What Do Loan Servicing Representatives Do?
Wondering what the job is really like for loan servicing representatives?
You've come to the right place.
Keep reading to find detailed information about what loan servicing representatives do, including the type of work they are tasked with on a daily basis, industries in which they work, and the specific skills needed for a successful career.
Loan Servicing Representatives Overview & Description
Let's get started with the basics about loan servicing representatives by taking a look at a simple description and popular job titles.
Loan Servicing Representatives advise and educate individuals or organizations on acquiring and managing debt. May provide guidance in determining the best type of loan and explain loan requirements or restrictions. May help develop debt management plans or student financial aid packages. May advise on credit issues, or provide budget, mortgage, bankruptcy, or student financial aid counseling.
Popular Job Titles For Loan Servicing Representatives
Sample of Reported Job Titles
- Financial Aid Officers
- Credit and Collections Specialists
- Credit Representatives
- Retention Specialists
- Loan Servicing Representatives
- Financial Aid Assistants
- Loan Advisors
- Credit and Collections Representatives
- Financial Aid Coordinators
- Credit Specialists
- Student Loan Specialists
- Credit Services Specialists
Read on for insight into the industries where the highest concentration of jobs for loan servicing representatives can be found.
Best Industries for Loan Servicing Representatives
Loan Servicing Representatives Jobs By Industry
- Colleges, Universities, and Professional Schools: 21.8%
- Education and Hospitals (State Government): 16.5%
- Other Professional, Scientific, and Technical Services: 12.2%
- Education and Hospitals (Local Government): 7.8%
- General Medical and Surgical Hospitals: 6.1%
- Nondepository Credit Intermediation: 6.1%
- Other: 29.5%
When it comes to jobs in the United States, the largest single category of loan servicing representatives can be found working in the Colleges, Universities, and Professional Schools sector. In 2022, about 21.8% of all jobs for loan servicing representatives were found there.
Other top industries by percentage include Education and Hospitals (State Government) (16.5%), Other Professional, Scientific, and Technical Services (12.2%), Education and Hospitals (Local Government) (7.8%), General Medical and Surgical Hospitals (6.1%) and Nondepository Credit Intermediation (6.1%).
What Do Loan Servicing Representatives Do on a Daily Basis?
So you have a high-level understanding of what loan servicing representatives do and the types of industries in which they work - but what do they really do each day?
A great way to understand the type of work loan servicing representatives do is to examine actual job postings and focus on the specific skills that employers are seeking. That will help paint a clearer picture of the tasks that loan servicing representatives tackle each day.
Continue reading for a breakdown of specialized skills found in job postings for loan servicing representatives, as well as common skills - interpersonal qualities and attributes - 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% |
Most In-Demand Jobs for Loan Servicing Representatives
Top 5 Posted Job Titles
| Job Title | Postings | % of Total Postings |
|---|---|---|
| Financial Aid Officers | 3,522 | 15.7% |
| Credit and Collections Specialists | 2,743 | 12.2% |
| Credit Representatives | 1,937 | 8.6% |
| Retention Specialists | 1,611 | 7.2% |
| Loan Servicing Representatives | 2,128 | 9.5% |
According to job postings that were published between September 2021 and August 2022, the top job sought by employers was financial aid officers, with 899 unique job postings. Credit and collections specialists were second, with 806 postings, followed by credit representatives, retention specialists and loan servicing representatives.
Expand the section below to see unique job postings for all occupations related to loan servicing representatives.
| Job Title | Postings | % of Total Postings |
|---|---|---|
| Financial Aid Officers | 3,522 | 15.7% |
| Credit and Collections Specialists | 2,743 | 12.2% |
| Credit Representatives | 1,937 | 8.6% |
| Retention Specialists | 1,611 | 7.2% |
| Loan Servicing Representatives | 2,128 | 9.5% |
| Financial Aid Assistants | 1,411 | 6.3% |
| Loan Advisors | 1,744 | 7.8% |
| Credit and Collections Representatives | 1,199 | 5.3% |
| Financial Aid Coordinators | 617 | 2.7% |
| Credit Specialists | 679 | 3% |
| Student Loan Specialists | 968 | 4.3% |
| Credit Services Specialists | 486 | 2.2% |
| Credit Card Specialists | 603 | 2.7% |
| Commercial Loan Representatives | 957 | 4.3% |
| Financial Aid Administrative Assistants | 418 | 1.9% |
| Credit Review Specialists | 270 | 1.2% |
| Inside Sales Representatives | 463 | 2.1% |
| Loan Counselors | 287 | 1.3% |
| Credit Services Representatives | 210 | 0.9% |
| Resolution Specialists | 244 | 1.1% |
Additional Links
Ready to dig deeper into career information for loan servicing representatives? Visit our other pages focused on salary and education for loan servicing representatives.
How much do loan servicing representatives make?
Loan Servicing Representatives: How do you become one?
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