CAREER DEVELOPMENT / OCT. 27, 2014
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How to Become a Mortgage Servicing Specialist in the US

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Mortgage servicing specialist work in the banking industry where they deal with clients who secure mortgage loans. They ensure clients service or repay their loans accordingly. With a background in accounting, business or finance, you can get started in this profession with relative ease.

What They Do

The primary duties of mortgage servicing specialists include:

  • Responding to customers’ queries about mortgage loans
  • Maintains contact with mortgage customers to remind them of repay dates
  • Using the banks financial systems to process paid loans
  • Keeping tabs on developments in the real estate industry
  • Maintaining records of mortgage applications
  • Monitoring changes in relevant financial regulations
  • Preparing reports detailing the status of various mortgage loans
  • Initiating foreclosure in cases where a customer fails to meet his or her repayment obligations

Work Environment

Mortgage servicing specialists typically work from 9am to 5pm, Monday through Friday. Although they spend most of their time in an office environment, they occasionally travel to meet clients.

Salary

The annual average salary for mortgage servicing specialists is:

Job Level

Annual Wage

Starting mortgage loan specialists

$24,000 -$42,000

Experienced mortgage specialists

$42,000 - $59,000

Loan managers

$59,000 - $87,000

Source: Payscale

Education and Licensing

To get started as a mortgage servicing specialist, you need to earn a bachelor’s degree in fields such as:

  • Business
  • Finance
  • Economics
  • Accounting

If you don’t have a bachelor’s degree, you may still be able to enter the profession if you have vast customer service or accounting experience. So if you are a holder of an associate degree, you can begin as a loan document specialist or accounting clerk and work your way up.

In the US, all banking professionals dealing with mortgage transactions must have a Mortgage Loan Originator License. Even though licensing requirements vary by state, you will generally need to meet the following requirements:

  • Find work with a registered company
  • Pass a criminal background check
  • Pass a licensing examination

Important Qualities

To succeed as a mortgage servicing specialist you need:

  • Excellent customer service skills
  • Strong communication skills
  • Knowledge of banking industry regulations
  • Good interpersonal skills
  • Good math and organizational skills
  • Good analytical skills
  • Good negotiation skills
  • A high level of attention to detail

Career Development

After getting hired, your employer will train you on-the-job to improve your knowledge of the financial institution’s banking practices. You can then focus on serving your employer’s customers and thereafter, progressing your career.

The career advancement avenues available for you include:

  • Pursuing a master’s degree in business administration
  • Obtaining a professional certification, such as the Association of Mortgage Professional’s Certified Residential Mortgage Specialist. AMP also offers membership opportunities.

Job Opportunities

The employers of mortgage servicing specialists include:

  • Commercial banks
  • Investment banks
  • Other investment firms

With vast experience and advanced education, you can progress to become a mortgage loan manager. It is also possible to be hired as a customer relationship manager, or start a mortgage consulting business.

Finally, from 2012 through 2022, the Bureau of Labor Statistics predicts an unimpressive 8 percent job growth for all loan officers. However, with the middle class getting more financially empowered, the number of mortgage clients may increase. More servicing specialists will be required to administer these loans.

So if you have a talent with numbers and find the banking sector interesting then this may be the right career for you.

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