Loan Servicing Representative Salary
A Loan Servicing Representative earns an average wage of $15.42 per hour. A skill in Mortgage Loans is associated with high pay for this job. Most people move on to other jobs if they have more than 20 years' experience in this career.
|Salary||$29,808 - $55,677|
|Bonus||$309.13 - $6,787|
|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).)
|$26,900 - $52,333|
|Hourly Rate||$12.45 - $19.81|
|Overtime||$20.90 - $39.23|
|Bonus||$309.13 - $6,787|
|Total Pay (||$26,900 - $52,333|
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.Read More...
To maintain the knowledge and skills to provide excellent customer service, loan servicing representatives often attend seminars and other continuing education opportunities. Through continuing education, representatives learn about new regulations, policies, and customer care techniques. Additionally, loan servicing representatives often work with their supervisors to develop new policies and procedures that are flexible and maximize efficiency.
Most loan servicing representatives have a high school diploma or equivalent, as well as prior banking experience. To succeed, loan servicing representatives must have a high degree of attention to detail and must be excellent verbal and written communicators. Loan servicing representatives must also know how to effectively use a computer and basic software such as the Microsoft Office suite.
Loan Servicing Representative Tasks
- 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.
- Document client interactions and accurately capture data using company loan processing systems.
- Ensure compliance with all federal and local rules, laws and regulations.
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Pay by Experience Level for Loan Servicing Representative
Pay by Experience for a Loan Servicing Representative has a positive trend. An entry-level Loan Servicing Representative with less than 5 years of experience can expect to earn an average total compensation of $33,000 based on 102 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Loan Servicing Representative with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $35,000 based on 43 salaries. An experienced Loan Servicing Representative which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $38,000 based on 38 salaries. A Loan Servicing Representative with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $44,000 based on 7 salaries.
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