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Loan services representative vs representative

The differences between loan services representatives and representatives can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become a loan services representative, becoming a representative takes usually requires 6-12 months. Additionally, a loan services representative has an average salary of $38,603, which is higher than the $36,023 average annual salary of a representative.

The top three skills for a loan services representative include customer service, loan payments and outbound calls. The most important skills for a representative are cleanliness, patients, and customer issues.

Loan services representative vs representative overview

Loan Services RepresentativeRepresentative
Yearly salary$38,603$36,023
Hourly rate$18.56$17.32
Growth rate-3%-4%
Number of jobs85,475252,761
Job satisfaction-5
Most common degreeBachelor's Degree, 47%Bachelor's Degree, 53%
Average age4240
Years of experience412

What does a loan services representative do?

A loan service representative is responsible for communicating and interacting with clients and serves as a back-up or reliever in a company. They are the first person that the client must go through if they want to apply for a loan. Loan representatives monitor and ensure that all data and information is properly documented using a loan processing system. Also, they are the ones who inspect and verify if a company is complying with the transaction rules as well as the loan procedures and regulations.

What does a representative do?

Representatives are lawmakers who represent the people in a specific district. They run for office to represent their districts in their hometown or their current place of living. Representatives are usually charismatic and good communicators. These characteristics are especially important during campaign and election periods. Representatives should be able to capture the hearts of the voters through their planned projects and advocacies. They are then elected by their constituents. Upon election, representatives author bills that will eventually be passed into law should it be approved by the majority of the congress. They also vote on the passage of bills authored by other representatives. They also participate in discussions and debates regarding different bills, issues, and laws. Representatives are expected to vote according to their conscience and in consideration of the voice of their constituents.

Loan services representative vs representative salary

Loan services representatives and representatives have different pay scales, as shown below.

Loan Services RepresentativeRepresentative
Average salary$38,603$36,023
Salary rangeBetween $15,000 And $98,000Between $23,000 And $55,000
Highest paying CityBaltimore, MDWashington, DC
Highest paying stateNew YorkNew York
Best paying companyJersey Shore State BankGoogle
Best paying industryFinanceTransportation

Differences between loan services representative and representative education

There are a few differences between a loan services representative and a representative in terms of educational background:

Loan Services RepresentativeRepresentative
Most common degreeBachelor's Degree, 47%Bachelor's Degree, 53%
Most common majorBusinessBusiness
Most common collegeUniversity of Pennsylvania-

Loan services representative vs representative demographics

Here are the differences between loan services representatives' and representatives' demographics:

Loan Services RepresentativeRepresentative
Average age4240
Gender ratioMale, 26.8% Female, 73.2%Male, 41.8% Female, 58.2%
Race ratioBlack or African American, 11.7% Unknown, 4.4% Hispanic or Latino, 17.0% Asian, 7.1% White, 59.4% American Indian and Alaska Native, 0.4%Black or African American, 11.0% Unknown, 5.4% Hispanic or Latino, 20.9% Asian, 7.5% White, 54.4% American Indian and Alaska Native, 0.7%
LGBT Percentage7%7%

Differences between loan services representative and representative duties and responsibilities

Loan services representative example 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.
  • Complete address changes, respond to emails, opt out requests, return mail, ACH inquiries and enrollment.
  • Provide internal and external customers with require foreclosure documents while meeting require deadlines.
  • Show more

Representative example responsibilities.

  • Manage fitting rooms and recover the department, while providing exceptional customer service and offering rewards and POS options.
  • Manage physical portfolio with necessary derivatives to mitigate risk within company guidelines.
  • Conduct telephone sales and interviews, compile and enter information into database, manage documents and insure customer satisfaction.
  • Review EOB denials, appeals and/or rebilling as appropriate.
  • Certify of all requirements, policies, and procedures, including MSB.
  • Take inbound phone calls from member and providers explaining the EOB denial and payments
  • Show more

Loan services representative vs representative skills

Common loan services representative skills
  • Customer Service, 24%
  • Loan Payments, 19%
  • Outbound Calls, 4%
  • Escrow Accounts, 4%
  • Mortgage Loans, 3%
  • ACH, 2%
Common representative skills
  • Cleanliness, 20%
  • Patients, 11%
  • Customer Issues, 10%
  • Customer Service, 10%
  • Data Entry, 6%
  • Outbound Calls, 3%

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