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.
Loan services representative responsibilities
Here are examples of responsibilities from real loan services representative resumes:
- 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.
- Determine appropriate resolutions for severely delinquent or foreclosure mortgages and follow up regularly to ensure the resolution is reached.
- Respond to mortgage lenders and taxing agency jurisdictions by utilizing effective verbal and written communication in a prompt and accurate manner.
- File, , and terminate UCC's via Ilien online system.
- Initiate appropriate collection activity, prepare loans for repossession if necessary, and adherence of FDCPA guidelines.
- Initiate appropriate collection activity, prepare loans for repossession as necessary, assist with talk-offs, and adherence to FDCPA guidelines.
- Answer inquiries from outside departments on MERS processes.
- Verify all RESPA documents are properly fill out and all disclosures are accurate and in compliance with current mortgage lending laws.
- Collaborate with leadership members to analyze FNMA requirements to maintain and increase high quality throughout the upstream and downstream process.
- Insure ongoing insurance compliance requirements, legal documentation, collateral UCC filings and all other loan collateralization requirements for loan disbursement.
Loan services representative skills and personality traits
We calculated that 24% of Loan Services Representatives are proficient in Customer Service, Loan Payments, and Outbound Calls. They’re also known for soft skills such as Math skills, Organizational skills, and Communication skills.
We break down the percentage of Loan Services Representatives that have these skills listed on their resume here:
- Customer Service, 24%
Provided customer service and support to all external correspondents and borrowers for any mortgage related inquiries.
- Loan Payments, 19%
Validated application of consumer loan payments by balancing departmental and individual workstation activities.
- Outbound Calls, 4%
Manage high risk delinquent accounts/Skip tracing/Repossessions/Field chasing/Vehicle inspections/Inbound-Outbound calls/Tactful negotiation/Light Credit counseling/Small claims court rep./Filling/M.
- Escrow Accounts, 4%
Applied mortgage payments, reconciled escrow accounts and generated reports
- Mortgage Loans, 3%
Managed region specific mortgage loans for corporate and institutional investors.
- ACH, 2%
Provided research support functions to management and sales representatives on check copies, ACH maintenance and speed-pay income.
Most loan services representatives use their skills in "customer service," "loan payments," and "outbound calls" to do their jobs. You can find more detail on essential loan services representative responsibilities here:
Math skills. One of the key soft skills for a loan services representative to have is math skills. You can see how this relates to what loan services representatives do because "the job duties of financial clerks includes calculating charges and updating financial records." Additionally, a loan services representative resume shows how loan services representatives use math skills: "checked numerical figures and documents for correct data entry, mathematical accuracy, and proper codes. "
Organizational skills. Many loan services representative duties rely on organizational skills. "financial clerks must be able to arrange files so they can find them quickly and efficiently.," so a loan services representative will need this skill often in their role. This resume example is just one of many ways loan services representative responsibilities rely on organizational skills: "authored and formulated new training materials to rebalance the loan portfolio as required by organizational changes. "
Communication skills. Another skill that relates to the job responsibilities of loan services representatives is communication skills. This skill is critical to many everyday loan services representative duties, as "financial clerks should be able to explain policies and procedures to colleagues and customers." This example from a resume shows how this skill is used: "maintained great verbal communication and customer service skills with our customers. "
The three companies that hire the most loan services representatives are:
- Wells Fargo19 loan services representatives jobs
- AAA FACILITY SERVICES6 loan services representatives jobs
- Bank of America4 loan services representatives jobs
Choose from 10+ customizable loan services representative resume templates
Build a professional loan services representative resume in minutes. Our AI resume writing assistant will guide you through every step of the process, and you can choose from 10+ resume templates to create your loan services representative resume.
