Loan Servicing Manager Job Description [Updated for 2025]

In today’s fast-paced financial landscape, the role of a Loan Servicing Manager has become more critical than ever.

As the world of finance evolves, the demand for skilled professionals who can adeptly manage, process, and safeguard our loan portfolios is on the rise.

So, what does the job of a Loan Servicing Manager truly entail?

Whether you are:

• A job seeker trying to understand the core responsibilities of this role,
• A hiring manager designing the perfect job profile,
• Or simply fascinated by the dynamics of loan servicing management,

You’ve come to the right place.

In this article, we provide a versatile Loan Servicing Manager job description template, crafted for easy posting on job boards or career websites.

Let’s dive right into it.

Loan Servicing Manager Duties and Responsibilities

Loan Servicing Managers are responsible for overseeing the loan servicing department within a financial institution, ensuring the accurate and timely processing of loan transactions.

They also manage the relationships with borrowers and ensure compliance with state and federal laws.

They have the following duties and responsibilities:

• Oversee all loan servicing operations, including processing payments, disbursing funds, and maintaining loan records
• Develop and implement policies and procedures to streamline loan servicing activities
• Ensure compliance with all relevant state and federal laws, policies, and regulations
• Manage relationships with borrowers, answering questions, resolving issues, and providing information as needed
• Coordinate with loan officers and underwriters to ensure accurate and timely loan processing
• Monitor and manage portfolio risk, and implement risk control measures as necessary
• Provide regular reports on loan portfolio performance and loan servicing activities
• Train and supervise loan servicing staff, ensuring they deliver high-quality customer service and adhere to all relevant policies and regulations
• Review and approve loan modifications, forbearance agreements, and payment plans

 

Loan Servicing Manager Job Description Template

Job Brief

We are seeking a highly capable Loan Servicing Manager to oversee our loan operations.

Your responsibilities will include managing and supervising all aspects of loan servicing, including loan processing, underwriting, closing, and post-closing activities.

Our ideal candidate has comprehensive knowledge of loan servicing software, a deep understanding of lending procedures, and excellent leadership skills.

Ultimately, the Loan Servicing Manager should improve our loan servicing department’s operational efficiency and ensure that it meets business objectives and legal requirements.

 

Responsibilities

• Oversee all loan servicing activities including processing, underwriting, closing, and post-closing.
• Ensure compliance with regulatory standards and company policies.
• Manage loan servicing staff, provide training and performance evaluations.
• Recommend and implement improvements to loan servicing processes.
• Handle customer complaints and inquiries related to loan servicing.
• Develop and implement procedures for various loan types.
• Oversee the preparation and maintenance of loan documents.
• Ensure accuracy of loan data and financial information.
• Maintain knowledge of current lending practices and industry trends.
• Collaborate with other departments to streamline operations.

 

Qualifications

• Proven work experience as a Loan Servicing Manager or similar role in financial services.
• Knowledge of loan servicing software and platforms.
• Understanding of loan origination and underwriting procedures.
• Strong leadership and team management skills.
• Ability to handle sensitive and confidential information.
• Excellent problem-solving and decision-making skills.
• Strong communication and customer service skills.
• Bachelor’s degree in Finance, Business Administration or relevant field.

 

Benefits

• 401(k)
• Health insurance
• Dental insurance
• Retirement plan
• Paid time off
• Opportunities for professional development

 

Additional Information

• Job Title: Loan Servicing Manager
• Work Environment: Office setting. Some travel may be required for inter-departmental meetings or industry events.
• Reporting Structure: Reports to the Director of Operations or Chief Financial Officer.
• Salary: Salary is commensurate with candidate experience and qualifications, as well as market and business considerations.
• Pay Range: $70,000 minimum to $105,000 maximum
• Location: [City, State] (specify the location or indicate if remote)
• Employment Type: Full-time
• Equal Opportunity Statement: We are an equal opportunity employer and value diversity at our company. We do not discriminate on the basis of race, religion, color, national origin, gender, sexual orientation, age, marital status, veteran status, or disability status.
• Application Instructions: Please submit your resume and a cover letter outlining your qualifications and experience to [email address or application portal].

 

What Does a Loan Servicing Manager Do?

Loan Servicing Managers typically work for banks, credit unions, and other financial institutions that offer loans to consumers and businesses.

They can also work in mortgage companies, loan servicing companies, or any financial institutions that manage loan portfolios.

They manage the loan servicing department, which is responsible for all post-closing functions of the lending process.

They ensure that all loan servicing activities, such as payment processing, loan modifications, collections, and foreclosure processes are performed in compliance with established policies and legal requirements.

Loan Servicing Managers oversee loan administration teams, coordinating their work and providing them with guidance and support.

They also deal with more complex loan administration issues that require advanced expertise, including problematic loans and customer complaints.

They work closely with other departments in the financial institution, such as the loan origination department, risk management, and compliance to ensure smooth operation across all stages of the loan life cycle.

Loan Servicing Managers often report to senior management, providing them with regular updates on loan portfolio performance, including delinquency rates, losses, and recovery efforts.

They also contribute to strategic planning and budgeting processes.

Furthermore, they stay abreast of changes in financial regulations and industry best practices to ensure that their institutions remain compliant and competitive.

This may involve continual learning, attending industry conferences, and networking with other loan servicing professionals.

