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.

$30,411 - $55,596
$30K
$37K
$56K
MEDIAN: $36,872
10%
50%
90%

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$12.49 - $20.80
$12
$15
$21
MEDIAN: $15.42
10%
50%
90%

Add this chart to your site: 640px    300px

National Salary Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$19K$38K$57K
Salary
$30,411 - $55,596  
   
Bonus
$382.40 - $7,096  
Profit Sharing
$1,000  
Commission
$2,500  
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).
)
$27,171 - $52,517  
Country: United States | Currency: USD | Updated: 25 Mar 2017 | Individuals Reporting: 56
National Hourly Rate Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$13$26$39
Hourly Rate
$12.49 - $20.80  
   
Overtime
$20.82 - $38.65  
National Annualized Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$26K$52K$78K
Bonus
$382.40 - $7,096  
   
Commission
$2,500  
Profit Sharing
$1,000  
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).
)
$27,171 - $52,517  
Country: United States | Currency: USD | Updated: 25 Mar 2017 | Individuals Reporting: 107

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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

  • 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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Popular Employer Salaries for Loan Servicing Representative

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.

Related Job Salaries

Key Stats for Loan Servicing Representative

Gender

Female
75 %
Male
25 %

Job Satisfaction

Satisfied
Rated 3 out of 5
based on 27 votes.
Less than 1 year
7%
1-4 years
48%
5-9 years
19%
10-19 years
21%
20 years or more
4%
Location:
Years in Fields/Career:
United States (change)

Experience Affects Loan Servicing Representative Salaries

Late-Career
▲25%

Experienced
▲10%

▲2%

National Average
$35,000

▼6%

Skills That Affect Loan Servicing Representative Salaries

Mortgage Loans
▲26%

Customer Relations
▲3%

Loan Processing
▼0%

National Average
$35,000



Data Entry
▼11%

Job Satisfaction

Satisfied
Rated 3 out of 5
based on 27 votes.

Gender

Female
75 %
Male
25 %

Years of Experience

Less than 1 year
7%
1-4 years
48%
5-9 years
19%
10-19 years
21%
20 years or more
4%

Common Health Benefits

medical benefits
Medical: 83%
dental benefits
Dental: 72%
vision benefits
Vision: 58%
no benefits
None: 15%