What Do Loan Servicing Specialists Do?
Wondering what the job is really like for loan servicing specialists?
You've come to the right place.
Keep reading to find detailed information about what loan servicing specialists do, including the type of work they are tasked with on a daily basis, industries in which they work, and the specific skills needed for a successful career.
Loan Servicing Specialists Overview & Description
Let's get started with the basics about loan servicing specialists by taking a look at a simple description and popular job titles.
Loan Servicing Specialists evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and payment methods. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, loan underwriters, and payday loan officers.
Popular Job Titles For Loan Servicing Specialists
Sample of Reported Job Titles
- Mortgage Loan Officers
- Mortgage Loan Originators
- Loan Officers
- Commercial Loan Officers
- Loan Originators
- Commercial Relationship Managers
- Commercial Lenders
- Escrow Officers
- Reverse Mortgage Loan Officers
- Consumer Loan Specialists
- Customer Service Representatives/Loan Consultants
- Loan Servicing Specialists
Read on for insight into the industries where the highest concentration of jobs for loan servicing specialists can be found.
Best Industries for Loan Servicing Specialists
Loan Servicing Specialists Jobs By Industry
- Depository Credit Intermediation: 45.4%
- Nondepository Credit Intermediation: 29.4%
- Activities Related to Credit Intermediation: 7.4%
- Management of Companies and Enterprises: 3.4%
- Automobile Dealers: 3.4%
- Federal Government, Civilian: 1.8%
- Other: 9.2%
When it comes to jobs in the United States, the largest single category of loan servicing specialists can be found working in the Depository Credit Intermediation sector. In 2023, about 45.4% of all jobs for loan servicing specialists were found there.
Other top industries by percentage include Nondepository Credit Intermediation (29.4%), Activities Related to Credit Intermediation (7.4%), Management of Companies and Enterprises (3.4%), Automobile Dealers (3.4%) and Federal Government, Civilian (1.8%).
What Do Loan Servicing Specialists Do on a Daily Basis?
So you have a high-level understanding of what loan servicing specialists do and the types of industries in which they work - but what do they really do each day?
A great way to understand the type of work loan servicing specialists do is to examine actual job postings and focus on the specific skills that employers are seeking. That will help paint a clearer picture of the tasks that loan servicing specialists tackle each day.
Continue reading for a breakdown of specialized skills found in job postings for loan servicing specialists, as well as common skills - interpersonal qualities and attributes - 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% |
Most In-Demand Jobs for Loan Servicing Specialists
Top 5 Posted Job Titles
| Job Title | Postings | % of Total Postings |
|---|---|---|
| Mortgage Loan Officers | 25,063 | 32.2% |
| Mortgage Loan Originators | 12,690 | 16.3% |
| Loan Officers | 8,422 | 10.8% |
| Commercial Loan Officers | 2,672 | 3.4% |
| Loan Originators | 2,737 | 3.5% |
According to job postings that were published between September 2022 and August 2023, the top job sought by employers was mortgage loan officers, with 9,066 unique job postings. Mortgage loan originators were second, with 2,719 postings, followed by loan officers, commercial loan officers and loan originators.
Expand the section below to see unique job postings for all occupations related to loan servicing specialists.
| Job Title | Postings | % of Total Postings |
|---|---|---|
| Mortgage Loan Officers | 25,063 | 32.2% |
| Mortgage Loan Originators | 12,690 | 16.3% |
| Loan Officers | 8,422 | 10.8% |
| Commercial Loan Officers | 2,672 | 3.4% |
| Loan Originators | 2,737 | 3.5% |
| Commercial Relationship Managers | 2,778 | 3.6% |
| Commercial Lenders | 1,963 | 2.5% |
| Escrow Officers | 3,645 | 4.7% |
| Reverse Mortgage Loan Officers | 1,581 | 2% |
| Consumer Loan Specialists | 1,915 | 2.5% |
| Customer Service Representatives/Loan Consultants | 1,832 | 2.4% |
| Loan Servicing Specialists | 1,770 | 2.3% |
| Escrow Assistants | 2,322 | 3% |
| Loan Specialists | 1,464 | 1.9% |
| Mortgage Servicers | 1,632 | 2.1% |
| Occupancy Managers | 1,417 | 1.8% |
| Mortgage Bankers | 1,559 | 2% |
| Loan Administrators | 909 | 1.2% |
| Field Inspectors | 643 | 0.8% |
| Relationship Managers | 702 | 0.9% |
Additional Links
Ready to dig deeper into career information for loan servicing specialists? Visit our other pages focused on salary and education for loan servicing specialists.
How much do loan servicing specialists make?
Loan Servicing Specialists: How do you become one?
All Occupations
The Best Adult Colleges and Careers Guide has compiled data for dozens of in-demand jobs. Explore our full catalog of occupation data by visiting the link below.