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.
Sample of reported job titles: Closer, Licensed Loan Officer Assistant, Loan Analyst, Loan Clerk, Loan Closer, Loan Originator, Loan Processor, Mortgage Broker, Mortgage Loan Processor, Mortgage Processor
Tasks | Technology Skills | Tools Used | Knowledge | Skills | Abilities | Work Activities | Detailed Work Activities | Work Context | Job Zone | Education | Credentials | Interests | Work Styles | Work Values | Related Occupations | Wages & Employment | Job Openings | Additional Information
- Verify and examine information and accuracy of loan application and closing documents.
- Assemble and compile documents for loan closings, such as title abstracts, insurance forms, loan forms, and tax receipts.
- Record applications for loan and credit, loan information, and disbursements of funds, using computers.
- Submit loan applications with recommendation for underwriting approval.
- Contact customers by mail, telephone, or in person concerning acceptance or rejection of applications.
- File and maintain loan records.
- Contact credit bureaus, employers, and other sources to check applicants’ credit and personal references.
- Check value of customer collateral to be held as loan security.
- Interview loan applicants to obtain personal and financial data and to assist in completing applications.
- Prepare and type loan applications, closing documents, legal documents, letters, forms, government notices, and checks, using computers.
- Review customer accounts to determine whether payments are made on time and that other loan terms are being followed.
- Calculate, review, and correct errors on interest, principal, payment, and closing costs, using computers or calculators.
- Answer questions and advise customers regarding loans and transactions.
- Present loan and repayment schedules to customers.
- Order property insurance or mortgage insurance policies to ensure protection against loss on mortgaged property.
- Accept payment on accounts.
- Schedule and conduct closings of mortgage transactions.
- Establish credit limits and grant extensions of credit on overdue accounts.
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- Accounting software — Automated financial software
- Customer relationship management CRM software — Loan tracking software; Microsoft Dynamics
- Desktop publishing software
- Electronic mail software — Microsoft Outlook
- Financial analysis software — Automated underwriting software; Fannie Mae Desktop Underwriter; Lending software systems; Software AG Underwriting Solution (see all 5 examples)
- Internet browser software — Web browser software
- Office suite software — Microsoft Office
- Operating system software — Microsoft Windows
- Presentation software — Microsoft PowerPoint
- Spreadsheet software — Microsoft Excel ; Rockport Integrated Excel Underwriting
- Word processing software — Microsoft Word
Hot Technology — a technology requirement frequently included in employer job postings.
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- 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.
- Administrative — Knowledge of administrative and office procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and workplace 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.
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- 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.
- Judgment and Decision Making — Considering the relative costs and benefits of potential actions to choose the most appropriate one.
- Social Perceptiveness — Being aware of others’ reactions and understanding why they react as they do.
- Time Management — Managing one’s own time and the time of others.
- Mathematics — Using mathematics to solve problems.
- Coordination — Adjusting actions in relation to others’ actions.
- Instructing — Teaching others how to do something.
- Monitoring — Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.
- Persuasion — Persuading others to change their minds or behavior.
- Service Orientation — Actively looking for ways to help people.
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- 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.
- Oral Expression — The ability to communicate information and ideas in speaking so others will understand.
- Speech Clarity — The ability to speak clearly so others can understand you.
- Speech Recognition — The ability to identify and understand the speech of another person.
- Information Ordering — The ability to arrange things or actions in a certain order or pattern according to a specific rule or set of rules (e.g., patterns of numbers, letters, words, pictures, mathematical operations).
- 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 that there is a problem.
- Deductive Reasoning — The ability to apply general rules to specific problems to produce answers that make sense.
- Inductive Reasoning — The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
- Written Expression — The ability to communicate information and ideas in writing so others will understand.
- Mathematical Reasoning — The ability to choose the right mathematical methods or formulas to solve a problem.
- Selective Attention — The ability to concentrate on a task over a period of time without being distracted.
- Category Flexibility — The ability to generate or use different sets of rules for combining or grouping things in different ways.
- Fluency of Ideas — The ability to come up with a number of ideas about a topic (the number of ideas is important, not their quality, correctness, or creativity).
- Number Facility — The ability to add, subtract, multiply, or divide quickly and correctly.
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- Working 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.
- 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.
- Processing Information — Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
- 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.
- Analyzing Data or Information — Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
- Establishing and Maintaining Interpersonal Relationships — Developing constructive and cooperative working relationships with others, and maintaining them over time.
- Updating and Using Relevant Knowledge — Keeping up-to-date technically and applying new knowledge to your job.
- Organizing, Planning, and Prioritizing Work — Developing specific goals and plans to prioritize, organize, and accomplish your work.
- Identifying Objects, Actions, and Events — Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.
- Communicating with People Outside the 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.
- Interpreting the Meaning of Information for Others — Translating or explaining what information means and how it can be used.
- Performing Administrative Activities — Performing day-to-day administrative tasks such as maintaining information files and processing paperwork.
- Documenting/Recording Information — Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.
- Monitoring Processes, Materials, or Surroundings — Monitoring and reviewing information from materials, events, or the environment, to detect or assess problems.
- Resolving Conflicts and Negotiating with Others — Handling complaints, settling disputes, and resolving grievances and conflicts, or otherwise negotiating with others.
- Inspecting Equipment, Structures, or Materials — Inspecting equipment, structures, or materials to identify the cause of errors or other problems or defects.
- Selling or Influencing Others — Convincing others to buy merchandise/goods or to otherwise change their minds or actions.
- Thinking Creatively — Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions.
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Detailed Work Activities
- Verify accuracy of financial or transactional data.
- Compile data or documentation.
- Maintain financial or account records.
- Prepare documentation for contracts, transactions, or regulatory compliance.