Compare different loan services representatives
Loan services representative vs. Student loan collector
Mortgage specialists are professionals who work with lending institutions to identify the best lending product for their clients in exchange for taking the title of the debtors' properties. These specialists must process mortgage loan applications by reviewing their paperwork to ensure accuracy and completeness before submitting for approval. They should monitor accounts during the bankruptcy proceedings to ensure that the rights of their clients are protected. Mortgage specialists are also required to guide associates regarding procedural guidelines from FNMA, FHLMC, and MHA.
While similarities exist, there are also some differences between loan services representatives and student loan collector. For instance, loan services representative responsibilities require skills such as "escrow accounts," "ach," "loan accounts," and "general ledger accounts." Whereas a student loan collector is skilled in "student loan accounts," "state laws," "debt repayment," and "past due accounts." This is part of what separates the two careers.
Student loan collectors tend to reach similar levels of education than loan services representatives. In fact, student loan collectors are 1.2% more likely to graduate with a Master's Degree and 0.3% more likely to have a Doctoral Degree.Loan services representative vs. Mortgage specialist
A loss mitigation specialist is responsible for evaluating outstanding debts, assisting the mortgage owner on minimizing losses by reviewing potential risks before settling a mutual agreement for the debtor and the bank. Loss mitigation specialists analyze financial documents and account statements, determining the property value, and assess the debtor's credit ratings. They also negotiate on payment plans, ensuring that the debtor understands the terms and conditions to prevent further financial damage. A loss mitigation specialist must have excellent knowledge of the financial industry, including banking products and services.
Each career also uses different skills, according to real loan services representative resumes. While loan services representative responsibilities can utilize skills like "loan payments," "mortgage loans," "ach," and "loan accounts," mortgage specialists use skills like "residential mortgage loans," "origination," "va," and "respa."
Mortgage specialists earn a higher average salary than loan services representatives. But mortgage specialists earn the highest pay in the finance industry, with an average salary of $41,888. Additionally, loan services representatives earn the highest salaries in the finance with average pay of $53,142 annually.In general, mortgage specialists achieve similar levels of education than loan services representatives. They're 1.6% more likely to obtain a Master's Degree while being 0.3% more likely to earn a Doctoral Degree.Loan services representative vs. Loss mitigation specialist
Also called a loan officer, a mortgage loan specialist assists clients in finding the appropriate financial aid for homes and other properties. Mortgage loan specialists look for new applicants, secure the right loans, assist with the documentation, and supervise the financing process. They collect and review the financial information of their clients for loan grant eligibility. It is important that they develop skills in financial processes, customer service, time management, and communication.
Some important key differences between the two careers include a few of the skills necessary to fulfill the responsibilities of each. Some examples from loan services representative resumes include skills like "loan payments," "outbound calls," "escrow accounts," and "ach," whereas a loss mitigation specialist is more likely to list skills in "foreclosure process," "loss mitigation options," "msp," and "bank statements. "
Loss mitigation specialists earn the highest salary when working in the professional industry, where they receive an average salary of $54,484. Comparatively, loan services representatives have the highest earning potential in the finance industry, with an average salary of $53,142.When it comes to education, loss mitigation specialists tend to earn similar degree levels compared to loan services representatives. In fact, they're 2.3% more likely to earn a Master's Degree, and 0.3% more likely to graduate with a Doctoral Degree.Loan services representative vs. Mortgage loan specialist
Even though a few skill sets overlap between loan services representatives and mortgage loan specialists, there are some differences that are important to note. For one, a loan services representative might have more use for skills like "loan payments," "mortgage loans," "ach," and "loan applications." Meanwhile, some responsibilities of mortgage loan specialists require skills like "underwriting approval," "loan process," "loan packages," and "usda. "
In general, mortgage loan specialists earn the most working in the finance industry, with an average salary of $41,530. The highest-paying industry for a loan services representative is the finance industry.In general, mortgage loan specialists hold similar degree levels compared to loan services representatives. Mortgage loan specialists are 0.5% more likely to earn their Master's Degree and 0.5% more likely to graduate with a Doctoral Degree.Types of loan services representative
Updated January 8, 2025
