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Become A Loan Servicing Specialist

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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

  • Unpleasant/Angry People

  • Mostly Sitting

  • Repetitive

  • Stressful

  • $37,710

    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 jobs

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Loan Servicing Specialist Career Paths

Loan Servicing Specialist
Mortgage Loan Processor Office Manager Accounts Payable Clerk
Account Payables Analyst
6 Yearsyrs
Service Specialist Personal Banker Office Manager
Administrative Manager
6 Yearsyrs
Operations Specialist Operations Manager Property Manager
Asset Manager
7 Yearsyrs
Specialist Analyst Finance Analyst
Assistant Vice President
7 Yearsyrs
Quality Assurance Analyst Quality Assurance Manager Operations Manager
Chief Executive Officer
8 Yearsyrs
Consumer Loan Underwriter Senior Loan Processor
Client Relations Manager
6 Yearsyrs
Loan Analyst Underwriter Assistant Vice President
Credit Officer
5 Yearsyrs
Administrative Manager Bookkeeper Assistant Office Manager
Executive Assistant/Office Manager
6 Yearsyrs
Consumer Loan Underwriter Senior Underwriter Assistant Vice President
Manager, Assistant Vice President
7 Yearsyrs
Research Analyst Account Executive Realtor
Property Management Specialist
6 Yearsyrs
Specialist Account Manager Operations Manager
Property Manager
6 Yearsyrs
Collections Specialist Loss Mitigation Specialist Foreclosure Specialist
Property Preservation Specialist
6 Yearsyrs
Service Specialist Operations Specialist Account Manager
Relationship Manager
6 Yearsyrs
Operations Analyst Finance Manager Chief Finance Officer
Senior Executive Assistant
7 Yearsyrs
Mortgage Loan Processor Loan Officer
Senior Loan Processor
6 Yearsyrs
Underwriter Marketing Representative Senior Sales Representative
Senior Representative
5 Yearsyrs
Operations Specialist Project Manager Vice President
Senior Vice President
12 Yearsyrs
Home Preservation Specialist Consumer Loan Underwriter Senior Underwriter
Underwriting Manager
8 Yearsyrs
Work Director Administrative Manager Project Manager
Vice President
8 Yearsyrs
Quality Assurance Analyst Business Analyst Assistant Vice President
Vice President And Manager
10 Yearsyrs
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Average Length of Employment
Loan Clerk 3.0 years
Loan Processor 2.6 years
Loan Assistant 2.5 years
Loan Coordinator 2.5 years
Funding Specialist 2.4 years
Loan Specialist 2.3 years
Top Employers Before
Collector 7.0%
Teller 4.9%
Cashier 4.8%
Internship 3.8%
Specialist 3.2%
Manager 2.4%
Top Employers After
Specialist 4.7%

Loan Servicing Specialist Demographics

Gender

Female

66.0%

Male

31.3%

Unknown

2.7%
Ethnicity

White

80.1%

Hispanic or Latino

10.2%

Asian

7.6%

Unknown

1.6%

Black or African American

0.6%
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Languages Spoken

Spanish

58.7%

Hmong

6.3%

French

5.6%

Chinese

5.6%

Vietnamese

2.4%

Mandarin

2.4%

Italian

2.4%

Arabic

2.4%

Hindi

1.6%

Malay

1.6%

Russian

1.6%

Tagalog

1.6%

Portuguese

1.6%

German

1.6%

Swedish

0.8%

Korean

0.8%

Khmer

0.8%

Ukrainian

0.8%

Armenian

0.8%

Thai

0.8%
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Loan Servicing Specialist Education

Schools

Iowa State University

14.5%

University of Phoenix

14.3%

Des Moines Area Community College

10.8%

University of Northern Iowa

6.4%

University of Iowa

6.3%

Central Piedmont Community College

5.3%

Strayer University

4.5%

Kaplan University

4.0%

Liberty University

3.5%

Ashford University

3.4%

University of Wisconsin - Milwaukee

3.4%

University of North Carolina at Charlotte

3.1%

Metropolitan State University

3.1%

Drake University

2.7%

Grand View University

2.6%

York Technical College

2.6%

Saint Cloud State University

2.6%

Upper Iowa University

2.4%

University of North Texas

2.3%

University of Texas at San Antonio

2.3%
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Majors

Business

35.7%

Accounting

11.3%

Finance

8.4%

Psychology

4.5%

Criminal Justice

4.0%

Communication

3.6%

Management

3.5%

Marketing

3.5%

Human Resources Management

3.2%

General Studies

3.2%

Health Care Administration

2.9%

Liberal Arts

2.5%

Legal Support Services

2.5%

English

1.9%

Political Science

1.9%

Nursing

1.5%

Economics

1.5%

Information Technology

1.5%

Sociology

1.5%

Education

1.4%
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Degrees

Bachelors

43.6%

Other

25.7%

Associate

15.4%

Masters

9.0%

Certificate

3.8%

Diploma

1.3%

Doctorate

0.6%

License

0.4%
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Job type you want
Full Time
Part Time
Internship
Temporary

Top Skills for A Loan Servicing Specialist

LoanDocumentsForeclosureProcessCustomerServiceLoanModificationsLossMitigationEscrowAccountsMortgageLoansBankruptcyFHAPeriodicAuditsRealEstateDataEntryFreddieMacHUDTitleCompaniesFannieMAESpecialProjectsInvestorGuidelinesCustomerInquiriesLoanFiles

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Top Loan Servicing Specialist Skills

  1. Loan Documents
  2. Foreclosure Process
  3. Customer Service
You can check out examples of real life uses of top skills on resumes here:
  • Review loan documents and approvals prepared by counsel, ensured consistency and compliance.
  • Reviewed portfolio reports in order to determine compliance, integrity and timeliness of the foreclosure processing.
  • Serve clients with excellent customer service resulting in high customer retention rate and dramatically increased product sales.
  • Contacted underwriters for status updates on modifications for loan modifications.
  • Stayed apprised of governmental updates to loss mitigation processing procedures.

Top Loan Servicing Specialist Employers

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Loan Servicing Specialist Videos

Loan Servicing - (512) 464-1214 - We Provide Comprehensive Loan Servicing Options - Texas Note Co.

13-55562 Jeffrey Kuns v. Ocwen Loan Servicing

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