Senior Loan Servicing Representative Salary
Job Description for Senior Loan Servicing Representative
Senior loan-servicing representatives are primarily responsible for providing customer service to clients seeking loans from a bank or financial institution. These representatives generally work in indoor office environments during regular business hours, though extended hours may be required depending on the employer.Read More...
Those in this position generally work on teams with other loan representatives and often supervise the other team members and their actions. Many organizations will require candidates to have extensive knowledge regarding loans, documentation and servicing, and other fields of finance, and at least five years of prior experience in the field.
Senior loan servicing representatives may have a variety of responsibilities, including: documenting all loan requests; evaluating a loan’s compliance with bank policies; ensuring compliance with all laws and regulations; processing completed loan requests; maintaining accurate and organized files and insurance coverage for all loans; processing all payments requested and received into the bank’s system; maintaining and improving customer relations; and reviewing all loan files to ensure compliance.
This position may require ongoing education regarding laws and regulations which apply to loans and banking. Applicants must be highly organized and attentive to detail with strong interpersonal and professional communication skills.
Senior Loan Servicing Representative Tasks
- Assist in activities required to maintain loan servicing systems subsequent to loan closings.
- Process commercial participation loan transactions.
- Analyze loan accounting system reports, research errors on loan accounts and process adjusting entries.
- Enter information into the general ledger system, review work for accuracy and perform reconciliations.
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Pay by Experience Level for Senior Loan Servicing Representative
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Relatively untried employees who have less than five years' experience have a median salary of $43K. Those who have been around for five to 10 years can expect to take home more — $46K on average. Senior Loan Servicing Representatives with one to two decades of relevant experience report an average salary of approximately $46K. Old hands who claim more than two decades on the job enjoy average earnings of $51K.
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