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
- Credit Representatives
- Home Lending Advisors
- Loan Servicing Representatives
- Credit and Collections Representatives
- Loan Servicing Associates
- Credit Services Representatives
- Member Service Representatives
- Loan Servicers
- Loan Servicing Supervisors
- Credit Associates
- Commercial Loan Representatives
- Commercial Credit Managers
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: 22.6%
- Education and Hospitals (State Government): 19.1%
- Education and Hospitals (Local Government): 9.6%
- Other Professional, Scientific, and Technical Services: 7.6%
- General Medical and Surgical Hospitals: 6.5%
- Depository Credit Intermediation: 6%
- Other: 28.6%
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 2023, about 22.6% of all jobs for loan servicing representatives were found there.
Other top industries by percentage include Education and Hospitals (State Government) (19.1%), Education and Hospitals (Local Government) (9.6%), Other Professional, Scientific, and Technical Services (7.6%), General Medical and Surgical Hospitals (6.5%) and Depository Credit Intermediation (6%).
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 6,807 job postings
Top 5 Specialized Skills for Loan Servicing Representatives
| Skills | Postings | % of Total Postings |
|---|---|---|
| Loans | 3,217 | 47% |
| Mortgage Loans | 1,460 | 21% |
| Loan Servicing | 1,269 | 19% |
| Accounting | 1,041 | 15% |
| Financial Services | 967 | 14% |
Top 5 Common Skills for Loan Servicing Representatives
| Skills | Postings | % of Total Postings |
|---|---|---|
| Customer Service | 3,210 | 47% |
| Communication | 2,551 | 37% |
| Detail Oriented | 2,101 | 31% |
| Sales | 1,856 | 27% |
| Management | 1,802 | 26% |
Based on 6,807 job postings related to loan servicing representatives, loans was the top specialized skill sought by employers, with 47% of all postings looking for that skillset. Skills for mortgage loans, loan servicing, accounting, financial services and finance 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 communication, detail oriented, sales, management and collections.
| Skill | Postings | % of Total Postings |
|---|---|---|
| Loans | 3,217 | 47% |
| Mortgage Loans | 1,460 | 21% |
| Loan Servicing | 1,269 | 19% |
| Accounting | 1,041 | 15% |
| Financial Services | 967 | 14% |
| Finance | 774 | 11% |
| Marketing | 713 | 10% |
| Auditing | 680 | 10% |
| Loan Documentation | 665 | 10% |
| Cross-Selling | 651 | 10% |
| Accounts Receivable | 586 | 9% |
| Product Knowledge | 577 | 8% |
| Underwriting | 576 | 8% |
| Consumer Lending | 575 | 8% |
| Call Center Experience | 537 | 8% |
| Billing | 522 | 8% |
| Lending Products | 508 | 7% |
| Truth In Lending Act | 507 | 7% |
| Financial Analysis | 499 | 7% |
| Commercial Lending | 491 | 7% |
| Skill | Postings | % of Total Postings |
|---|---|---|
| Customer Service | 3,210 | 47% |
| Communication | 2,551 | 37% |
| Detail Oriented | 2,101 | 31% |
| Sales | 1,856 | 27% |
| Management | 1,802 | 26% |
| Collections | 1,640 | 24% |
| Problem Solving | 1,457 | 21% |
| Operations | 1,366 | 20% |
| Writing | 1,284 | 19% |
| Verbal Communication Skills | 1,222 | 18% |
| Microsoft Office | 1,122 | 16% |
| Microsoft Excel | 1,114 | 16% |
| Research | 1,102 | 16% |
| Interpersonal Communications | 974 | 14% |
| Multitasking | 972 | 14% |
| Real Estate | 828 | 12% |
| Professionalism | 825 | 12% |
| Organizational Skills | 819 | 12% |
| Time Management | 714 | 10% |
| Computer Literacy | 691 | 10% |
Most In-Demand Jobs for Loan Servicing Representatives
Top 5 Posted Job Titles
| Job Title | Postings | % of Total Postings |
|---|---|---|
| Credit Representatives | 1,929 | 21.3% |
| Home Lending Advisors | 1,110 | 12.3% |
| Loan Servicing Representatives | 837 | 9.3% |
| Credit and Collections Representatives | 864 | 9.6% |
| Loan Servicing Associates | 280 | 3.1% |
According to job postings that were published between September 2022 and August 2023, the top job sought by employers was credit representatives, with 808 unique job postings. Home lending advisors were second, with 341 postings, followed by loan servicing representatives, credit and collections representatives and loan servicing associates.
Expand the section below to see unique job postings for all occupations related to loan servicing representatives.
| Job Title | Postings | % of Total Postings |
|---|---|---|
| Credit Representatives | 1,929 | 21.3% |
| Home Lending Advisors | 1,110 | 12.3% |
| Loan Servicing Representatives | 837 | 9.3% |
| Credit and Collections Representatives | 864 | 9.6% |
| Loan Servicing Associates | 280 | 3.1% |
| Credit Services Representatives | 342 | 3.8% |
| Member Service Representatives | 207 | 2.3% |
| Loan Servicers | 175 | 1.9% |
| Loan Servicing Supervisors | 187 | 2.1% |
| Credit Associates | 1,611 | 17.8% |
| Commercial Loan Representatives | 297 | 3.3% |
| Commercial Credit Managers | 112 | 1.2% |
| IT Sales Representatives | 181 | 2% |
| Loan Representatives | 133 | 1.5% |
| Loan Advisors | 176 | 1.9% |
| Loan Operations Representatives | 140 | 1.5% |
| Loan Servicing Assistants | 150 | 1.7% |
| Mortgage Advisors | 125 | 1.4% |
| Credit Counselors | 109 | 1.2% |
| First Press Operators | 77 | 0.9% |
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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