Loan Servicing Representative Job Description
The Consumer Loan Servicing Representative, Lending Services in a Financial Institution, The Rise and Fall of Mortgage Loan Servicing, Lender Profiles and Risk Management for Portfolio & Credit and more about loan servicing representative job. Get more data about loan servicing representative job for your career planning.
- The Consumer Loan Servicing Representative
- Lending Services in a Financial Institution
- The Rise and Fall of Mortgage Loan Servicing
- Lender Profiles and Risk Management for Portfolio & Credit
- Customer Service Representatives
- Credit Guide for Exempt Special Purpose Funding Entities
- A Top-notch Member Service Representative
- A Customer Satisfying Professional with Experiences in the Loan Servicing Industry
- A Bachelor's Degree in Finance, Accounting or Business: The Qualification and Experience of a Mortgage Servicing Specialist
- A Transition Plan for a Mortgage Loan Service Provider
The Consumer Loan Servicing Representative
The primary responsibility of the Consumer Loan Servicing Representative is to assist and support credit union staff and members with pre and post-closing loan functions and inquiries.
Read our study on Phone Sales Representative career guide.
Lending Services in a Financial Institution
The loan servicing part used to be handled by the organization, which provided the loan. It has changed since the advent of securitization. In the past two decades, entities have started to get into niche activities such as client acquisition, rather than using its resources to manage administrative works, for earning more money.
The Rise and Fall of Mortgage Loan Servicing
Loan servicing can be carried out by the bank or financial institution that issued the loans, a non-bank entity specializing in loan servicing, or a third-party vendor. Loan servicing is the obligation of the borrowers to make timely payments of principal and interest on their loans to maintain their creditworthiness with their lender and credit-rating agencies. Loan servicing was seen as a core function within banks.
Banks were responsible for the administration of the original loan. That was before the securitization of loans changed the nature of banking and finance. The servicing of loans became less profitable after they were repackaged into securities and sold off.
The loan servicing part of the life cycle was opened up to the market. The industry has become dependent on technology and software due to the record-keeping burden of loan servicing and the changing habits and expectations of borrowers. Student loan servicing is a big business, as it is worth trillions of dollars and represents the bulk of the loan servicing market.
Only three companies were responsible for collecting payments on 98% of outstanding government-owned student loans in the year of 2018, amounting to $950 billion. The trend among big mortgage loan servicers is to slowly back away from the marketplace in response to regulatory concerns. Smaller banks and non-bank servicers are moving into the space.
The mortgage meltdown brought increased scrutiny to the practice of transferring loan servicing obligations. The cost of loan servicing has gone up, and there is always the chance for more regulation. Some loan servicers have embraced technology to try to reduce compliance costs, and some banks have been focusing on servicing their own loan portfolio to keep their connection with retail clients.
Read also our story on Customer Call Representative career guide.
Lender Profiles and Risk Management for Portfolio & Credit
The Portfolio & Credit Risk function is responsible for analyzing the quality of the loans being originated by the lender based on the lender's risk tolerance and establishing standards that loan underwriters can use to make decisions on mortgage applications. Portfolio & Credit employees use historical data to create borrower profiles that can be used to predict the likelihood that a borrower will default on their mortgage. The quality of loans is assessed by the lender's ability to sell the loan to a third party.
Customer Service Representatives
Customer service representatives help customers with their complaints and questions, give them information about products and services, and process returns. They are sometimes seen as having a role in sales by helping customers understand the product and answering questions about their reservations. A customer service representative is there to answer questions and help customers.
They help ensure that customers are satisfied with products, services, and features by being the front line of support. Customer service duties and responsibilities include answering phone calls and emails, responding to customer questions and complaints, and walking customers through basic setup processes. Customer service duties and responsibilities for a sales customer service representative include selling products and services to clients and processing payments.
Read our story about Insurance Sales Representatives job description.
Credit Guide for Exempt Special Purpose Funding Entities
If you are a credit provider or lessor that is an exempt special purpose funding entity, you don't need to give your own credit guide to consumers, but you are responsible for making sure that the licensee who is your representative gives their credit guide to consumers.
A Top-notch Member Service Representative
Strong customer service skills and a good sense of humor are some of the qualities that make a member service representative successful. A top-notch member service representative should be able to resolve inquiries and complaints in a friendly and efficient manner.
A good story about Registered Representative career description.
A Customer Satisfying Professional with Experiences in the Loan Servicing Industry
Resourceful results oriented professional excelled at customer satisfaction and retention. A support specialist. Flexible and hard working in deadlines.
Excellent communicator with 7 years in a call center. Loan Services Professional who has attention to detail and is proficient in their field results increased value of production and quality on a consistent basis. Strengths include analyzing and researching information to complete a project.
A Bachelor's Degree in Finance, Accounting or Business: The Qualification and Experience of a Mortgage Servicing Specialist
Mortgage servicing is the process of administering a mortgage. Mortgage servicing specialists perform a variety of tasks, from reviewing loan applications to starting foreclosures in the event of a default. Most specialists are employees of investment banks, but others work for credit unions.
To get started as a mortgage servicing specialist, you need to have a bachelor's degree in finance, accounting or business. Most states require mortgage servicing specialists to hold a license. To get it, you need to fulfill a number of requirements, including completing at least 20 hours of coursework and passing an exam.
See also our story on Outside Sales Representative job guide.
A Transition Plan for a Mortgage Loan Service Provider
The transition plan must describe the steps that the servicer is taking to ensure that there is no interruption to borrowers and Fannie Mae and that the technology service provider is still in business. The servicer can not recover servicing advances from P&I payments for another mortgage loan or T&I deposits from another borrowers account.
X Cancel
