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Working As A Loan Servicing Specialist

  • Processing Information
  • Interacting With Computers
  • Communicating with Persons Outside Organization
  • Getting Information
  • Performing for or Working Directly with the Public
  • Deal with People

  • Mostly Sitting

  • Repetitive

  • $305,000

    Average Salary

What Does A Loan Servicing Specialist Do

Financial clerks do administrative work for many types of organizations. They keep records, help customers, and carry out financial transactions.

Duties

Financial clerks typically do the following:

  • Keep and update financial records
  • Compute bills and charges
  • Offer customer assistance
  • Carry out financial transactions

Financial clerks give administrative and clerical support in financial settings. Their specific job duties vary by specialty and by setting.

Billing and posting clerks calculate charges, develop bills, and prepare them to be mailed to customers. They review documents such as purchase orders, sales tickets, charge slips, and hospital records to compute fees or charges due. They also contact customers to get or give account information.

Gaming cage workers work in casinos and other gaming establishments. The “cage” in which they work is the central depository for money and gaming chips. Gaming cage workers sell gambling chips, tokens, or tickets to patrons. They count funds and reconcile daily summaries of transactions in order to balance books.

Payroll and timekeeping clerks compile and post employee time and payroll data. They verify and record attendance, hours worked, and pay adjustments. They ensure that employees are paid on time and that their paychecks are accurate.

Procurement clerks compile requests for materials, prepare purchase orders, keep track of purchases and supplies, and handle questions about orders. They respond to questions from customers and suppliers about the status of orders. They handle requests to change or cancel orders. They make sure that purchases arrive on schedule and that the items meet the purchaser’s specifications.

Brokerage clerks help with tasks associated with securities such as stocks, bonds, commodities, and other kinds of investments. Their duties include writing orders for stock purchases and sales, computing transfer taxes, verifying stock transactions, accepting and delivering securities, distributing dividends, and keeping records of daily transactions and holdings.

Credit authorizers, checkers, and clerks review the credit history, and get the information needed to determine the creditworthiness, of individuals or businesses applying for credit. Credit authorizers evaluate customers’ computerized credit records and payment histories to decide, based on predetermined standards, whether to approve new credit. Credit checkers call or write credit departments of business and service establishments to get information about applicants’ credit standing.

Loan interviewers, also called loan processors or loan clerks, interview applicants and others to get and verify personal and financial information needed to complete loan applications. They also prepare the documents that go to the appraiser and are issued at the closing of a loan.

New accounts clerks interview people who want to open accounts in financial institutions. They explain the account services available to prospective customers and help them fill out applications. They also investigate and correct errors in accounts.

Insurance claims and policy processing clerks process applications for insurance policies. They also handle customers’ requests to change or cancel their existing policies. Their duties include interviewing clients and reviewing insurance applications to ensure that all questions have been answered. They also notify insurance agents and accounting departments of policy cancellations or changes.

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How To Become A Loan Servicing Specialist

A high school diploma or equivalent is typically required for most financial clerk jobs. These workers usually learn their duties through on-the-job training.

Education

Financial clerks typically need a high school diploma or equivalent to enter the occupation. Employers of brokerage clerks may prefer candidates who have taken some college courses in business or economics and, in some cases, require a 2- or 4-year college degree.

Training

Most financial clerks learn how to do their job duties through on-the-job training. Some formal technical training also may be necessary; for example, gaming cage workers may need training in specific gaming regulations and procedures.

Advancement

Financial clerks can advance to related occupations in finance. For example, a loan interviewer or clerk can become a loan officer, and a brokerage clerk can become a securities, commodities, or financial services sales agent, after obtaining the required education and license.

Important Qualities

Communication skills. Financial clerks should have good communication skills so that they can explain policies and procedures to colleagues and customers.

Math skills. The job duties of financial clerks, including calculating charges and checking credit scores, require basic math skills.

Organizational skills. Strong organizational skills are important for financial clerks because they must be able to find files quickly and efficiently.

