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Loan Servicing Representative Salary

A Loan Servicing Representative earns an average wage of $15.39 per hour. People in this job generally don't have more than 20 years' experience. A skill in Loan Processing is associated with high pay for this job. Pay for this job rises steadily for more experienced workers, but goes down noticeably for the few employees with more than 20 years' experience.

$29,950 - $53,433
(Median)
$30K
$37K
$53K
MEDIAN: $37,033
10%
50%
90%

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$12.04 - $19.43
(Median)
$12
$15
$19
MEDIAN: $15.00
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$18K$36K$54K
Salary
$29,950 - $53,433  
   
Bonus
$0.00 - $4,848  
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$26,321 - $46,226  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 92
National Hourly Rate Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$11$22$33
Hourly Rate
$12.04 - $19.43  
   
Overtime
$15.34 - $31.39  
National Annualized Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$22K$44K$66K
Bonus
$0.00 - $4,848  
   
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$26,321 - $46,226  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 204

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Job Description for Loan Servicing Representative

A loan servicing representative provides customer service regarding loans and mortgages. They must have a high level of understanding of their institution's loans, mortgages, and accompanying documentation. Often, customers call an institution with questions about the terms of a loan or other requirements to remain in good standing with the institution; by being able to effectively navigate loan processes and documentation, the loan servicing representative can address many customer concerns. Additionally, a loan servicing representative must have excellent knowledge of banking regulations and institutional policies and procedures. Also, most institutions maintain a knowledge database related to loans and mortgages; loan servicing representatives must be able to navigate the institution's database quickly and efficiently to find answers to customer questions.

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Loan Servicing Representative Tasks

  • Document client interactions and accurately capture data using company loan processing systems.
  • Ensure compliance with all federal and local rules, laws and regulations.
  • Ensure loan guidelines are followed and loans are underwritten properly in accordance with all company procedures
  • Educate clients and assist them through the loan process.

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Pay by Experience Level for Loan Servicing Representative

Median of all compensation (including tips, bonus, and overtime) by years of experience.

Related Job Salaries

United States (change)

Experience Affects Loan Servicing Representative Salaries

Experienced
up arrow 10%

Mid-Career
up arrow 9%

National Average
$34,000

Late-Career
up arrow 2%

Entry-Level
up arrow 5%

Skills That Affect Loan Servicing Representative Salaries

Loan Processing
up arrow 10%

Customer Relations
up arrow 5%

National Average
$34,000

Loan Documents
up arrow 1%

Customer Service
up arrow 4%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 59 votes.

Gender

Female
76 %
Male
24 %

Years of Experience

Less than 1 year
5%
1-4 years
43%
5-9 years
23%
10-19 years
23%
20 years or more
6%

Common Health Benefits

medical benefits Medical: 82% dental benefits Dental: 75%
vision benefits Vision: 60% employee benefits None: 14%
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