Loan Interviewers and Clerks
Overview
Loan interviewers and clerks help people get loans by interviewing applicants to gather their personal and financial information and verify that everything is accurate. They use computers to prepare loan applications, legal documents, and closing paperwork, while also organizing important documents like insurance forms and tax receipts. These professionals communicate with customers through phone calls, emails, and in-person meetings to explain loan terms, answer questions, and let people know if their loan has been approved. The job requires strong attention to detail, computer skills, and excellent customer service abilities in a collaborative office environment.
Did you know?
Loan processors must stay current with federal and state lending regulations, including CFPB guidelines and fair lending practices, as violations can result in significant penalties for employers.
At a Glance
Median Wage
$49,880.59 Avg/yr
Growth
Stable
Top Skill
Service Orientation
Key Responsibilities
- Accept payment on accounts.
- Record applications for loan and credit, loan information, and disbursements of funds, using computers.
- Check value of customer collateral to be held as loan security.
- Answer questions and advise customers regarding loans and transactions.
- Calculate, review, and correct errors on interest, principal, payment, and closing costs, using computers or calculators.
- Contact customers by mail, telephone, or in person concerning acceptance or rejection of applications.
- Order property insurance or mortgage insurance policies to ensure protection against loss on mortgaged property.
- Review customer accounts to determine whether payments are made on time and that other loan terms are being followed.
- Interview loan applicants to obtain personal and financial data and to assist in completing applications.
- Present loan and repayment schedules to customers.
- Contact credit bureaus, employers, and other sources to check applicants' credit and personal references.
- Prepare and type loan applications, closing documents, legal documents, letters, forms, government notices, and checks, using computers.
- Submit loan applications with recommendation for underwriting approval.
- Establish credit limits and grant extensions of credit on overdue accounts.
- Schedule and conduct closings of mortgage transactions.
- Assemble and compile documents for loan closings, such as title abstracts, insurance forms, loan forms, and tax receipts.
- File and maintain loan records.
- Verify and examine information and accuracy of loan application and closing documents.
Career Considerations
Regulatory Compliance Knowledge
Loan processors must stay current with federal and state lending regulations, including CFPB guidelines and fair lending practices, as violations can result in significant penalties for employers.
Technology Adaptation
The increasing automation of loan processing requires professionals to continuously update their skills with new software platforms and digital verification systems to remain competitive.
Economic Market Sensitivity
Loan processing volume fluctuates significantly with interest rate changes and economic cycles, making job security dependent on broader market conditions.