 

Loan Servicing Manager Qualifications and Skills

A proficient Loan Servicing Manager should possess skills and qualifications that align with the needs of the role, which include:

• Strong understanding of all aspects of loan servicing including collections, payments, loan modifications, and reporting.
• Excellent communication skills to facilitate clear and effective communication with clients, team members and higher-level management.
• Exceptional leadership skills to manage, motivate and guide the loan servicing team effectively.
• Highly organized and detail-oriented with the ability to manage multiple tasks and deadlines simultaneously.
• Strong understanding of financial laws and regulations related to loan servicing and collections.
• Ability to analyze loan data to ensure accuracy and compliance with company policies and procedures.
• Problem-solving skills to address and resolve issues related to loan servicing.
• Customer service skills to handle client inquiries, concerns, and complaints professionally and effectively.
• Proficiency with loan servicing software and other related computer applications.

 

Loan Servicing Manager Experience Requirements

Loan Servicing Managers often have at least 5 to 7 years of experience in loan servicing or a related financial field, such as banking or finance.

This experience often comes from roles such as Loan Processor, Loan Servicing Specialist, Loan Underwriter, or Loan Officer.

Candidates must have a solid understanding of loan servicing principles, including knowledge of loan systems and software, collections, customer service, and regulatory compliance.

They should also be familiar with loan types, repayment plans, and foreclosure processes.

Additionally, Loan Servicing Managers need to have some leadership experience, usually obtained in mid-level roles or by managing small teams.

This is essential as the role requires overseeing the entire loan servicing team and ensuring efficient operations.

Moreover, those seeking this position should have experience with risk management, problem-solving, and decision-making, as Loan Servicing Managers often have to troubleshoot loan issues, analyze risk factors, and make important decisions that can impact the organization.

In some cases, employers may prefer candidates with a Master’s degree in business administration or finance, which can substitute for some years of experience.

They might also prefer candidates who have professional certifications, such as the Certified Loan Servicer designation.

 

Loan Servicing Manager Education and Training Requirements

A Loan Servicing Manager typically requires a bachelor’s degree in finance, business administration, or a related field.

They must have comprehensive knowledge of loan servicing, credit policies, financial services regulations, and basic accounting principles.

This is usually gained through years of experience in loan or credit services.

In addition to their education, they should possess strong leadership, communication, and problem-solving skills.

They are often required to have experience with loan servicing software and other related computer systems.

While not always necessary, a master’s degree in business administration or finance can give candidates an edge.

Additionally, relevant certifications like the Certified Loan Servicer (CLS) designation can demonstrate a candidate’s proficiency and commitment to their profession.

Continuing education is important in this role due to frequent changes in financial regulations and technology.

Therefore, Loan Servicing Managers should be prepared for ongoing learning and professional development.

 

Loan Servicing Manager Salary Expectations

A Loan Servicing Manager can expect to earn an average salary of $72,658 (USD) per year.

However, this amount can fluctuate based on factors such as experience, level of education, and the location of employment.

 

Loan Servicing Manager Job Description FAQs

What skills does a Loan Servicing Manager need?

Loan Servicing Managers should have strong leadership and communication skills to effectively manage their team and collaborate with other departments.

They should also have solid financial and analytical skills to understand complex loan information and make decisions.

Proficiency in loan servicing software and a good understanding of lending regulations and compliance are also crucial.

 

Do Loan Servicing Managers need a degree?

A bachelor’s degree in finance, business administration or a related field is typically required for a Loan Servicing Manager role.

Some employers may also require a master’s degree or equivalent work experience.

Further, understanding of the principles and practices of loan servicing and the related laws and regulations is necessary.

 

What should you look for in a Loan Servicing Manager resume?

A Loan Servicing Manager’s resume should demonstrate experience in managing a team in a financial or lending institution.

Look for a solid understanding of loan servicing, payment processing, and customer service.

It’s also essential they have experience in regulatory compliance and risk management.

Proficiency in relevant software and systems is also important.

 

What qualities make a good Loan Servicing Manager?

A good Loan Servicing Manager should have strong leadership qualities, allowing them to effectively manage their team and ensure operations run smoothly.

They should also have excellent problem-solving abilities to address any issues that may arise in the loan servicing process.

Attention to detail is critical, as they’ll need to ensure compliance with all applicable regulations.

 

Is it challenging to hire a Loan Servicing Manager?

Hiring a Loan Servicing Manager can be challenging due to the specific financial and regulatory knowledge required for the role.

The successful candidate needs to have a strong understanding of loan servicing, excellent management skills and a keen eye for detail to ensure compliance.

It’s crucial to find a candidate who can balance these demands while ensuring a high level of customer service.

 

Conclusion

And there we have it.

Today, we’ve unraveled the intricacies of what it truly means to be a Loan Servicing Manager.

Guess what?

It’s not just about managing loans and payments.

It’s about shaping the financial future, one loan at a time.

Armed with our comprehensive Loan Servicing Manager job description template and real-world examples, you’re ready to take the leap.

But why stop there?

Expand your horizons with our job description generator. It’s your stepping stone to creating meticulously designed listings or fine-tuning your resume to excellence.

Remember:

Every loan managed contributes to the grander financial vision.

Let’s shape that future. Together.

How to Become a Loan Servicing Manager (Complete Guide)

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