What does a Loan Servicing Specialist do?
Loan servicing specialists are responsible for the processing and approval of new loan applications, and for managing existing loan accounts. They oversee applications upon intake, reviewing documentation, and confirming verification of information. They process approval decisions and set up the initial record of the new loan in the system. They handle administrative duties for existing loans, including processing payments and initiating any necessary procedures for delinquent accounts. They may also be responsible for setting up or maintaining databases containing account records.
Loan servicing specialists typically have at least a high school diploma, although additional education or training is preferred. These specialists commonly have a background in banking or customer service. They must be highly organized, and comfortable using database systems and common office software programs.
- Perform a variety of clerical tasks (including data entry, pulling credit reports, and updating files).
- Prepare paid off paperwork and send it to the customer.
- Comply with and stay abreast of all policies and procedures, federal and state laws applicable to the job.
- Order title policies, appraisals, UCC reports and other documents needed to originate business loans.
- Ensure all procedures are in compliance with government regulations and company policies
- Ensure all applicable loan documentation is uploaded to image repository system
- Handle loans that are complex in nature ensuring all documentation are in compliance.
- Manage a loan pipeline from origination through to closing and funding in accordance with Bank policies and procedures.
- Answer questions pertaining to all areas of loan servicing including payment research, taxes, insurance.
- Minimize credit and business risk through awareness of procedure, compliance, and bank policy.
- This position is responsible for maintaining and updating critical loan data within the servicing system.
- Respond to phone calls/emails regarding questions on loan payment/transfer letters.
- Bachelor's Degree in business, finance, or computer science.
- Substantial banking experience is an asset.
- Advanced understanding of general ledger procedures.
- Comprehensive knowledge of lending practices and regulations.
- A critical thinker and problem solver with an eye on continuous improvement.
Loan Servicing Specialist Salaries
Average Base Pay
Loan Servicing Specialist Career Path
Learn how to become a Loan Servicing Specialist, what skills and education you need to succeed, and what level of pay to expect at each step on your career path.
Years of Experience Distribution
Loan Servicing Specialist Insights
“My supervisor Jessica Reed was amazing and I was very lucky to have worked under a strong and understanding supervisor.”
“Automatically increased salary for inflation and I was promoted within 4 months of working with them.”
“Wells Fargo is a great company to start your career as a freshers or experienced.”
“Great benefits for the industry but still lacking compare to the rest of the job market.”
“There is so much growth opportunities and you get to learn from the best in the industry!”
“You get paid overtime and if you work nights and weekends you get increased pay.”
“Hard to progress career wise because they know you'll burn out and won't reccomend you for another role.”
“Good good good good good”
Loan Servicing Specialist Interviews
Frequently asked questions about the role and responsibilities of a Loan Servicing Specialist
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