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Salary and Benefits

Loan Servicing Specialist
$41K-$50K / yr. (est.)
$41K
$45,711 / year
$50K
Average base salary
The salary information provided is based on data collected from various reliable sources and may vary depending on individual qualifications and other factors.

About Loan Servicing Specialist

What does a Loan Servicing Specialist do?

As Loan Servicing Specialists, we consult clients regarding performance in servicing, delivery accuracy, investor reporting, document control, loss mitigation, reporting, and lender compliance. We ensure all loan servicing disclosures are entirely error-free and manage & supervise detailed reports, repricing, and reconciling activities. We also evaluate loan serving data, research issues, and exceptions and execute apt changes and quality control measures related to loan servicing. We recommend realistic solutions to resolve existing problems and facilitate their implementation while supporting clients according to established guidelines.

Core tasks:

  • regularly conduct detailed root cause analysis of client issues
  • analyze clients’ staff capabilities to integrate organizations work rules within customers’ support
  • order, renew, review, and maintain loan payoffs and disbursements

Insights

How Many Years of Experience Do Professionals Need Before Becoming Loan Servicing Specialist?
On average, people work 5-7 years in other positions prior to becoming a Loan Servicing Specialist.
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Loan Servicing SpecialistHouston, TX - A year ago
y'all need to chill. 5-7 years of experience leads to better problem-solving abilities. 👌
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Loan Servicing SpecialistMiami, FL - A year ago
OMG, who has that much patience to wait 5-7 years before specializing in this field? I couldn't do it! 😡
How Long Do Loan Servicing Specialist Employees Typically Stay in Their Roles?
On average, Loan Servicing Specialists works in this position for 3-5 years across multiple employers.
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AccountantHouston, TX - A year ago
Loan Servicing Specialists should focus on numbers and not waste time in a dead-end job that leads them nowhere. 📊
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HR ManagerMiami, FL - A year ago
Loan Servicing Specialists may switch employers often, but it indicates a hunger for growth and new opportunities. They shouldn't be judged for it! 😎
What Is the Job Hopper Score for Loan Servicing Specialist Employees?
Moderate job changes in Loan Servicing Specialist, showing some career movement without excessive turnover.
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Branch ManagerNew York City, NY - A year ago
Loan Servicing Specialists may think they're important, but let's be real, our branch wouldn't function without our leadership. 🙄
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Financial AdvisorMiami, FL - A year ago
Loan Servicing Specialists should save their breath because they'll never understand complex investment strategies like we do. Stick to your paperwork!

Career path

Path to job

Discover a Loan Servicing Specialist's areas of knowledge sorted by their majors.
Explore the list of higher education institutions that a Loan Servicing Specialist typically studied at.
Des Moines Area Community College
Iowa State University

Path after job

Community

Demographics

What Is the Age and Gender Ratio of Loan Servicing Specialist Employees?
Gender ratio in Loan Servicing Specialist position: 0.455825442568958 Male and 0.544174557431042 Female. Age ratio in Loan Servicing Specialist position: 16-20: 12%, 21-30: 68%, 31-40: 13%, 41-50: 5%, 51-60: 2%, 60+: 0%. Loan Servicing Specialist position is predominantly female (54.4%) with the largest age group being 21-30 years old, followed by 31-40 years old.
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Loan Servicing SpecialistMiami, FL - A year ago
Seriously, age group percentages? Who cares! Focus on your own career and stop worrying about others! 😤
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Loan Servicing SpecialistSan Francisco, CA - A year ago
As long as the job gets done, age and gender shouldn't matter. Let's focus on improving our skills instead! 👍

Workplaces

Who Are the Top Employers for Loan Servicing Specialist?
Top employers of Loan Servicing Specialist position: Bank of America, JPMorgan Chase & Co., PNC. People who work in Loan Servicing Specialist position most typically go on to work for the Bank of America.
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Loan Servicing SpecialistMiami, FL - A year ago
Bank of America may be the top employer, but that doesn't mean they provide a good work-life balance or job satisfaction.
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Loan Servicing SpecialistSeattle, WA - A year ago
Do any of these companies offer comprehensive training and development programs for Loan Servicing Specialists to enhance their skills?
Bank of America
JPMorgan Chase & Co.
PNC
What Industries Does Loan Servicing Specialist Typically Have Experience In?
Industry Background: The most typical industries of Loan Servicing Specialist: Finance & Insurance, Professional / Scientific / Technical, Real Estate / Rental / Leasing, Construction, Education. Loan Servicing Specialist employees most likely come from a Finance & Insurance industry background.
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Loan Servicing SpecialistHouston, TX - A year ago
🤔 How about problem-solving skills? Is that important in this line of work?
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Loan Servicing SpecialistMiami, FL - A year ago
✋ Absolutely! Problem-solving skills are crucial in dealing with complex loan transactions and resolving customer issues efficiently. It's a must-have!

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Discussion about Loan Servicing Specialist

Want to know more about Loan Servicing Specialist position?
Share your thoughts and ideas about Loan Servicing Specialist position with others in our community.
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Do a lot of women work as a Loan Servicing Specialist?
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Liam Brown4 years ago
The women/men ratio is well balanced.
How old are people who work as a Loan Servicing Specialist?
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Liam Brown4 years ago
The average age is 27
How much experience do you need to work as a Loan Servicing Specialist?
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Benjamin Gardner4 years ago
You probably need around 6 years to work as a Loan Servicing Specialist
Which industries should a Loan Servicing Specialist consider working in?
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Sophie Hayes4 years ago
For a Loan Servicing Specialist it’s the most likely to work in the Finance & Insurance.
Do I need a degree to work as a Loan Servicing Specialist?
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Isabella Holmes4 years ago
Most people have No higher education
Which company employs the most people in the Loan Servicing Specialist role?
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Liam Brown4 years ago
Bank of America, JPMorgan Chase & Co., PNC, Wells Fargo and Wells Fargo Home Mortgage has the most employees.
How many years of experience as a Loan Servicing Specialist is needed in average to switch to another position?
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Liam Brown4 years ago
A Loan Servicing Specialist typically moves on after 4 years
How likely is it for people working as a Loan Servicing Specialist to switch companies still working as a Loan Servicing Specialist?
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Sophie Hayes4 years ago
A typical Loan Servicing Specialist might work for one or two companies.
What do people usually work as before switching to Loan Servicing Specialist?
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Benjamin Gardner4 years ago
You have a good chance of becoming a Loan Servicing Specialist if you are working as Customer Service Representative, Teller or Loan Processor
Working as a Loan Servicing Specialist what job titles should I consider to switch to?
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Isabella Holmes4 years ago
Loan Processor, Customer Service Representative or Loan Operations Manager are good next steps for a Loan Servicing Specialist
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