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How to Become a Consumer Loan Servicing Supervisor

Career News May 27, 2014

There are titles for everything these days and consumer loan servicing supervisor is one of them. It is a mid-level administrative position in a medium to large financial institution. The job encompasses many aspects of the loan coordination and streamlining the loan process. A supervisor is typically placed over a team of people known as loan servicing agents and directs and coordinates the movement of applications and business data within the operation.

Education Needed

A loan supervisor usually needs at least a two-year degree in finance or a related field, but it certainly helps to seek a four-year bachelor’s degree. You need a minimum of two years of experience in the field, and the ability to cope with the responsibilities of coordinating a team, sometimes a large team, of business operations. It is uncommon, but promotion from within can make becoming a consumer loan servicing supervisor possible with only a high school diploma or equivalent. This is a rare occurrence because many financial institutions require college in most cases; companies actually look for candidates with a four-year bachelor’s degree.

A minimum of two years of experience and associate’s degree is vital to understanding the field, and being able to cope with the responsibilities of coordinating a large team of financial and administrative professional.

The Position of Consumer Loan Supervisor

The position of consumer loan supervisor can be found in anything from a single office credit union to the megabanks, such as Wells Fargo. Financial institutions, with a focus on lending, tend to employ the majority of the consumer loan servicing supervisors, which makes sense.

Mortgage brokers, banks and credit unions, as well as private lending firms, have a staff that can range into the tens of thousands of employees all requiring some level of supervision. Loan supervisors need to assist and coordinate the efforts of the support team, ensuring an efficient and profitable loan operation.

The supervisor trains the personnel and keeps them updated on changes in financial laws while also acting as a troubleshooter for the inevitable problems that occur in any business.

Prospects of a Consumer Loan Supervisor

Consumer Loan Servicing Managers are an integral part of the loan process from application to dispersal. The supervisor directly oversees a team of specialized clerks to ensure accurate and timely receipt of information and documents generated within a lending business.

The average income in the area of $47,000 can be expected, which is a significant salary for an associate’s degree level position. This is dependent on the size of organization and team you deal with.

As the loan supervisor, you are responsible for your team and their work output. The basic team is where a company makes its money and where it can also lose money. The responsibility is quite large, and the workload can be significant but the perks are rewarding.

An associate’s degree and two years of job experience make this job very attainable for a person with attention to detail and management skills. In some cases, you are required to be a public relations expert as well when problems arise, but for the most part it is a very straight forward job that has defined responsibilities and outcomes with some very impressive potential for someone willing to invest in the future.

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