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Loan Servicing Representative Salary

A Loan Servicing Representative earns an average wage of $15.38 per hour. A skill in Loan Processing 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.
$29,688 - $53,126
(Median)
$30K
$37K
$53K
MEDIAN: $36,656
10%
50%
90%

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$12.02 - $19.59
(Median)
$12
$15
$20
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
$29,688 - $53,126  
   
Bonus
$0.00 - $2,993  
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).
)
$26,206 - $46,349  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 86
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
$12.02 - $19.59  
   
Overtime
$14.88 - $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 - $2,993  
   
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).
)
$26,206 - $46,349  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 189
United States (change)

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

Experience Affects Loan Servicing Representative Salaries

Mid-Career
up arrow 10%

Experienced
up arrow 9%

National Average
$34,000

Late-Career
up arrow 4%

Entry-Level
up arrow 5%

Skills That Affect Loan Servicing Representative Salaries

Loan Processing
up arrow 12%

Customer Relations
up arrow 5%

National Average
$34,000

Loan Documents
up arrow 2%

Customer Service
up arrow 3%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 54 votes.

Gender

Female
77 %
Male
23 %

Years of Experience

Less than 1 year
5%
1-4 years
44%
5-9 years
25%
10-19 years
21%
20 years or more
5%

Common Health Benefits

medical benefits Medical: 81% dental benefits Dental: 75%
vision benefits Vision: 58% employee benefits None: 15%