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The differences between loan services representatives and service 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 service representative takes usually requires 6-12 months. Additionally, a loan services representative has an average salary of $38,603, which is higher than the $33,692 average annual salary of a service representative.
The top three skills for a loan services representative include customer service, loan payments and outbound calls. The most important skills for a service representative are customer service, client service, and patients.
| Loan Services Representative | Service Representative | |
| Yearly salary | $38,603 | $33,692 |
| Hourly rate | $18.56 | $16.20 |
| Growth rate | -3% | -4% |
| Number of jobs | 85,475 | 210,671 |
| Job satisfaction | - | 5 |
| Most common degree | Bachelor's Degree, 47% | Bachelor's Degree, 51% |
| Average age | 42 | 40 |
| Years of experience | 4 | 12 |
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.
Service representatives handle customer inquiries, requests, complaints, and other general feedback. They are usually the first point of contact with the company's customers. Service representatives are expected to be familiar with all of the company's products so that they can answer all inquiries made by the customers. They should also be familiar with company policies and guidelines on sales and customer handling so that they can address concerns and feedback. They are usually the ones who try to resolve customer complaints by sending issues to applicable departments and ensuring that customers are satisfied with the company's products and services.
Loan services representatives and service representatives have different pay scales, as shown below.
| Loan Services Representative | Service Representative | |
| Average salary | $38,603 | $33,692 |
| Salary range | Between $15,000 And $98,000 | Between $24,000 And $45,000 |
| Highest paying City | Baltimore, MD | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | Jersey Shore State Bank | Northern Trust |
| Best paying industry | Finance | Government |
There are a few differences between a loan services representative and a service representative in terms of educational background:
| Loan Services Representative | Service Representative | |
| Most common degree | Bachelor's Degree, 47% | Bachelor's Degree, 51% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | - |
Here are the differences between loan services representatives' and service representatives' demographics:
| Loan Services Representative | Service Representative | |
| Average age | 42 | 40 |
| Gender ratio | Male, 26.8% Female, 73.2% | Male, 39.6% Female, 60.4% |
| Race ratio | Black 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, 5.3% Hispanic or Latino, 20.6% Asian, 6.8% White, 55.7% American Indian and Alaska Native, 0.7% |
| LGBT Percentage | 7% | 7% |