What is a Loan Servicing Specialist

Loan servicing specialists are financing professionals who provide support to customers applying for personal loans. They manage the administrative aspects of loan applications and follow up with the clients regularly from the time the proceeds are dispersed until the loan is completely paid off.

Loan servicing specialists are in charge of sending and collecting monthly payments. They keep track of transaction records and see to it that taxes and insurance premiums are paid. They follow up on any missing amount and remit funds to the financial institution.

As a loan service specialist, you will work in a bank or a company specializing in loan servicing. Most of the time, you will be dealing with mortgages or student loans, and the bulk of the job will be anticipating the habits and expectations of borrowers and keeping records. You will carry out your tasks using appropriate software and your remuneration will derive from retaining a small percentage of every loan payment.

There is more than meets the eye when it comes to being a Loan Servicing Specialist. For example, did you know that they make an average of $25.23 an hour? That's $52,475 a year!

Between 2018 and 2028, the career is expected to grow 5% and produce 72,100 job opportunities across the U.S.

What Does a Loan Servicing Specialist Do

There are certain skills that many Loan Servicing Specialists have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed Communication skills, Math skills and Organizational skills.

Learn more about what a Loan Servicing Specialist does

How To Become a Loan Servicing Specialist

If you're interested in becoming a Loan Servicing Specialist, one of the first things to consider is how much education you need. We've determined that 54.6% of Loan Servicing Specialists have a bachelor's degree. In terms of higher education levels, we found that 4.2% of Loan Servicing Specialists have master's degrees. Even though most Loan Servicing Specialists have a college degree, it's possible to become one with only a high school degree or GED.

Choosing the right major is always an important step when researching how to become a Loan Servicing Specialist. When we researched the most common majors for a Loan Servicing Specialist, we found that they most commonly earn Bachelor's Degree degrees or Associate Degree degrees. Other degrees that we often see on Loan Servicing Specialist resumes include High School Diploma degrees or Master's Degree degrees.

You may find that experience in other jobs will help you become a Loan Servicing Specialist. In fact, many Loan Servicing Specialist jobs require experience in a role such as Customer Service Representative. Meanwhile, many Loan Servicing Specialists also have previous career experience in roles such as Cashier or Administrative Assistant.

What is the right job for my career path?

Tell us your goals and we'll match you with the right jobs to get there.

And if you’re looking for a job, here are the five top employers hiring now:

  1. Bank of America Jobs (649)
  2. JPMorgan Chase & Co. Jobs (103)
  3. Navient Jobs (70)
  4. The PNC Financial Services Group Jobs (53)
  5. Sallie Mae Jobs (26)
Average Salary
$52,475
Average Salary
Job Growth Rate
5%
Job Growth Rate
Job Openings
29,020
Job Openings
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Loan Servicing Specialist Career Paths

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Average Salary for a Loan Servicing Specialist

Loan Servicing Specialists in America make an average salary of $52,475 per year or $25 per hour. The top 10 percent makes over $202,000 per year, while the bottom 10 percent under $13,000 per year.
Average Salary
$52,475
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12 Loan Servicing Specialist Resume Examples

Learn How To Write a Loan Servicing Specialist Resume

At Zippia, we went through countless Loan Servicing Specialist resumes and compiled some information about how to optimize them. Here are some suggestions based on what we found, divided by the individual sections of the resume itself.

View Loan Servicing Specialist Resume Examples And Templates

And if you’re looking for a job, here are the five top employers hiring now:

  1. Bank of America Jobs (649)
  2. JPMorgan Chase & Co. Jobs (103)
  3. Navient Jobs (70)
  4. The PNC Financial Services Group Jobs (53)
  5. Sallie Mae Jobs (26)

Choose From 10+ Customizable Loan Servicing Specialist Resume templates

Zippia allows you to choose from different easy-to-use Loan Servicing Specialist templates, and provides you with expert advice. Using the templates, you can rest assured that the structure and format of your Loan Servicing Specialist resume is top notch. Choose a template with the colors, fonts & text sizes that are appropriate for your industry.

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Loan Servicing Specialist Demographics

Loan Servicing Specialist Gender Statistics

female

67.8 %

male

32.2 %

Loan Servicing Specialist Ethnicity Statistics

White

67.8 %

Hispanic or Latino

15.4 %

Black or African American

7.2 %

Loan Servicing Specialist Foreign Languages Spoken Statistics

Spanish

63.4 %

Hmong

5.4 %

French

4.9 %
Job Openings

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Loan Servicing Specialist Education

Loan Servicing Specialist Majors

36.3 %
8.0 %

Loan Servicing Specialist Degrees

Bachelors

54.6 %

Associate

23.4 %

High School Diploma

12.1 %

Top Colleges for Loan Servicing Specialists

1. University of Pennsylvania

Philadelphia, PA • Private

In-State Tuition
$55,584
Enrollment
10,764

2. Northwestern University

Evanston, IL • Private

In-State Tuition
$54,568
Enrollment
8,451

3. University of Southern California

Los Angeles, CA • Private

In-State Tuition
$56,225
Enrollment
19,548

4. SUNY at Binghamton

Vestal, NY • Private

In-State Tuition
$9,808
Enrollment
13,990

5. Villanova University

Villanova, PA • Private

In-State Tuition
$53,308
Enrollment
6,819

6. San Diego State University

San Diego, CA • Private

In-State Tuition
$7,488
Enrollment
30,018

7. Bentley University

Waltham, MA • Private

In-State Tuition
$49,880
Enrollment
4,177

8. Boston University

Boston, MA • Private

In-State Tuition
$53,948
Enrollment
17,238

9. SUNY Stony Brook

Stony Brook, NY • Private

In-State Tuition
$9,625
Enrollment
17,407

10. New York University

New York, NY • Private

In-State Tuition
$51,828
Enrollment
26,339
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Top Skills For a Loan Servicing Specialist

The skills section on your resume can be almost as important as the experience section, so you want it to be an accurate portrayal of what you can do. Luckily, we've found all of the skills you'll need so even if you don't have these skills yet, you know what you need to work on. Out of all the resumes we looked through, 12.2% of Loan Servicing Specialists listed Loan Portfolio on their resume, but soft skills such as Communication skills and Math skills are important as well.

Best States For a Loan Servicing Specialist

Some places are better than others when it comes to starting a career as a Loan Servicing Specialist. The best states for people in this position are Alabama, Georgia, Kentucky, and Louisiana. Loan Servicing Specialists make the most in Alabama with an average salary of $314,196. Whereas in Georgia and Kentucky, they would average $306,000 and $306,000, respectively. While Loan Servicing Specialists would only make an average of $306,000 in Louisiana, you would still make more there than in the rest of the country. We determined these as the best states based on job availability and pay. By finding the median salary, cost of living, and using the Bureau of Labor Statistics' Location Quotient, we narrowed down our list of states to these four.

1. Alabama

Total Loan Servicing Specialist Jobs:
362
Highest 10% Earn:
$351,000
Location Quotient:
1.06
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

2. Texas

Total Loan Servicing Specialist Jobs:
1,735
Highest 10% Earn:
$461,000
Location Quotient:
1.1
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

3. Mississippi

Total Loan Servicing Specialist Jobs:
166
Highest 10% Earn:
$352,000
Location Quotient:
1.01
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here
Full List Of Best States For Loan Servicing Specialists

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Top Loan Servicing Specialist Employers

Most Common Employers For Loan Servicing Specialist

RankCompanyZippia ScoreAverage Loan Servicing Specialist SalaryAverage Salary
1$306,000
2$306,000
3$306,000
4$306,000
5$306,000
6$306,000

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