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Become A Loan Services Representative

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Working As A Loan Services Representative

  • Processing Information
  • Interacting With Computers
  • Communicating with Persons Outside Organization
  • Getting Information
  • Performing for or Working Directly with the Public
  • Deal with People

  • Unpleasant/Angry People

  • Mostly Sitting

  • Repetitive

  • Stressful

  • $57,000

    Average Salary

What Does A Loan Services Representative Do

Financial clerks do administrative work for many types of organizations. They keep records, help customers, and carry out financial transactions.

Duties

Financial clerks typically do the following:

  • Keep and update financial records
  • Compute bills and charges
  • Offer customer assistance
  • Carry out financial transactions

Financial clerks give administrative and clerical support in financial settings. Their specific job duties vary by specialty and by setting.

Billing and posting clerks calculate charges, develop bills, and prepare them to be mailed to customers. They review documents such as purchase orders, sales tickets, charge slips, and hospital records to compute fees or charges due. They also contact customers to get or give account information.

Gaming cage workers work in casinos and other gaming establishments. The “cage” in which they work is the central depository for money and gaming chips. Gaming cage workers sell gambling chips, tokens, or tickets to patrons. They count funds and reconcile daily summaries of transactions in order to balance books.

Payroll and timekeeping clerks compile and post employee time and payroll data. They verify and record attendance, hours worked, and pay adjustments. They ensure that employees are paid on time and that their paychecks are accurate.

Procurement clerks compile requests for materials, prepare purchase orders, keep track of purchases and supplies, and handle questions about orders. They respond to questions from customers and suppliers about the status of orders. They handle requests to change or cancel orders. They make sure that purchases arrive on schedule and that the items meet the purchaser’s specifications.

Brokerage clerks help with tasks associated with securities such as stocks, bonds, commodities, and other kinds of investments. Their duties include writing orders for stock purchases and sales, computing transfer taxes, verifying stock transactions, accepting and delivering securities, distributing dividends, and keeping records of daily transactions and holdings.

Credit authorizers, checkers, and clerks review the credit history, and get the information needed to determine the creditworthiness, of individuals or businesses applying for credit. Credit authorizers evaluate customers’ computerized credit records and payment histories to decide, based on predetermined standards, whether to approve new credit. Credit checkers call or write credit departments of business and service establishments to get information about applicants’ credit standing.

Loan interviewers, also called loan processors or loan clerks, interview applicants and others to get and verify personal and financial information needed to complete loan applications. They also prepare the documents that go to the appraiser and are issued at the closing of a loan.

New accounts clerks interview people who want to open accounts in financial institutions. They explain the account services available to prospective customers and help them fill out applications. They also investigate and correct errors in accounts.

Insurance claims and policy processing clerks process applications for insurance policies. They also handle customers’ requests to change or cancel their existing policies. Their duties include interviewing clients and reviewing insurance applications to ensure that all questions have been answered. They also notify insurance agents and accounting departments of policy cancellations or changes.

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How To Become A Loan Services Representative

A high school diploma or equivalent is typically required for most financial clerk jobs. These workers usually learn their duties through on-the-job training.

Education

Financial clerks typically need a high school diploma or equivalent to enter the occupation. Employers of brokerage clerks may prefer candidates who have taken some college courses in business or economics and, in some cases, require a 2- or 4-year college degree.

Training

Most financial clerks learn how to do their job duties through on-the-job training. Some formal technical training also may be necessary; for example, gaming cage workers may need training in specific gaming regulations and procedures.

Advancement

Financial clerks can advance to related occupations in finance. For example, a loan interviewer or clerk can become a loan officer, and a brokerage clerk can become a securities, commodities, or financial services sales agent, after obtaining the required education and license.

Important Qualities

Communication skills. Financial clerks should have good communication skills so that they can explain policies and procedures to colleagues and customers.

Math skills. The job duties of financial clerks, including calculating charges and checking credit scores, require basic math skills.

Organizational skills. Strong organizational skills are important for financial clerks because they must be able to find files quickly and efficiently.

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Loan Services Representative Career Paths

