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.

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Average Years of Experience

0 - 1
2 - 4
5 - 7

Common Skill Sets

Attention To Detail
Written Communication
Legal Documentation
Exceptional Communication
VERBAL Communication
Microsoft Office

Loan Servicing Specialist Seniority Levels

Loan Officer
4% made the transition
Loan Processor
67% made the transition
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Loan Servicing Specialist Salaries

Average Base Pay

A$115,000 /yr
Same as national average
Not including cash compensation
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Not enough salaries reported to show distribution
Median: A$115K
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Glassdoor Estimated Salary

Loan Servicing Specialist jobs