A Consumer Loan Servicing Supervisor is a mid-level administrative position in a financial institution, and encompasses many facets of the loan coordination and streamlining the process. A Consumer Loan Servicing Supervisor is typically placed over a team of highly motivated Loan Servicing agents, and directs and coordinates the movement of data and financial data within the company.
What exactly does a Consumer Loan Servicing Supervisor do?
A Consumer Loan Servicing Supervisor is responsible for the team of staff placed underneath them, supervising and instructing junior staff while maintaining the accuracy and integrity of the loan support data that is essential to properly assessing and evaluating credit worthiness. They usually are considered mid-management, having a dynamic team working for them while reporting to the department head or unit leader.
How much education does a Consumer Loan Servicing Supervisor require?
In most cases, companies look for candidates with at least a two year degree in Finance or a related field, and it certainly helps to seek a four year bachelor’s degree. A minimum of two years of experience is vital to understanding the field, and being able to cope with the responsibilities of coordinating a large team of financial and administrative professional. While uncommon, promotion from within makes becoming a Consumer Loan Servicing Supervisor possible with only a high school diploma or equivalent, however, this is rare and many financial institutions require at least an associate’s degree.
What kind of companies does a Consumer Loan Servicing Supervisor work for?
Large financial institutions with a focus on lending employ the vast majority of Consumer Loan Servicing Supervisors. Banks, credit unions, mortgage brokers and private lending firms have a staff that can range into the tens of thousands of employees, and it is key that someone is on hand to assist and coordinate the efforts of the support staff, ensuring a highly efficient and profitable loan.
How much can I earn as a Consumer Loan Servicing Supervisor?
On average, a Consumer Loan Servicing Supervisor’s salary is about $47,000 per year. While not exorbitant, it is a respectable number that is consummate with professionals in similar positions, as well as having a distinct possibility of promotions and salary increases for outstanding performance and initiative.
What is the job outlook for Consumer Loan Servicing Supervisor?
As the economy recovers, more and more people are applying for loans, and with this increase in potential borrowers, the need for highly skilled and motivated individuals with relevant experience drastically increases. And while many sectors of the economy have not yet made a full recovery, consumers are borrowing more, and hence the need for intelligent, analytical professionals to fulfill the role of Consumer Loan Servicing Clerks and Supervisors is increasing.