How much does a Loan Servicing Specialist make?
A Loan Servicing Specialist plays a key role in the financial industry. This job involves managing mortgage payments and ensuring customers stay on top of their loans. The average yearly salary for this role is around $54,956. This figure can vary based on experience, location, and the size of the company.
The salary range for Loan Servicing Specialists can be quite broad. The lowest 10% earn about $34,940. The highest 10% can make over $110,000. Most specialists fall between $48,000 and $69,000. This range shows that with more experience and skills, the salary can increase. Job seekers should look for opportunities to gain experience and advance in their careers to reach higher pay brackets.
What are the highest paying cities for a Loan Servicing Specialist?
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Tampa, FL
Average Salary: $71,278
In Tampa, loan servicing specialists work with major financial institutions. They handle mortgage payments and customer inquiries. The warm climate makes for a pleasant work environment.
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Dallas, TX
Average Salary: $65,283
Dallas offers many opportunities for loan servicing specialists. They work with large banks and mortgage companies. The city's business-friendly atmosphere supports career growth.
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Denver, CO
Average Salary: $63,364
In Denver, loan servicing specialists manage loan accounts for various clients. They ensure timely payments and resolve customer issues. The scenic views add to the job satisfaction.
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Minneapolis, MN
Average Salary: $61,388
Minneapolis has a strong financial sector. Loan servicing specialists here work with top lenders. They focus on customer service and payment processing. The city offers a high quality of life.
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Chicago, IL
Average Salary: $59,401
Chicago is a hub for financial services. Loan servicing specialists handle a high volume of transactions. They work for major banks and mortgage companies. The city's vibrant culture enriches the work experience.
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Sacramento, CA
Average Salary: $58,889
In Sacramento, loan servicing specialists support local and national lenders. They manage loan documents and customer communications. The city's growing economy offers many job opportunities.
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San Diego, CA
Average Salary: $55,908
San Diego provides a great place for loan servicing specialists. They work with a variety of financial firms. The beautiful weather and coastal lifestyle make it an attractive place to live and work.
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Los Angeles, CA
Average Salary: $55,686
Los Angeles offers diverse opportunities for loan servicing specialists. They work with large financial institutions. The city's entertainment industry adds to the dynamic work environment.
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Fresno, CA
Average Salary: $54,969
In Fresno, loan servicing specialists handle mortgage and loan accounts for various clients. They ensure payments are processed correctly. The city's affordable cost of living is a big plus.
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Atlanta, GA
Average Salary: $49,515
Atlanta is a key city for loan servicing specialists. They work with major financial companies. The city's growing economy and business-friendly environment support career growth.
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What are the best companies a Loan Servicing Specialist can work for?
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Citi
Average Salary: $82,103
Citi offers competitive salaries for Loan Servicing Specialists. They work in various locations, including New York, San Francisco, and Chicago, providing opportunities for career growth and development.
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Glacier Bancorp
Average Salary: $62,832
Glacier Bancorp provides a solid salary for Loan Servicing Specialists. They operate in states like Washington, Oregon, and California. Employees enjoy a supportive work environment and chances for advancement.
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US Farm Service Agency
Average Salary: $59,522
The US Farm Service Agency offers a good salary for Loan Servicing Specialists. They have offices across the country, including in Kansas City, Missouri, and Washington, D.C. The role involves supporting farmers and rural communities.
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TEKsystems
Average Salary: $53,554
TEKsystems offers a competitive salary for Loan Servicing Specialists. They work in multiple locations, such as Atlanta, Georgia, and Dallas, Texas. The company provides opportunities for professional growth and diverse projects.
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Ballston Spa National Bank
Average Salary: $52,263
Ballston Spa National Bank offers a solid salary for Loan Servicing Specialists. They operate in New York, providing a chance to work in a community-focused environment. The role involves managing loans and supporting customers.
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Robert Half
Average Salary: $47,258
Robert Half offers a good salary for Loan Servicing Specialists. They work in various locations, including Los Angeles, California, and Miami, Florida. The company provides opportunities for career advancement and skill development.
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Regions Financial
Average Salary: $38,857
Regions Financial offers a competitive salary for Loan Servicing Specialists. They operate in states like Alabama and Florida. The role involves managing loans and providing customer service in a supportive environment.
How to earn more as a Loan Servicing Specialist?
A Loan Servicing Specialist can find several ways to increase their earnings. This role involves managing mortgage payments and ensuring borrowers meet their obligations. By focusing on key areas, specialists can enhance their performance and potentially earn more.
First, gaining certifications can boost earning potential. Certifications such as the Certified Residential Mortgage Specialist (CRMS) or the Certified Mortgage Servicing Professional (CMSP) can make a specialist more valuable. These credentials show a commitment to the field and can lead to higher-paying positions. Second, developing strong communication skills helps in resolving issues quickly. Clear and effective communication with borrowers can lead to better customer satisfaction and fewer disputes. Third, mastering loan servicing software can improve efficiency. Proficiency in tools like LoanServ or Fiserv can speed up tasks and reduce errors. Fourth, taking on additional responsibilities can lead to promotions. Specialists who show they can handle more tasks may earn higher salaries. Finally, networking within the industry can open up new opportunities. Attending industry events and joining professional groups can help specialists find better-paying jobs.
By focusing on these areas, Loan Servicing Specialists can increase their chances of earning more in their careers.
Consider these factors to improve your earning potential:
- Get certifications like CRMS or CMSP.
- Improve communication skills for better customer service.
- Master loan servicing software to work faster.
- Take on more tasks to show you can handle more responsibility.
- Network with industry professionals to find new job opportunities.
