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.
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.
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.