- Obtain personal or financial information about customers or applicants.
- Provide notifications to customers or patrons.
- Determine the value of goods or services.
- Interview employees, customers, or others to collect information.
- Prepare business correspondence.
- Type documents.
- Calculate financial data.
- Monitor financial information.
- Discuss account status or activity with customers or patrons.
- Arrange insurance coverage.
- Collect deposits, payments or fees.
- Schedule appointments.
- Negotiate financial arrangements.
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- Telephone — 100% responded “Every day.”
- Contact With Others — 97% responded “Constant contact with others.”
- Indoors, Environmentally Controlled — 98% responded “Every day.”
- Deal With External Customers — 73% responded “Extremely important.”
- Importance of Being Exact or Accurate — 70% responded “Extremely important.”
- Spend Time Sitting — 70% responded “Continually or almost continually.”
- Face-to-Face Discussions — 69% responded “Every day.”
- Frequency of Decision Making — 70% responded “Every day.”
- Letters and Memos — 58% responded “Every day.”
- Time Pressure — 62% responded “Every day.”
- Structured versus Unstructured Work — 27% responded “Some freedom.”
- Freedom to Make Decisions
- Electronic Mail — 81% responded “Every day.”
- Importance of Repeating Same Tasks
- Work With Work Group or Team — 63% responded “Extremely important.”
- Impact of Decisions on Co-workers or Company Results
- Level of Competition — 36% responded “Extremely competitive.”
- Coordinate or Lead Others — 62% responded “Extremely important.”
- Deal With Unpleasant or Angry People — 32% responded “Once a month or more but not every week.”
- Duration of Typical Work Week — 60% responded “40 hours.”
- Frequency of Conflict Situations — 20% responded “Once a year or more but not every month.”
- Responsibility for Outcomes and Results — 60% responded “Very high responsibility.”
- Spend Time Making Repetitive Motions — 37% responded “More than half the time.”
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|Title||Job Zone Three: Medium Preparation Needed|
|Education||Most occupations in this zone require training in vocational schools, related on-the-job experience, or an associate’s degree.|
|Related Experience||Previous work-related skill, knowledge, or experience is required for these occupations. For example, an electrician must have completed three or four years of apprenticeship or several years of vocational training, and often must have passed a licensing exam, in order to perform the job.|
|Job Training||Employees in these occupations usually need one or two years of training involving both on-the-job experience and informal training with experienced workers. A recognized apprenticeship program may be associated with these occupations.|
|Job Zone Examples||These occupations usually involve using communication and organizational skills to coordinate, supervise, manage, or train others to accomplish goals. Examples include hydroelectric production managers, travel guides, electricians, agricultural technicians, barbers, court reporters, and medical assistants.|
|SVP Range||(6.0 to < 7.0)|
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Percentage of Respondents
|Education Level Required|
|43||High school diploma or equivalent
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Interest code: CE Want to discover your interests? Take the O*NET Interest Profiler at My Next Move.
- Conventional — Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.
- Enterprising — Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
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- Attention to Detail — Job requires being careful about detail and thorough in completing work tasks.
- Integrity — Job requires being honest and ethical.
- Dependability — Job requires being reliable, responsible, and dependable, and fulfilling obligations.
- Cooperation — Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.
- Initiative — Job requires a willingness to take on responsibilities and challenges.
- Self-Control — Job requires maintaining composure, keeping emotions in check, controlling anger, and avoiding aggressive behavior, even in very difficult situations.
- Persistence — Job requires persistence in the face of obstacles.
- Stress Tolerance — Job requires accepting criticism and dealing calmly and effectively with high-stress situations.
- Adaptability/Flexibility — Job requires being open to change (positive or negative) and to considerable variety in the workplace.
- Independence — Job requires developing one’s own ways of doing things, guiding oneself with little or no supervision, and depending on oneself to get things done.
- Achievement/Effort — Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
- Concern for Others — Job requires being sensitive to others’ needs and feelings and being understanding and helpful on the job.
- Analytical Thinking — Job requires analyzing information and using logic to address work-related issues and problems.
- Leadership — Job requires a willingness to lead, take charge, and offer opinions and direction.
- Innovation — Job requires creativity and alternative thinking to develop new ideas for and answers to work-related problems.
- Social Orientation — Job requires preferring to work with others rather than alone, and being personally connected with others on the job.
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- Relationships — Occupations that satisfy this work value allow employees to provide service to others and work with co-workers in a friendly non-competitive environment. Corresponding needs are Co-workers, Moral Values and Social Service.
- Support — Occupations that satisfy this work value offer supportive management that stands behind employees. Corresponding needs are Company Policies, Supervision: Human Relations and Supervision: Technical.
- Working Conditions — Occupations that satisfy this work value offer job security and good working conditions. Corresponding needs are Activity, Compensation, Independence, Security, Variety and Working Conditions.
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Wages & Employment Trends
|Median wages (2020)||$19.89 hourly, $41,370 annual|
|Employment (2020)||208,800 employees|
|Projected growth (2020-2030)||Decline (-1% or lower)|
|Projected job openings (2020-2030)||17,600|
|Top industries (2020)||
Finance and Insurance
Source: Bureau of Labor Statistics 2020 wage data and 2020-2030 employment projections . “Projected growth” represents the estimated change in total employment over the projections period (2020-2030). “Projected job openings” represent openings due to growth and replacement.
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Job Openings on the Web
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Sources of Additional Information
Disclaimer: Sources are listed to provide additional information on related jobs, specialties, and/or industries. Links to non-DOL Internet sites are provided for your convenience and do not constitute an endorsement.
- American Bankers Association
- Mortgage Bankers Association
- Occupational Outlook Handbook: Financial clerks
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