Loan Services Representative
Loan Processor Loan Officer Account Executive
Relationship Manager
6 Yearsyrs
Loan Processor Underwriter
Underwriting Manager
8 Yearsyrs
Loan Processor Specialist Executive Assistant
Administrative Manager
6 Yearsyrs
Loan Servicing Specialist Specialist Team Leader
Assistant Vice President
7 Yearsyrs
Loan Servicing Specialist Specialist Accountant
Accounts Payable Manager
7 Yearsyrs
Loan Servicing Specialist Quality Assurance Analyst Project Manager
Portfolio Manager
7 Yearsyrs
Representative Account Executive Branch Manager
Manager, Assistant Vice President
7 Yearsyrs
Representative Account Executive Office Manager
Accounts Receivable Manager
6 Yearsyrs
Representative Consultant Supervisor
Unit Manager
6 Yearsyrs
Collections Specialist Accounts Receivable Specialist Credit Analyst
Credit Manager
5 Yearsyrs
Collections Specialist Team Leader Vice President
Vice President And Manager
10 Yearsyrs
Collections Specialist Team Leader Property Manager
Asset Manager
7 Yearsyrs
Customer Care Representative Billing Specialist Credit Analyst
Collections Manager
5 Yearsyrs
Customer Care Representative Consultant Production Manager
Processing Manager
7 Yearsyrs
Customer Care Representative Executive Assistant Assistant Property Manager
Assistant Community Manager
5 Yearsyrs
Accounts Payable Clerk Credit Analyst Assistant Branch Manager
Finance Center Manager
6 Yearsyrs
Accounts Payable Clerk Processor Underwriter
Branch Operations Manager
6 Yearsyrs
Accounts Payable Clerk Finance Analyst Senior Operations Analyst
Assistant Vice President Operations
8 Yearsyrs
Analyst Account Manager Client Services Manager
Client Manager
6 Yearsyrs
Loan Officer Legal Assistant Bankruptcy Specialist
Property Preservation Specialist
5 Yearsyrs
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Help others decide if this is a good career for them

Average Length of Employment
Loan Clerk 3.0 years
Loan Processor 2.7 years
Loan Assistant 2.6 years
Loan Coordinator 2.6 years
Loan Specialist 2.4 years
Representative 2.2 years
Loan Auditor 2.2 years
Top Careers Before Loan Services Representative
Teller 8.8%
Cashier 7.1%
Collector 3.2%
Manager 2.9%
Specialist 2.4%
Top Careers After Loan Services Representative
Cashier 5.8%
Specialist 4.7%
Collector 3.9%
Teller 3.8%
Processor 2.8%

Do you work as a Loan Services Representative?

How Would You Rate The Salary Of a Loan Services Representative?

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Top Skills for A Loan Services Representative

  1. Processing Loan Payments
  2. Loan Portfolio
  3. Customer Service
You can check out examples of real life uses of top skills on resumes here:
  • Coordinated recovery or resumption of payment between investors and severely delinquent borrowers for assigned loan portfolio.
  • Respond to customer inquiries or complaints utilizing customer service skills and department guidelines.
  • Initiated loan applications for both individuals and corporations and finalized them upon approval.
  • Resolved mortgage issues with clients concerning delinquent taxes, expired homeowner's insurance, and explain escrow analysis.
  • Processed release of real estate liabilities upon liquidation of indebtedness.

Loan Services Representative Resume Examples And Tips

The average resume reviewer spends between 5 to 7 seconds looking at a single resume, which leaves the average job applier with roughly six seconds to make a killer first impression. Thanks to this, a single typo or error on your resume can disqualify you right out of the gate. At Zippia, we went through over 2,312 Loan Services Representative resumes and compiled some information about how best to optimize them. Here are some suggestions based on what we found, divided by the individual sections of the resume itself.

Learn How To Create A Top Notch Loan Services Representative Resume

View Resume Examples

Loan Services Representative Demographics

Gender

Female

67.2%

Male

24.0%

Unknown

8.7%
Ethnicity

White

60.9%

Hispanic or Latino

18.2%

Black or African American

10.3%

Asian

7.0%

Unknown

3.6%
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Foreign Languages Spoken

Spanish

74.2%

Cantonese

4.8%

Polish

4.8%

German

3.2%

French

3.2%

Mandarin

3.2%

Portuguese

1.6%

Japanese

1.6%

Tagalog

1.6%

Italian

1.6%
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Loan Services Representative Education

Schools

University of Phoenix

20.3%

Hillsborough Community College

8.7%

University of South Florida

7.4%

University of Texas at Arlington

7.4%

Florida State College at Jacksonville

6.9%

Kaplan University

5.2%

Salt Lake Community College

4.8%

Strayer University

3.9%

Ashford University

3.9%

Florence-Darlington Technical College

3.5%

New England College of Business and Finance

3.0%

Saint Louis Community College

3.0%

Webster University

3.0%

University of Utah

3.0%

University of Missouri - Saint Louis

3.0%

Norfolk State University

2.6%

Robert Morris University

2.6%

Wilmington University

2.6%

Tennessee State University

2.6%

University of Maryland - University College

2.6%
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Majors

Business

37.1%

Accounting

11.7%

Finance

7.1%

Psychology

4.2%

Criminal Justice

3.9%

General Studies

3.8%

Health Care Administration

3.5%

Management

3.2%

Communication

3.2%

Liberal Arts

3.2%

Human Resources Management

2.5%

Nursing

2.3%

Marketing

2.1%

English

2.0%

Real Estate

2.0%

Legal Support Services

1.9%

Computer Information Systems

1.8%

Education

1.7%

Medical Assisting Services

1.6%

Elementary Education

1.3%
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Degrees

Bachelors

34.8%

Other

32.5%

Associate

16.4%

Masters

7.7%

Certificate

5.9%

Diploma

1.6%

License

0.7%

Doctorate

0.4%
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