Loan Interviewers and Clerks

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Also known as:  Loan Interviewer, Loan Processor, Mortgage Closing Clerk, Mortgage Loan Closer, Mortgage Loan Processing Clerk, Mortgage Loan Processor, Mortgage Processor

ABOUT LOAN INTERVIEWERS OR CLERK CAREERS

VIDEO TRANSCRIPT Expand
Whether applying for a credit card, a home mortgage, or a student loan, you need to go through an approval process. And that's where loan interviewers and clerks come in. They play a vital role in helping lending institutions determine if you are a good or bad credit risk. They do this by examining ...
your credit history.

The first step is often interviewing the loan applicant, either in person or on the phone. Speaking clearly, listening carefully, and taking accurate notes are essential qualities. Familiarity with computers and fluency in a second language are additional skills employers look for.

After gathering the necessary information, these workers then do fact-checking. Calls go out to credit bureaus, employers, and banks. Clerks keep loan documents organized. They process the paperwork - making sure information is complete.

A high school diploma or its equivalent is usually required. On-the-job training is often available. The work is in an office during regular business hours. However, evenings and weekends may be needed to accommodate applicants.

Because of technology, the number of jobs in this area is declining. Automated approval systems require fewer workers. Loan interviewers and clerks play a fundamental role in the financial health of our national economy.
SNAPSHOT Expand
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.
Leadership
HIGH
Critical decision making
HIGH
Level of responsibilities
HIGH
Job challenge and pressure to meet deadlines
HIGH
Dealing and handling conflict
LOW
Competition for this position
LOW
Communication with others
HIGH
Work closely with team members, clients etc.
HIGH
Comfort of the work setting
HIGH
Exposure to extreme environmental conditions
LOW
Exposure to job hazards
LOW
Physical demands
LOW
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DAILY TASKS Expand
Schedule and conduct closings of mortgage transactions.
Contact credit bureaus, employers, and other sources in order to check applicants' credit and personal references.
File and maintain loan records.
Prepare and type loan applications, closing documents, legal documents, letters, forms, government notices, and checks, using computers.
Record applications for loan and credit, loan information, and disbursements of funds, using computers.
Assemble and compile documents for loan closings, such as title abstracts, insurance forms, loan forms, and tax receipts.
Accept payment on accounts.
Calculate, review, and correct errors on interest, principal, payment, and closing costs, using computers or calculators.
Interview loan applicants in order to obtain personal and financial data, and to assist in completing applications.
Present loan and repayment schedules to customers.
Answer questions and advise customers regarding loans and transactions.
MAIN ACTIVITIES Expand
Processing Information Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
Interacting With Computers Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
Communicating with Persons Outside Organization Communicating with people outside the organization, representing the organization to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail.
Getting Information Observing, receiving, and otherwise obtaining information from all relevant sources.
Performing for or Working Directly with the Public Performing for people or dealing directly with the public. This includes serving customers in restaurants and stores, and receiving clients or guests.
Making Decisions and Solving Problems Analyzing information and evaluating results to choose the best solution and solve problems.
Documenting/Recording Information Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.
Organizing, Planning, and Prioritizing Work Developing specific goals and plans to prioritize, organize, and accomplish your work.
AREAS OF KNOWLEDGE Expand
Customer and Personal Service Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
English Language Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
Mathematics Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
Clerical Knowledge of administrative and clerical procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and other office procedures and terminology.
Economics and Accounting Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
Law and Government Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
Computers and Electronics Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
Administration and Management Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
KEY ABILITIES Expand
Oral Comprehension The ability to listen to and understand information and ideas presented through spoken words and sentences.
Written Comprehension The ability to read and understand information and ideas presented in writing.
Speech Clarity The ability to speak clearly so others can understand you.
Oral Expression The ability to communicate information and ideas in speaking so others will understand.
Speech Recognition The ability to identify and understand the speech of another person.
Written Expression The ability to communicate information and ideas in writing so others will understand.
Near Vision The ability to see details at close range (within a few feet of the observer).
Problem Sensitivity The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem.
TOP SKILLS Expand
Speaking Talking to others to convey information effectively.
Active Listening Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Reading Comprehension Understanding written sentences and paragraphs in work related documents.
Writing Communicating effectively in writing as appropriate for the needs of the audience.
Social Perceptiveness Being aware of others' reactions and understanding why they react as they do.
Critical Thinking Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Judgment and Decision Making Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Complex Problem Solving Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
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