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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

  • $69,036

    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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Do you work as a Loan Servicing Specialist?

Loan Servicing Specialist Jobs

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Loan Servicing Specialist Career Paths

Loan Servicing Specialist
Quality Assurance Analyst Account Manager Property Manager
Asset Manager
7 Yearsyrs
Operations Specialist Sales Consultant Leasing Consultant
Assistant Community Manager
5 Yearsyrs
Mortgage Loan Processor Underwriter Team Manager
Assistant Vice President Operations
8 Yearsyrs
Mortgage Loan Processor Account Executive Personal Banker
Banking Center Manager
5 Yearsyrs
Service Specialist Personal Banker Branch Manager
Branch Sales Manager
6 Yearsyrs
Operations Analyst Credit Analyst Credit Manager
Collections Manager
5 Yearsyrs
Quality Assurance Analyst Project Manager Property Manager
Commercial Property Manager
7 Yearsyrs
Loan Analyst Underwriter Senior Credit Analyst
Credit Manager
5 Yearsyrs
Specialist Operations Manager Branch Manager
Manager, Assistant Vice President
7 Yearsyrs
Senior Loan Processor Closer Closing Manager
Mutual Fund Manager
6 Yearsyrs
Underwriter Auditor Accounting Manager
Payroll Manager
8 Yearsyrs
Underwriter Business Analyst Program Manager
Portfolio Manager
7 Yearsyrs
Research Analyst Attorney Real Estate Broker
Real Estate Management Specialist
7 Yearsyrs
Service Specialist Operations Specialist Account Manager
Relationship Manager
6 Yearsyrs
Consumer Loan Underwriter Mortgage Underwriter Senior Underwriter
Underwriting Manager
8 Yearsyrs
Specialist Analyst Assistant Vice President
Vice President And Manager
10 Yearsyrs
Consumer Loan Underwriter Senior Underwriter Assistant Vice President
Vice President Operation Manager
10 Yearsyrs
Work Director
5 Yearsyrs
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Do you work as a Loan Servicing Specialist?

Help others decide if this is a good career for them

Average Length of Employment
Loan Assistant 2.6 years
Loan Processor 2.5 years
Loan Coordinator 2.5 years
Loan Analyst 2.4 years
Funding Specialist 2.3 years
Loan Specialist 2.3 years
Top Employers Before
Collector 7.1%
Teller 7.1%
Cashier 5.4%
Internship 3.8%
Specialist 3.1%
Top Employers After
Specialist 5.0%

Do you work as a Loan Servicing Specialist?

Loan Servicing Specialist Demographics

Gender

Female

66.1%

Male

31.3%

Unknown

2.7%
Ethnicity

White

64.1%

Hispanic or Latino

14.2%

Black or African American

10.3%

Asian

7.9%

Unknown

3.4%
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Foreign Languages Spoken

Spanish

60.8%

Hmong

6.2%

French

5.4%

Chinese

4.6%

Italian

3.1%

Vietnamese

2.3%

Arabic

2.3%

Hindi

1.5%

Mandarin

1.5%

Malay

1.5%

Russian

1.5%

Tagalog

1.5%

Portuguese

1.5%

German

1.5%

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

University of Phoenix

15.1%

Iowa State University

14.4%

Des Moines Area Community College

10.6%

University of Northern Iowa

6.3%

University of Iowa

6.3%

Central Piedmont Community College

5.4%

Strayer University

4.4%

Kaplan University

4.0%

Liberty University

3.5%

Ashford University

3.3%

University of Wisconsin - Milwaukee

3.3%

University of North Carolina at Charlotte

2.9%

Metropolitan State University

2.9%

Drake University

2.7%

York Technical College

2.7%

Grand View University

2.5%

Saint Cloud State University

2.5%

University of Texas at San Antonio

2.4%

Upper Iowa University

2.4%

Southern New Hampshire University

2.4%
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Majors

Business

35.5%

Accounting

11.6%

Finance

8.3%

Psychology

4.5%

Criminal Justice

3.8%

Communication

3.7%

Marketing

3.5%

Management

3.4%

General Studies

3.1%

Human Resources Management

3.1%

Health Care Administration

2.9%

Liberal Arts

2.6%

Legal Support Services

2.5%

English

2.1%

Political Science

2.0%

Economics

1.6%

Nursing

1.5%

Education

1.5%

Information Technology

1.5%

Sociology

1.4%
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Degrees

Bachelors

44.0%

Other

25.4%

Associate

15.5%

Masters

8.9%

Certificate

3.9%

Diploma

1.4%

Doctorate

0.5%

License

0.4%
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Top Skills for A Loan Servicing Specialist

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  1. Loan Applications
  2. Foreclosure
  3. Customer Service
You can check out examples of real life uses of top skills on resumes here:
  • Provided customers with information regarding loan applications, guarantees, and disbursements.
  • Research required understanding of default loan servicing including foreclosure processes, property tax payments and preservation work.
  • Deliver quality customer service by researching and responding to all internal and external client inquiries quickly, efficiently and professionally.
  • Negotiated affordable repayment solutions and when applicable referred them for loss Mitigation options or Liquidation options depending on affordability level.
  • Exhaust various research avenues to determine origination of account discrepancy in relation to escrow, account reconciliation, resolution denials.

How Would You Rate Working As a Loan Servicing Specialist?

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Top Loan Servicing Specialist Employers

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Jobs From Top Loan Servicing Specialist Employers

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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