A Consumer Loan Servicing clerk is an entry-level position in the field of consumer financing and lending. People in this position assist the consumer loan servicing team with administration and proofing, ensuring that all information on submitted documents is accurate and thorough, as well as process and maintaining payments schedules on active loans.
What are the duties of the Consumer Loan Servicing Clerk?
At the most basic level, the Consumer Loan Servicing Clerk is responsible for performing a specific set of duties that have been outlines to them by a supervisor, and include coordinating between Consumer Loan staff, filing and administration, as well as maintaining a payment file on delinquent loans. They work directly under a senior member of staff, with a very specific job description.
What kind of education do you need to become a Consumer Loan Servicing Clerk?
A high school diploma or GED is usually a requirement, and experience in the field or a related one is usually a boon. This is an entry-level position, most education and training you receive will come about through the company or on the job experience.
What is the work environment like?
Most Consumer Loan Servicing Clerks work for financial companies and whether it is a small, single state credit union, or a large, international bank or mortgage firm, the level of professionalism is the same. Counted as a white collar job, expected to maintain a high level of integrity and professionalism while exercising key skills to help you succeed and grow.
How much does a Consumer Loan Servicing Clerk make annually?
As an entry-level position, the salary that Consumer Loan Servicing clerks make is dynamic, with raises being commonplace for performance and initiative, and the prospect of promotion promising further salary increases. The average salary that a Consumer Loan Servicing Clerk draws annually is around $27,000, which is on par with, and in many cases greater than, entry-level positions in unrelated but comparable fields.
What is the job market like for Consumer Loan Servicing Clerks?
Much like other low-skilled or unskilled professional entry-level jobs, the turnover rate is tremendous, and attrition is high. As the need for loans rises and drops with the economy, the demand for the position of a Consumer Loan Servicing Clerk also waxes and wanes. However, due to the high rate of promotion and attrition, there are typically positions available for people qualified for this job.