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

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Video transcript

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.

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.
Critical decision making
Level of responsibilities
Job challenge and pressure to meet deadlines
Dealing and handling conflict
Competition for this position
Communication with others
Work closely with team members, clients etc.
Comfort of the work setting
Exposure to extreme environmental conditions
Exposure to job hazards
Physical demands
Daily tasks

Calculate, review, and correct errors on interest, principal, payment, and closing costs, using computers or calculators.

Interview loan applicants to obtain personal and financial data and to assist in completing applications.

Present loan and repayment schedules to customers.

Assemble and compile documents for loan closings, such as title abstracts, insurance forms, loan forms, and tax receipts.

Check value of customer collateral to be held as loan security.

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.

Contact credit bureaus, employers, and other sources to check applicants' credit and personal references.

Answer questions and advise customers regarding loans and transactions.

Verify and examine information and accuracy of loan application and closing documents.

Interacting With Computers Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
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.
Processing Information Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
Evaluating Information to Determine Compliance with Standards Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.
Communicating with Supervisors, Peers, or Subordinates Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
Making Decisions and Solving Problems Analyzing information and evaluating results to choose the best solution and solve problems.
Establishing and Maintaining Interpersonal Relationships Developing constructive and cooperative working relationships with others, and maintaining them over time.
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.
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.
Computers and Electronics Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
Law and Government Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
Mathematics Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
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.
Education and Training Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.
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.
Speaking Talking to others to convey information effectively.
Reading Comprehension Understanding written sentences and paragraphs in work related documents.
Critical Thinking Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Writing Communicating effectively in writing as appropriate for the needs of the audience.
Complex Problem Solving Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
Active Learning Understanding the implications of new information for both current and future problem-solving and decision-making.
Social Perceptiveness Being aware of others' reactions and understanding why they react as they do.