What does a Loan Servicing Specialist do?
Published 3 min read
A loan servicing specialist is responsible for the administration and maintenance of loan accounts. This includes tasks such as processing payments, disbursing funds, and keeping track of account balances. The specialist must have strong attention to detail and organizational skills in order to keep accurate records and maintain efficient loan servicing.
Loan Servicing Specialist job duties include:
- Review loan files for accuracy and completeness
- Verify loan documentation meets guidelines
- Prepare and maintain loan servicing records
- Process loan payments
- Handle customer inquiries related to their loans
- Escalate customer complaints as necessary
- Monitor loans for delinquencies and take appropriate action
- Work with borrowers to bring delinquent loans current
- Refer borrowers to loss mitigation options as necessary
Loan Servicing Specialist Job Requirements
A Loan Servicing Specialist typically needs at least an Associate's degree in accounting, finance, or a related field. Some employers may require certification, and experience in the financial industry is always helpful. The most important qualities for this job are excellent communication skills, strong attention to detail, and the ability to work independently.
Loan Servicing Specialist Skills
- Time management
- Communication
- Organization
- Prioritization
- Customer service
- Data entry
- Microsoft Office
- 10-key by touch
- Math skills
- Detail oriented
- Research skills
- Writing skills
Related: Top Loan Servicing Specialist Skills: Definition and Examples
How to become a Loan Servicing Specialist
A Loan Servicing Specialist is responsible for the day-to-day management of a loan portfolio. They work with borrowers to ensure that loan payments are made on time and that the terms of the loan are being followed. They also work with lenders to resolve any issues that may arise.
To become a Loan Servicing Specialist, you will need at least a high school diploma or equivalent. Some employers may prefer candidates who have some postsecondary education, such as an associate’s degree or certificate in business administration or a related field. You will also need to have strong customer service, communication, and organizational skills.
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