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.
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.
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.