How much does a loan servicing specialist make at Wells Fargo?

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Average Wells Fargo Loan Servicing Specialist yearly pay in the United States is approximately $34,586, which is 27% below the national average.

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Beside above, how do I become a loan servicer?

These employers require a bachelor’s degree in business, finance, or accounting. Some may accept an associate degree if you have several years of mortgage-related job experience. Some states require professional certification, so you may need to earn a Mortgage Loan Originator (MLO) license.

Subsequently, how much do mortgage servicers make? Loan servicers are compensated by retaining a relatively small percentage of each periodic loan payment known as the servicing fee. The typical servicing fee is 0.25% to 0.5% of the remaining mortgage balance per month.

Considering this, what does a loan servicing specialist do?

A loan servicing specialist is a financial professional who works at a bank or other financial institution that specializes in lending money to individuals and businesses. … You are responsible for working with individual clients to make sure that information is complete and accurate.

What is a loan servicing representative?

A loan service representative is responsible for communicating and interacting with clients and serves as a back-up or reliever in a company. … Also, they are the ones who inspect and verify if a company is complying with the transaction rules as well as the loan procedures and regulations.

2 Related Question Answers Found

What is the difference between a lender and a servicer?

Your mortgage lender is the financial institution that loaned you the money. Your mortgage servicer is the company that sends you your mortgage statements. Your servicer also handles the day-to-day tasks for managing your loan. … Your servicer may or may not be the same company that originally gave you your loan.

What is the salary for a loan servicing specialist?

Loan Servicing Specialist Salary

Percentile Salary Location
25th Percentile Loan Servicing Specialist Salary $34,364 US
50th Percentile Loan Servicing Specialist Salary $40,791 US
75th Percentile Loan Servicing Specialist Salary $47,129 US
90th Percentile Loan Servicing Specialist Salary $52,900 US

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