Consumer Loan Servicing Managers are an integral part of the Loan application process, working not only with the support and administrative staff to coordinate and streamline the process of lending, but also directly supervising a team of specialized clerks to ensure accurate and timely receipt of information and documents within a lending organization.
What are the responsibilities of the Consumer Loan Servicing Manager?
The Consumer Loan Servicing Manager is a supervisory position, overseeing junior team in the acceleration and accurate flow of data, documents and information necessary to the responsible lending of large sums of money. Typical duties include coordinating and delegating duties to members of staff that support the lending function, as well as reporting to the head of department. It is essential that this person have intimate knowledge of corporate policy regarding loans and be intimately familiar with the field’s precepts and practices.
What are the educational requirements of the Consumer Loan Servicing Manager?
While many people in this position have risen through the ranks from simple clerks, the vast majority has at least 5 years of experience in either Consumer Loans or financing, and many have a four year degree from an accredited institution in Finance. This not only provides invaluable experience for working the field, but also shows a prospective employer that the candidate has integrity and ambition. It is possible to become a Consumer Loan Servicing Manger with only a high school diploma, however; that is the exception rather than the rule.
What sorts of opportunities are available to the Consumer Loan Servicing Manager?
The majority of Consumer Loan Servicing Managers work for large financial institutions such as banks, credit unions, and mortgage brokers, helping to facilitate and streamline the loan process by delegating responsibilities and overseeing the work performed.
How much money does a Consumer Loan Servicing Manager make in a year?
While the annual income of a Consumer Loan Servicing Manager can vary wildly, and is typically consummate with professionals in comparable positions across the industry. The median salary is around $66,000 a year, with the majority of Consumer Loan Servicing mangers making between $60,000 and $70,000 per annum.
What are the job prospects for Consumer Loan Servicing Managers?
As a skilled profession with a very particular skill set, there are always opportunities for advancement within an organization, and with each boost to the economy, consumer loans are on the rise. More loans equal more and more jobs available in the business sector, including Consumer Loan Servicing Managers.