How to Become a Consumer Loan Servicing Clerk
Step 1: Understand the job description and responsibilities of a Consumer Loan Servicing Clerk
What does a Consumer Loan Servicing Clerk do?
A Consumer Loan Servicing Clerk performs routine loan servicing administrative tasks. Processes payments, disbursements, changes, and other transactions. Being a Consumer Loan Servicing Clerk verifies the completeness and accuracy of documents. Performs calculations for distributions. Additionally, Consumer Loan Servicing Clerk monitors escrow payments and tracks delinquencies. Researches customer and internal inquiries and delivers a response or solution. Maintains required electronic files and system inputs. Requires a high school diploma or equivalent. Typically reports to a supervisor. The Consumer Loan Servicing Clerk works independently within established procedures associated with the specific job function. Has gained proficiency in multiple competencies relevant to the job. To be a Consumer Loan Servicing Clerk typically requires 3-5 years of related experience.
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.
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.
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.
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.
Step 2: Learn best tips to become a Consumer Loan Servicing Clerk
Best tips for those who want to become a Consumer Loan Servicing Clerk
Here are some tips to become a Consumer Loan Servicing Clerk.
Step 3: View best colleges and universities for Consumer Loan Servicing Clerk
Best colleges and universities for Consumer Loan Servicing Clerk
- Florida Southern College
- Colby College
- Dartmouth College
- University of Notre Dame
- Western Washington University
- Canisius College
Step 4: Think about whether is it worth to be a Consumer Loan Servicing Clerk
Is being a Consumer Loan Servicing Clerk Worth it?
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.
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.
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.
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.
Step 5: Prepare relevant skills for being a Consumer Loan Servicing Clerk
What skills do you need to be a Consumer Loan Servicing Clerk?
Supporting level roles often require a broad range of skills to ensure jobs can be executed accurately and efficiently. Some of the more relevant day-to-day skills for this role include: Loan Servicing, Payment Processing, Quality Assurance Process, Transaction Monitoring. In this role, you should command of the following: Loan Software. Success in this function is highly dependant upon these skills, as well as others specific to each individual company.
It is the loan clerk who does most of the preparation of paperwork and administrative duties related to the loan, and depending on the size of the financial institution, may have more or fewer duties as required.
Consumer loan servicing clerks are regarded as entry-level positions, but still within the accounting or financial industry, meaning they are ideal for gaining experience.
Step 6: View average salary for Consumer Loan Servicing Clerk
How much does a Consumer Loan Servicing Clerk make?
The average salary range for a Consumer Loan Servicing Clerk is from $41,242 to $56,581. The salary will change depending on your location, job level, experience, education, and skills.
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Average salary for Consumer Loan Servicing Clerk jobs
- Loan Servicing Clerk I
- Loan Servicing Clerk II
- Loan Servicing Clerk III
- Loan Servicing Manager
- Loan Servicing Specialist I - Consumer Loans
- Loan Servicing Representative I - Consumer Loans
- Loan Servicing Representative II - Consumer Loans
- Loan Servicing Specialist II - Consumer Loans
- Loan Servicing Representative III - Consumer Loans
- Loan Servicing Specialist III - Consumer Loans
Step 7: Find relevant Consumer Loan Servicing Clerk jobs, and apply.
Looking for Consumer Loan Servicing Clerk jobs?
Here are some Consumer Loan Servicing Clerk jobs in the United States.