Average Salary
$30,794
Average Salary
Job Growth Rate
5%
Job Growth Rate
Job Openings
49,063
Job Openings

Loan Services Representative Careers

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.

There is more than meets the eye when it comes to being a loan services representative. For example, did you know that they make an average of $14.8 an hour? That's $30,794 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 Services Representative Do

There are certain skills that many loan services 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 math skills, organizational skills and communication skills.

When it comes to the most important skills required to be a loan services representative, we found that a lot of resumes listed 19.9% of loan services representatives included customer service, while 17.8% of resumes included loan portfolio, and 17.0% of resumes included loan applications. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.

When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the loan services representative job title. But what industry to start with? Most loan services representatives actually find jobs in the finance and hospitality industries.

How To Become a Loan Services Representative

If you're interested in becoming a loan services representative, one of the first things to consider is how much education you need. We've determined that 46.5% of loan services representatives have a bachelor's degree. In terms of higher education levels, we found that 3.9% of loan services representatives have master's degrees. Even though most loan services representatives have a college degree, it's possible to become one with only a high school degree or GED.

Choosing the right major is always an important step when researching how to become a loan services representative. When we researched the most common majors for a loan services representative, we found that they most commonly earn bachelor's degree degrees or associate degree degrees. Other degrees that we often see on loan services representative resumes include high school diploma degrees or master's degree degrees.

You may find that experience in other jobs will help you become a loan services representative. In fact, many loan services representative jobs require experience in a role such as customer service representative. Meanwhile, many loan services representatives also have previous career experience in roles such as teller or administrative assistant.

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Average Salary
$30,794
Average Salary
Job Growth Rate
5%
Job Growth Rate
Job Openings
49,063
Job Openings

Loan Services Representative Career Paths

Top Careers Before Loan Services Representative

Teller
8.7 %

Top Careers After Loan Services Representative

Loan Services Representative Jobs You Might Like

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Tell us your goals and we'll match you with the rights job to get there.

Average Salary for a Loan Services Representative

Loan Services Representatives in America make an average salary of $30,794 per year or $15 per hour. The top 10 percent makes over $41,000 per year, while the bottom 10 percent under $22,000 per year.
Average Salary
$30,794
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Best Paying Cities For Loan Services Representatives

City
ascdesc
Average Salarydesc
Beaumont, TX
Salary Range31k - 48k$39k$38,984
Boston, MA
Salary Range30k - 38k$34k$34,315
Colorado Springs, CO
Salary Range28k - 38k$33k$33,446
Madison, WI
Salary Range27k - 37k$32k$32,306
Sandy, UT
Salary Range27k - 36k$32k$31,898
Birmingham, AL
Salary Range24k - 37k$31k$30,523
$24k
$48k

Recently Added Salaries

CompanyascdescCompanyascdescStart DateascdescSalaryascdesc
Data Processing & Loan Services Representative I
Utah System of Higher Education
07/30/2021
$29,36407/30/2021
Loan Servicing REP
Robert Half
07/09/2021
$37,56607/09/2021
Senior Loan Service Representative
Richmond American Homes
07/08/2021
$50,00007/08/2021
Loan Servicing Representative I
Community Financial Credit Union
07/07/2021
$33,39207/07/2021
Senior Loan Service Representative
Richmond American Homes
05/30/2021
$50,00005/30/2021
See More Recent Salaries

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Loan Services Representative Resumes

Designing and figuring out what to include on your resume can be tough, not to mention time-consuming. That's why we put together a guide that is designed to help you craft the perfect resume for becoming a Loan Services Representative. If you're needing extra inspiration, take a look through our selection of templates that are specific to your job.

Learn How To Write a Loan Services Representative Resume

At Zippia, we went through countless Loan Services Representative resumes and compiled some information about how to optimize them. Here are some suggestions based on what we found, divided by the individual sections of the resume itself.

View Loan Services Representative Resume Examples And Templates

Loan Services Representative Demographics

Gender

female

70.3 %

male

25.7 %

unknown

4.0 %

Ethnicity

White

64.0 %

Hispanic or Latino

14.7 %

Black or African American

10.8 %

Foreign Languages Spoken

Spanish

74.2 %

Cantonese

4.8 %

Polish

4.8 %
Show More Loan Services Representative Demographics

Loan Services Representative Education

Majors

Business
38.4 %
Finance
7.6 %

Degrees

Bachelors

46.5 %

Associate

23.6 %

High School Diploma

19.2 %

Top Colleges for Loan Services Representatives

1. University of Pennsylvania

Philadelphia, PA • Private

In-State Tuition
$55,584
Enrollment
10,764

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
Show More Loan Services Representative Education Requirements

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Financial Accounting Payroll
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4.4
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Top Skills For a Loan Services 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, 19.9% of loan services representatives listed customer service on their resume, but soft skills such as math skills and organizational skills are important as well.

Best States For a Loan Services Representative

Some places are better than others when it comes to starting a career as a loan services representative. The best states for people in this position are California, Florida, Washington, and Virginia. Loan services representatives make the most in California with an average salary of $43,306. Whereas in Florida and Washington, they would average $42,457 and $41,452, respectively. While loan services representatives would only make an average of $39,870 in Virginia, 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. Florida

Total Loan Services Representative Jobs:
2,568
Highest 10% Earn:
$72,000
Location Quotient:
1.17
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

2. New Jersey

Total Loan Services Representative Jobs:
1,322
Highest 10% Earn:
$54,000
Location Quotient:
1.18
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

3. Texas

Total Loan Services Representative Jobs:
2,941
Highest 10% Earn:
$54,000
Location Quotient:
1.03
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here
Full List Of Best States For Loan Services Representatives

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Top Loan Services Representative Employers

1. HSBC North America Holdings
4.7
Avg. Salary: 
$56,370
Loan Services Representatives Hired: 
123+
2. Wells Fargo
4.7
Avg. Salary: 
$30,924
Loan Services Representatives Hired: 
101+
3. Bank of America
4.8
Avg. Salary: 
$30,985
Loan Services Representatives Hired: 
57+
4. Service Credit Union
4.0
Avg. Salary: 
$27,565
Loan Services Representatives Hired: 
28+
5. SunTrust Banks
4.9
Avg. Salary: 
$30,754
Loan Services Representatives Hired: 
27+
6. Randstad North America
4.3
Avg. Salary: 
$32,428
Loan Services Representatives Hired: 
20+

Loan Services Representative Videos

Updated August 18, 2021