Loan Servicing Specialists: How to Become One
If you were to ask a group of loan servicing specialists about how they arrived at their current job, there's a good chance you would get several different answers about the paths and steps that each person took.
That said, there are still ways that you can develop a baseline understanding of the preparation that is necessary to become one.
The Best Adult Colleges and Careers Guide has gathered data to provide you with insight into the type of education that's commonly required for loan servicing specialists to land a job. This page contains information, sourced from real job postings, that describes the experience levels and specific skills that employers of loan servicing specialists expect candidates to have. In the end, this information will help you create an education or professional development plan that aligns with your career aspirations.
Keep reading to learn more about career steps for loan servicing specialists.
What Education & Experience is Needed for Loan Servicing Specialists?
Do loan servicing specialists need a degree? What kind of experience do loan servicing specialists typically need? Thanks to data sourced from Lightcast™ from real job postings, we can get some clarity on those questions, as well as the level of education that is commonly required for loan servicing specialists to secure jobs.
Education Level Required in Job Postings for Loan Servicing Specialists
Jobs Postings for Loan Servicing Specialists By Education
- Bachelor's degree: 20,971 (36%)
- No Education Listed: 20,831 (36%)
- High School or GED: 14,274 (24%)
- Master's degree: 2,229 (4%)
- Ph.D. or professional degree: 312 (1%)
A bachelor's degree is the level of education sought the most by employers of loan servicing specialists. According to job data, a bachelor's degree was required for 36% of positions. In 36% of job listings no education level was listed and in 24% of postings a High School diploma or GED was required.
Experience Level Required in Job Postings for Loan Servicing Specialists
Jobs Postings for Loan Servicing Specialists By Experience
- 0-1 Years: 7,214 (23%)
- 2-3 Years: 14,469 (47%)
- 4-6 Years: 6,373 (21%)
- 7-9 Years: 1,445 (5%)
- 10+ Years: 1,249 (4%)
While the amount of required experience will vary based on the responsibility and seniority of the position, an aggregate view of job posting data can help paint a picture of the experience level sought for most job openings for loan servicing specialists. In 47% of job postings for Loan Servicing Specialists, employers were looking for candidates with 2-3 years of experience. In 23% of listings employers were looking for candidates with 0-1 years of experience, while 4-6 years of experience was sought in 21% of job postings for loan servicing specialists.
What Kind of Degree Do Loan Servicing Specialists Need?
So far this page has provided detail into the level of education and the amount of experience required in job openings for loan servicing specialists, but what type of education or degree will help prepare you for a career in the field?
According to occupational data obtained through Lightcast,™ there are 3 key academic programs that can help prepare prospective loan servicing specialists, and in 2023 a total of 51,815 of those programs were completed at institutions in the United States.
Check out the information below to learn more about the specific programs that should be considered by prospective loan servicing specialists.
Top Degree Programs for Loan Servicing Specialists
Top 5 Degree Programs for Loan Servicing Specialists (2023)
| Program | Completions |
|---|---|
| Finance, General. | 50,779 |
| Banking and Financial Support Services. | 1,034 |
| Credit Management. | 2 |
What Skills Do Loan Servicing Specialists Need?
Education and experience have been covered, so what are the specific skills and traits needed by loan servicing specialists to secure a job?
A good way to understand this is to examine actual job postings for skills commonly sought by employers. Continue reading for a breakdown of specialized skills found in job postings for loan servicing specialists, as well as common skills that can help you thrive in the workplace.
In-Demand Skills for Today's Loan Servicing Specialists
Based on 53,296 job postings
Top 5 Specialized Skills for Loan Servicing Specialists
| Skills | Postings | % of Total Postings |
|---|---|---|
| Loans | 40,681 | 76% |
| Mortgage Loans | 25,949 | 49% |
| Underwriting | 17,444 | 33% |
| Loan Origination | 16,366 | 31% |
| Commercial Lending | 8,071 | 15% |
Top 5 Common Skills for Loan Servicing Specialists
| Skills | Postings | % of Total Postings |
|---|---|---|
| Communication | 21,414 | 40% |
| Sales | 20,357 | 38% |
| Customer Service | 19,664 | 37% |
| Management | 14,438 | 27% |
| Real Estate | 10,736 | 20% |
Based on 53,296 job postings related to loan servicing specialists, loans was the top specialized skill sought by employers, with 76% of all postings looking for that skillset. Skills for mortgage loans, underwriting, loan origination, commercial lending and marketing were also highly sought.
As for common skills, communication was the most desired skill found in job postings for loan servicing specialists, followed by sales, customer service, management, real estate and writing.
| Skill | Postings | % of Total Postings |
|---|---|---|
| Loans | 40,681 | 76% |
| Mortgage Loans | 25,949 | 49% |
| Underwriting | 17,444 | 33% |
| Loan Origination | 16,366 | 31% |
| Commercial Lending | 8,071 | 15% |
| Marketing | 7,815 | 15% |
| Mortgage Loan Origination | 7,506 | 14% |
| Loan Documentation | 7,092 | 13% |
| Finance | 7,067 | 13% |
| Loan Closing | 6,403 | 12% |
| Financial Services | 6,287 | 12% |
| Accounting | 6,193 | 12% |
| Sales Prospecting | 6,036 | 11% |
| Cross-Selling | 5,876 | 11% |
| Customer Relationship Management | 5,671 | 11% |
| Consumer Lending | 4,950 | 9% |
| Business Development | 4,887 | 9% |
| Financial Analysis | 4,736 | 9% |
| Loan Processing | 4,616 | 9% |
| Banking | 4,289 | 8% |
| Skill | Postings | % of Total Postings |
|---|---|---|
| Communication | 21,414 | 40% |
| Sales | 20,357 | 38% |
| Customer Service | 19,664 | 37% |
| Management | 14,438 | 27% |
| Real Estate | 10,736 | 20% |
| Writing | 9,454 | 18% |
| Detail Oriented | 9,245 | 17% |
| Operations | 8,836 | 17% |
| Problem Solving | 7,284 | 14% |
| Microsoft Office | 6,598 | 12% |
| Self-Motivation | 6,431 | 12% |
| Interpersonal Communications | 6,291 | 12% |
| Microsoft Excel | 5,929 | 11% |
| Organizational Skills | 5,831 | 11% |
| Verbal Communication Skills | 5,657 | 11% |
| Computer Literacy | 5,476 | 10% |
| Multitasking | 5,361 | 10% |
| Time Management | 5,296 | 10% |
| Leadership | 4,647 | 9% |
| Presentations | 4,148 | 8% |
Additional Links
Ready to dig deeper into career information about loan servicing specialists? Visit our other pages focused on salary and education for loan servicing specialists.
What do loan servicing specialists do?
How much do loan servicing specialists make?
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