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What is a loan services representative and how to become one
A loan service representative is an individual who works for a bank, lending, or a mortgage company, and is responsible for interacting with customers who apply for loans. These professionals educate customers regarding the loan application process, help them navigate through all of the paperwork and the authorization process, and answer any questions that may arise. A loan services representative ensures that all the customer information is entered correctly into a loan application, and is careful to follow all proper loan application procedures.
Although an advanced degree is not necessary to obtain a position as a loan services representative, most banks and employers do require at least a high school diploma or a GED. Mortgage loan representatives need a mortgage loan originator license, as well as a background and credit check. A loan services representative should possess strong communication, interpersonal, organizational, and problem-solving skills, and should be knowledgeable about the various facets of processing loan applications. Depending on the industry, a loan services representative can make up to $31,000 per year, and the career field is expected to grow 5% by 2028.
Avg. Salary $38,603
Avg. Salary $59,228
Growth rate -3%
Growth rate 0.3%
American Indian and Alaska Native 0.41%
Asian 7.12%
Black or African American 11.67%
Hispanic or Latino 17.05%
Unknown 4.37%
White 59.38%
Genderfemale 73.18%
male 26.82%
Age - 41American Indian and Alaska Native 3.00%
Asian 7.00%
Black or African American 14.00%
Hispanic or Latino 19.00%
White 57.00%
Genderfemale 47.00%
male 53.00%
Age - 41Stress level is very high
7.1 - high
Complexity level is challenging
7 - challenging
Work life balance is fair
6.4 - fair
Loan services representative career paths
Key steps to become a loan services representative
Explore loan services representative education requirements
Start to develop specific loan services representative skills
Skills Percentages Customer Service 23.85% Loan Payments 18.80% Outbound Calls 3.79% Escrow Accounts 3.72% Mortgage Loans 2.78% Complete relevant loan services representative training and internships
Accountants spend an average of 1-2 years on post-employment, on-the-job training. New loan services representatives learn the skills and techniques required for their job and employer during this time. The chart below shows how long it takes to gain competency as a loan services representative based on U.S. Bureau of Labor Statistics data and data from real loan services representative resumes.Research loan services representative duties and responsibilities
- Manage customer relations with internal personnel, group administrators, brokers and members as related to Medicare insurance.
- Track, compile, and send HUD and VA binders off to respective government agency.
- Approve final numbers on HUD closing contract, turn in final sign contract to lender for funding.
- Provide research support functions to management and sales representatives on check copies, ACH maintenance and speed-pay income.
Prepare your loan services representative resume
When your background is strong enough, you can start writing your loan services representative resume.
You can use Zippia's AI resume builder to make the resume writing process easier while also making sure that you include key information that hiring managers expect to see on a loan services representative resume. You'll find resume tips and examples of skills, responsibilities, and summaries, all provided by Zippi, your career sidekick.
Choose from 10+ customizable loan services representative resume templates
Build a professional loan services representative resume in minutes. Browse through our resume examples to identify the best way to word your resume. Then choose from 10+ resume templates to create your loan services representative resume.
Apply for loan services representative jobs
Now it's time to start searching for a loan services representative job. Consider the tips below for a successful job search:
- Browse job boards for relevant postings
- Consult your professional network
- Reach out to companies you're interested in working for directly
- Watch out for job scams
How did you land your first loan services representative job
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Average loan services representative salary
The average loan services representative salary in the United States is $38,603 per year or $19 per hour. Loan services representative salaries range between $15,000 and $98,000 per year.
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Updated January 8, 2025