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Loan Servicing Specialist Career Paths

Loan Servicing Specialist
Loan Processor Loan Officer Account Executive
Relationship Manager
6 Yearsyrs
Loan Processor Underwriter
Underwriting Manager
8 Yearsyrs
Loan Processor Specialist Consultant
Assistant Controller
6 Yearsyrs
Specialist Account Executive Branch Manager
Manager, Assistant Vice President
7 Yearsyrs
Specialist Team Leader Vice President
Vice President And Manager
10 Yearsyrs
Quality Assurance Analyst Business Analyst Office Manager
Accounts Payable Manager
7 Yearsyrs
Quality Assurance Analyst Business Analyst Project Manager
Portfolio Manager
7 Yearsyrs
Quality Assurance Analyst Team Leader Property Manager
Asset Manager
7 Yearsyrs
Consumer Loan Underwriter Mortgage Underwriter Senior Loan Processor
Processing Manager
7 Yearsyrs
Consumer Loan Underwriter Senior Underwriter Assistant Vice President
Vice President Operation Manager
10 Yearsyrs
Research Analyst Team Leader Property Manager
Real Estate Manager
8 Yearsyrs
Research Analyst Account Executive Customer Service Manager
Collections Manager
5 Yearsyrs
Research Analyst Executive Assistant Assistant Property Manager
Assistant Community Manager
5 Yearsyrs
Loan Analyst Underwriter Assistant Branch Manager
Branch Operations Manager
6 Yearsyrs
Loan Analyst Underwriter Senior Credit Analyst
Credit Manager
5 Yearsyrs
Consumer Loan Underwriter Branch Manager Operations Director
Assistant Vice President Operations
8 Yearsyrs
Credit Analyst Assistant Branch Manager Banking Center Manager
Client Manager
6 Yearsyrs
Service Specialist Executive Assistant Realtor
Real Estate Management Specialist
7 Yearsyrs
Credit Analyst Property Manager Asset Manager
Vending Manager
7 Yearsyrs
Service Specialist Legal Assistant Bankruptcy Specialist
Property Preservation Specialist
5 Yearsyrs
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Average Length of Employment
Loan Secretary 3.9 years
Loan Closer 3.2 years
Loan Clerk 3.0 years
Loan Processor 2.7 years
Loan Coordinator 2.6 years
Loan Assistant 2.6 years
Loan Specialist 2.4 years
Loan Analyst 2.4 years
Loan Auditor 2.2 years
Mortgage Assistant 1.9 years
Loan Reviewer 1.9 years
Top Careers Before Loan Servicing Specialist
Cashier 7.4%
Collector 6.9%
Teller 5.4%
Internship 3.5%
Specialist 3.1%
Processor 2.7%
Manager 2.3%
Top Careers After Loan Servicing Specialist
Specialist 4.6%
Cashier 3.7%
Analyst 3.1%
Collector 3.0%

Do you work as a Loan Servicing Specialist?

Average Yearly Salary
$305,000
Show Salaries
$200,000
Min 10%
$305,000
Median 50%
$305,000
Median 50%
$305,000
Median 50%
$305,000
Median 50%
$305,000
Median 50%
$305,000
Median 50%
$305,000
Median 50%
$466,000
Max 90%
Best Paying Company
Glacier Bancorp
Highest Paying City
Los Angeles, CA
Highest Paying State
Connecticut
Avg Experience Level
2.3 years
How much does a Loan Servicing Specialist make at top companies?
The national average salary for a Loan Servicing Specialist in the United States is $305,999 per year or $147 per hour. Those in the bottom 10 percent make under $200,000 a year, and the top 10 percent make over $467,000.

The largest raises come from changing jobs.

See what's out there.

