Education Career Articles

Connect Facebook Connect Twitter Connect Google+ Connect Pinterest Connect Stumbleupon

How to Become a Loan Servicing Manager

Career News January 18, 2014

If you are an organized person and a person who is motivated to reach out to new responsibilities then don’t sell yourself short—you could be management material. The loan servicing department of a bank or lender needs strong leaders who are good with numbers and in communicating with others.

Loan servicing generally refers to the management of loan mortgages. Mortgage loan services fall under the direction of the Department of Financial Services. In many states, applicants must register and pay a fee to partake in mortgage loan servicing. Background reports and background checks are also required in most states.

Duties Associated with Management

The loan servicing manager is the one who manages a loan once a deal has been agreed upon, and the customer begins making payments. Sometimes the management is assumed by the company that issued the loan, while, in other cases, the rights to manage them are sold to a separate company.

The servicing loan manager performs a variety of duties associated with the repayment of the loan. The loan servicing manager sends statements to the borrower, collects payments and handles the escrow accounts for homeowners’ insurance and taxes. If the borrower neglects to provide adequate insurance for the asset, the servicing manager is allowed to buy what is commonly called “forced placed insurance” on the borrower’s behalf.

Delinquent Accounts and Your Job

The loan servicing manager is also responsible for undertaking the task of following up on delinquencies. If the borrower fails to make one or more payments, the servicing manager is entitled to charge late fees. In cases of severe delinquency, the loan servicing manager handles the filing process for foreclosure.

Adequate knowledge of credit protection services within state and federal guidelines are needed to become a loan servicing manager. When overseeing collection and foreclosure filings, the servicing manager must pay attention to all details of the contract to ensure they remain in compliance with federal and state regulations.

Go Back to School to Gain an Edge

An associate’s degree in accounting or economics, along with several years of experience in collections is usually sufficient for acquiring a career as a loan servicing manager. Most servicing companies desire candidates who have a thorough background in mortgage loan products and loan servicing. Excellent written and oral communications are necessary for an effective career as a loan servicing manager. The manager needs to be tactful, considerate, and able to make their clients understand the nature of their financial transaction clearly.

The salary of loan servicing managers is dependent on the company they are working for and their geographic, but the average pay is $46,000 a year, with the 75th percentile receiving a salary of $66,000 a year. Employment of loan servicing managers is expected to grow by ten percent by the year 2018, which is about average for all occupations.

This is a growing market and one that you can join if you are willing to make a move. Education is not a risk, but a commitment that will take you places in life.

Searching Searching ...

Matching School Ads
1 Program(s) Found
  • Available business concentrations include Accounting, Economics, General Management, Marketing, and Human Resource Management.
  • Ranked among the Best Online MBA and Online Graduate Business Programs in 2016 by U.S. News & World Report.
  • Programmatic accreditation provided by the Accreditation Council for Business Schools and Programs (ACBSP).
  • Regionally accredited by the Southern Association of Colleges and Schools Commission on Colleges (SACSCOC).
  • Online Courses
2 Program(s) Found
South University , Glen Allen
  • Program options include Accounting, Business Administration, Leadership, and more.
  • Curriculum focuses on developing leadership, critical thinking, problem-solving, and communication skills.
  • Programmatic accreditation by the Accreditation Council for Business Schools and Programs (ACBSP) at select campuses.
  • Business programs are available at many of the 11 campus locations across the United States.
Good for Working Adults
  • Flexible Scheduling
  • Financial Aid
5 Program(s) Found
  • Ranked among top Regional Universities in the South by U.S. News and World Report in 2015.
  • Ranked 37th among the Best Colleges for Veterans by U.S. News and World Report in 2015.
  • Stands as the largest private, nonprofit university in the nation with 100,000+ students.
  • Offers over 230 programs online, from the certificate to the doctoral level.
  • Has a student-faculty ratio of 25:1, and 42.3% of its classes have fewer than 20 students.
Show more [+]
  • Accredited
  • Online Courses
  • Financial Aid
  • Transferable Credits
1 Program(s) Found
  • Full Sail’s curriculum combines elements of creativity, art, business and life skills, technical prowess, and academic achievement.
  • Full Sail offers accelerated programs, so a degree that would normally take four years takes 24 months on average.
  • Students work with industry-standard tools and technologies, allowing them to gain practical knowledge and real-world experience.
  • Join us on Facebook, Twitter, YouTube and Instagram to interact with our community, read about grad success, and see campus images.
  • Online Courses

Searching Searching ...

Matching School Ads
1 Program(s) Found
  • Available business concentrations include Accounting, Economics, General Management, Marketing, and Human Resource Management.
  • Ranked among the Best Online MBA and Online Graduate Business Programs in 2016 by U.S. News & World Report.
  • Programmatic accreditation provided by the Accreditation Council for Business Schools and Programs (ACBSP).
  • Regionally accredited by the Southern Association of Colleges and Schools Commission on Colleges (SACSCOC).
  • Online Courses
5 Program(s) Found
  • Ranked among top Regional Universities in the South by U.S. News and World Report in 2015.
  • Ranked 37th among the Best Colleges for Veterans by U.S. News and World Report in 2015.
  • Stands as the largest private, nonprofit university in the nation with 100,000+ students.
  • Offers over 230 programs online, from the certificate to the doctoral level.
  • Has a student-faculty ratio of 25:1, and 42.3% of its classes have fewer than 20 students.
Show more [+]
  • Accredited
  • Online Courses
  • Financial Aid
  • Transferable Credits
1 Program(s) Found
  • Full Sail’s curriculum combines elements of creativity, art, business and life skills, technical prowess, and academic achievement.
  • Full Sail offers accelerated programs, so a degree that would normally take four years takes 24 months on average.
  • Students work with industry-standard tools and technologies, allowing them to gain practical knowledge and real-world experience.
  • Join us on Facebook, Twitter, YouTube and Instagram to interact with our community, read about grad success, and see campus images.
  • Online Courses

Login to your account

Can't remember your Password ?

Register for this site!