National Application Center :: career details :: Loan Interviewers and Clerks
Career Details :: Loan Interviewers and Clerks
Interview loan applicants to elicit information; investigate applicants' backgrounds and verify references; prepare loan request papers; and forward findings, reports, and documents to appraisal department. Review loan papers to ensure completeness, and complete transactions between loan establishment, borrowers, and sellers upon approval of loan.
Some previous work-related skill, knowledge, or experience may be helpful in these occupations, but usually is not needed. For example, a drywall installer might benefit from experience installing drywall, but an inexperienced person could still learn to be an installer with little difficulty.
These occupations usually require a high school diploma and may require some vocational training or job-related course work. In some cases, an associate's or bachelor's degree could be needed.
Employees in these occupations need anywhere from a few months to one year of working with experienced employees.
- Presents loan and repayment schedule to customer.
- Records applications for loan and credit, loan information, and disbursement of funds, using computer.
- Prepares and types loan applications, closing documents, legal documents, letters, forms, government notices, and checks, using computer.
- Reviews customer accounts to determine whether payments are made on time and that other loan terms are being followed.
- Accepts payment on accounts.
- Assembles and compiles documents for closing, such as title abstract, insurance form, loan form, and tax receipt.
- Submits loan application with recommendation for underwriting approval.
- Interviews loan applicant to obtain personal and financial data and to assist in filling out application.
- Establishes credit limit and grants extension of credit on overdue accounts.
- Orders property insurance or mortgage insurance policies to ensure protection against loss on mortgaged property.
- Contacts customer by mail, telephone, or in person concerning acceptance or rejection of application.
- Checks value of customer collateral to be held as loan security.
- Calculates, reviews, and corrects errors on interest, principal, payment, and closing costs, using computer or calculator.
- Files and maintains loan records.
- Contacts credit bureaus, employers, and other sources to check applicant credit and personal references.
- Answers questions and advises customer regarding loans and transactions.
- Verifies and examines information and accuracy of loan application and closing documents.
- Schedules and conducts closing of mortgage transaction.
- Billing, Cost, and Rate Clerks
- Bookkeeping, Accounting, and Auditing Clerks
- Insurance Claims Clerks
- New Accounts Clerks
- Office Clerks, General
- Order Clerks
- Tax Preparers
General Work Activities
- Processing Information
- Getting Information Needed to Do the Job
- Evaluating Information Against Standards
- Communicating With Persons Outside Organization
- Performing Administrative Activities
Frequent Work Context
- Job-Required Social Interaction
- Deal With External Customers
- Provide a Service to Others
- Importance of Being Exact or Accurate