The average pay for a Loan Servicing Representative is $15.45 per hour. Most people move on to other jobs if they have more than 20 years' experience in this career.

$30,560 - $56,363
(Median)
$31K
$37K
$56K
MEDIAN: $37,129
10%
50%
90%

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$12.51 - $20.58
(Median)
$13
$15
$21
MEDIAN: $15.00
10%
50%
90%

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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
$30,560 - $56,363  
   
Bonus
$344.00 - $6,500  
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).
)
$27,219 - $51,823  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 57
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$11$22$33
Hourly Rate
$12.51 - $20.58  
   
Overtime
$20.28 - $32.98  
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$22K$44K$66K
Bonus
$344.00 - $6,500  
   
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).
)
$27,219 - $51,823  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 126
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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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Popular Employer Salaries for Loan Servicing Representative

Pay by Experience Level for Loan Servicing Representative

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

Related Job Salaries

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Experience Affects Loan Servicing Representative Salaries

Late-Career
up arrow 26%

Experienced
up arrow 11%

Mid-Career
up arrow 2%

National Average
$35,000

Entry-Level
up arrow 4%

Skills That Affect Loan Servicing Representative Salaries

Customer Relations
up arrow 3%

Loan Processing
up arrow 1%

National Average
$35,000

Loan Documents
up arrow 3%


Mortgage Loans
up arrow 10%

Data Entry
up arrow 11%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 34 votes.

Gender

Female
73 %
Male
27 %

Years of Experience

Less than 1 year
7%
1-4 years
46%
5-9 years
21%
10-19 years
22%
20 years or more
4%

Common Health Benefits

medical benefits
Medical: 87%
dental benefits
Dental: 75%
medical benefits
Vision: 62%
dental benefits
None: 12%
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