Top Skills for A Loan Servicing Specialist

  1. Loan Modifications
  2. Loan Portfolio
  3. Customer Service
You can check out examples of real life uses of top skills on resumes here:
  • Review, analyzing, approving final loan modifications documents and audit of financial terms within company and investor guidelines.
  • Manage assigned loan portfolios to cure document/systems defects for all business lines according to agency guidelines.
  • Maintained company focus on customer service with borrowers and striving to provide an excellent customer experience for each individual.
  • Review loans for appropriate documentation; completes regular follow-up with Foreclosure Attorneys, internal departments and others for missing information.
  • Managed a portfolio of 226 commercial relationship management collecting and tracking receipt of 1,182 financial statements annually.

Rank:

Average Salary:

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Top 10 Best States for Loan Servicing Specialists

  1. District of Columbia
  2. North Carolina
  3. North Dakota
  4. Alaska
  5. Colorado
  6. Connecticut
  7. Rhode Island
  8. Michigan
  9. Florida
  10. New Jersey
  • (78 jobs)
  • (388 jobs)
  • (29 jobs)
  • (31 jobs)
  • (196 jobs)
  • (101 jobs)
  • (40 jobs)
  • (373 jobs)
  • (525 jobs)
  • (256 jobs)

Loan Servicing Specialist Resume Examples And Tips

The average resume reviewer spends between 5 to 7 seconds looking at a single resume, which leaves the average job applier with roughly six seconds to make a killer first impression. Thanks to this, a single typo or error on your resume can disqualify you right out of the gate. At Zippia, we went through over 8,161 Loan Servicing Specialist resumes and compiled some information about how best to optimize them. Here are some suggestions based on what we found, divided by the individual sections of the resume itself.

Learn How To Create A Top Notch Loan Servicing Specialist Resume

View Resume Examples

Loan Servicing Specialist Demographics

Gender

Female

65.2%

Male

30.7%

Unknown

4.1%
Ethnicity

White

62.2%

Hispanic or Latino

15.6%

Black or African American

10.5%

Asian

8.3%

Unknown

3.4%
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Foreign Languages Spoken

Spanish

63.4%

Hmong

5.4%

French

4.9%

Chinese

2.9%

Japanese

2.9%

Vietnamese

2.4%

Russian

2.4%

Italian

2.4%

Arabic

2.0%

Portuguese

1.5%

German

1.5%

Cantonese

1.5%

Mandarin

1.0%

Hindi

1.0%

Malay

1.0%

Thai

1.0%

Albanian

1.0%

Tagalog

1.0%

Swedish

0.5%

Korean

0.5%
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Loan Servicing Specialist Education

Schools

Iowa State University

14.0%

Des Moines Area Community College

9.2%

University of Wisconsin - Milwaukee

7.6%

University of Iowa

6.5%

Strayer University

6.2%

Kaplan University

5.7%

Central Piedmont Community College

5.3%

Drake University

4.8%

Grand View University

4.2%

Metropolitan State University

4.1%

University of North Texas

3.9%

University of Texas at San Antonio

3.7%

University of North Carolina at Charlotte

3.5%

University of Northern Iowa

3.4%

Milwaukee Area Technical College

3.2%

San Antonio College

3.2%

University of North Carolina at Greensboro

3.0%

AIB College of Business

3.0%

York Technical College

2.8%

Winston-Salem State University

2.7%
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Majors

Business

35.6%

Accounting

11.1%

Finance

7.9%

Criminal Justice

4.2%

Psychology

4.2%

Health Care Administration

3.9%

Management

3.8%

General Studies

3.5%

Communication

3.5%

Marketing

2.9%

Human Resources Management

2.7%

Liberal Arts

2.5%

Legal Support Services

2.3%

Economics

1.9%

English

1.9%

Political Science

1.9%

Sociology

1.8%

Real Estate

1.5%

Computer Science

1.4%

Information Technology

1.4%
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Degrees

Bachelors

44.3%

High School Diploma

19.7%

Associate

19.0%

Masters

7.8%

Certificate

5.1%

Diploma

3.0%

License

0.6%

Doctorate

0.4%
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Loan Servicing Specialist Videos

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Updated May 18, 2020