salary, cost of living, and using the Bureau of Labor Statistics' Location Quotient, we narrowed down our list of states to these four.
1. West Virginia
Total Loan Representative Jobs: 249
Highest 10% Earn:
$51,000
Location Quotient:
1.11
$40,338
Avg. Salary
2. Arkansas
Total Loan Representative Jobs: 442
Highest 10% Earn:
$45,000
Location Quotient:
1.15
$35,967
Avg. Salary
3. Rhode Island
Total Loan Representative Jobs: 189
Highest 10% Earn:
$46,000
Location Quotient:
1.06
$35,993
Avg. Salary
How Do Loan Representatives Rate Their Jobs?
Top Loan Representative Employers
Most Common Employers For Loan Representative
| Rank | Company | Average Salary | Hourly Rate | Job Openings |
|---|---|---|---|---|
| 1 | JPMorgan Chase & Co. | $44,532 | $21.41 | 58 |
| 2 | Bank of America | $42,422 | $20.40 | 43 |
| 3 | PHH Corporation | $42,173 | $20.28 | 7 |
| 4 | Wells Fargo | $42,130 | $20.25 | 106 |
| 5 | Navient | $40,938 | $19.68 | 46 |
| 6 | Royal Credit Union | $39,444 | $18.96 | 6 |
| 7 | People's United Bank | $39,256 | $18.87 | 19 |
| 8 | SunTrust | $37,760 | $18.15 | 8 |
| 9 | Marine Credit Union | $37,705 | $18.13 | 9 |
| 10 | Citi | $36,881 | $17.73 | 21 |
Loan Representative Videos
DriveTime Careers: Loan Servicing
Commercial Loan Officer, Career Video from drkit.org