Loan Servicing Representatives: How to Become One
If you were to ask a group of loan servicing representatives about how they arrived at their current job, there's a good chance you would get several different answers about the paths and steps that each person took.
That said, there are still ways that you can develop a baseline understanding of the preparation that is necessary to become one.
The Best Adult Colleges and Careers Guide has gathered data to provide you with insight into the type of education that's commonly required for loan servicing representatives to land a job. This page contains information, sourced from real job postings, that describes the experience levels and specific skills that employers of loan servicing representatives expect candidates to have. In the end, this information will help you create an education or professional development plan that aligns with your career aspirations.
Keep reading to learn more about career steps for loan servicing representatives.
What Education & Experience is Needed for Loan Servicing Representatives?
Do loan servicing representatives need a degree? What kind of experience do loan servicing representatives typically need? Thanks to data sourced from Lightcast™ from real job postings, we can get some clarity on those questions, as well as the level of education that is commonly required for loan servicing representatives to secure jobs.
Education Level Required in Job Postings for Loan Servicing Representatives
Jobs Postings for Loan Servicing Representatives By Education
- High School or GED: 5,079 (32%)
- Bachelor's degree: 4,604 (29%)
- No Education Listed: 4,578 (29%)
- Master's degree: 778 (5%)
- Ph.D. or professional degree: 757 (5%)
High School or GED is the level of education sought the most by employers of loan servicing representatives. According to job data, a High School diploma or GED was required for 32% of positions. In 29% of job listings a bachelor's degree was required and in 29% of postings no education level was listed.
Experience Level Required in Job Postings for Loan Servicing Representatives
Jobs Postings for Loan Servicing Representatives By Experience
- 0-1 Years: 2,605 (32%)
- 2-3 Years: 3,930 (49%)
- 4-6 Years: 1,245 (15%)
- 7-9 Years: 180 (2%)
- 10+ Years: 114 (1%)
While the amount of required experience will vary based on the responsibility and seniority of the position, an aggregate view of job posting data can help paint a picture of the experience level sought for most job openings for loan servicing representatives. In 49% of job postings for Loan Servicing Representatives, employers were looking for candidates with 2-3 years of experience. In 32% of listings employers were looking for candidates with 0-1 years of experience, while 4-6 years of experience was sought in 15% of job postings for loan servicing representatives.
What Kind of Degree Do Loan Servicing Representatives Need?
So far this page has provided detail into the level of education and the amount of experience required in job openings for loan servicing representatives, but what type of education or degree will help prepare you for a career in the field?
According to occupational data obtained through Lightcast,™ there are 4 key academic programs that can help prepare prospective loan servicing representatives, and in 2021 a total of 56,518 of those programs were completed at institutions in the United States.
Check out the information below to learn more about the specific programs that should be considered by prospective loan servicing representatives.
Top Degree Programs for Loan Servicing Representatives
Top 5 Degree Programs for Loan Servicing Representatives (2021)
| Program | Completions |
|---|---|
| Finance, General. | 51,430 |
| Financial Planning and Services. | 4,087 |
| Banking and Financial Support Services. | 991 |
| Credit Management. | 10 |
What Skills Do Loan Servicing Representatives Need?
Education and experience have been covered, so what are the specific skills and traits needed by loan servicing representatives to secure a job?
A good way to understand this is to examine actual job postings for skills commonly sought by employers. Continue reading for a breakdown of specialized skills found in job postings for loan servicing representatives, as well as common skills that can help you thrive in the workplace.
In-Demand Skills for Today's Loan Servicing Representatives
Based on 14,622 job postings
Top 5 Specialized Skills for Loan Servicing Representatives
| Skills | Postings | % of Total Postings |
|---|---|---|
| Loans | 6,441 | 44% |
| Accounting | 2,543 | 17% |
| Finance | 1,980 | 14% |
| Accounts Receivable | 1,734 | 12% |
| Billing | 1,414 | 10% |
Top 5 Common Skills for Loan Servicing Representatives
| Skills | Postings | % of Total Postings |
|---|---|---|
| Customer Service | 6,394 | 44% |
| Communications | 6,026 | 41% |
| Detail Oriented | 4,156 | 28% |
| Management | 3,646 | 25% |
| Collections | 3,136 | 21% |
Based on 14,622 job postings related to loan servicing representatives, loans was the top specialized skill sought by employers, with 44% of all postings looking for that skillset. Skills for accounting, finance, accounts receivable, billing and auditing were also highly sought.
As for common skills, customer service was the most desired skill found in job postings for loan servicing representatives, followed by communications, detail oriented, management, collections and writing.
| Skill | Postings | % of Total Postings |
|---|---|---|
| Loans | 6,441 | 44% |
| Accounting | 2,543 | 17% |
| Finance | 1,980 | 14% |
| Accounts Receivable | 1,734 | 12% |
| Billing | 1,414 | 10% |
| Auditing | 1,274 | 9% |
| Mortgage Loans | 1,227 | 8% |
| Invoicing | 1,201 | 8% |
| Underwriting | 1,162 | 8% |
| Call Center Experience | 1,126 | 8% |
| Loan Servicing | 1,076 | 7% |
| Credit Reports | 958 | 7% |
| Data Entry | 946 | 6% |
| Financial Services | 907 | 6% |
| Reconciliation | 816 | 6% |
| Commercial Lending | 714 | 5% |
| Consumer Lending | 707 | 5% |
| Loan Documentation | 696 | 5% |
| Loan Origination | 676 | 5% |
| Office Equipment | 662 | 5% |
| Skill | Postings | % of Total Postings |
|---|---|---|
| Customer Service | 6,394 | 44% |
| Communications | 6,026 | 41% |
| Detail Oriented | 4,156 | 28% |
| Management | 3,646 | 25% |
| Collections | 3,136 | 21% |
| Writing | 2,937 | 20% |
| Microsoft Excel | 2,778 | 19% |
| Sales | 2,758 | 19% |
| Problem Solving | 2,672 | 18% |
| Microsoft Office | 2,401 | 16% |
| Research | 2,382 | 16% |
| Operations | 2,330 | 16% |
| Interpersonal Communications | 2,143 | 15% |
| Multitasking | 1,959 | 13% |
| Time Management | 1,921 | 13% |
| Organizational Skills | 1,788 | 12% |
| Computer Literacy | 1,712 | 12% |
| Verbal Communication Skills | 1,656 | 11% |
| Professionalism | 1,577 | 11% |
| Prioritization | 1,538 | 11% |
Additional Links
Ready to dig deeper into career information about loan servicing representatives? Visit our other pages focused on salary and education for loan servicing representatives.
What do loan servicing representatives do?
How much do loan servicing representatives make?
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