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Summary Report for:
43-4131.00 - 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, Loan Analyst, Loan Clerk, Loan Closer, Loan Officer, Loan Processor, Mortgage Loan Processor, Processor, Production Assistant, Underwriter

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Tasks  |  Tools & Technology  |  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

Tasks

  • Verify and examine information and accuracy of loan application and closing documents. See more occupations related to this task.
  • Interview loan applicants to obtain personal and financial data and to assist in completing applications. See more occupations related to this task.
  • Assemble and compile documents for loan closings, such as title abstracts, insurance forms, loan forms, and tax receipts. See more occupations related to this task.
  • Answer questions and advise customers regarding loans and transactions. See more occupations related to this task.
  • Contact customers by mail, telephone, or in person concerning acceptance or rejection of applications. See more occupations related to this task.
  • Record applications for loan and credit, loan information, and disbursements of funds, using computers. See more occupations related to this task.
  • Prepare and type loan applications, closing documents, legal documents, letters, forms, government notices, and checks, using computers. See more occupations related to this task.
  • Present loan and repayment schedules to customers. See more occupations related to this task.
  • Calculate, review, and correct errors on interest, principal, payment, and closing costs, using computers or calculators. See more occupations related to this task.
  • Check value of customer collateral to be held as loan security. See more occupations related to this task.
  • Contact credit bureaus, employers, and other sources to check applicants' credit and personal references. See more occupations related to this task.
  • File and maintain loan records. See more occupations related to this task.
  • Schedule and conduct closings of mortgage transactions. See more occupations related to this task.
  • Accept payment on accounts. See more occupations related to this task.
  • Submit loan applications with recommendation for underwriting approval. See more occupations related to this task.
  • Order property insurance or mortgage insurance policies to ensure protection against loss on mortgaged property. See more occupations related to this task.
  • Review customer accounts to determine whether payments are made on time and that other loan terms are being followed. See more occupations related to this task.
  • Establish credit limits and grant extensions of credit on overdue accounts. See more occupations related to this task.

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Tools & Technology

Tools used in this occupation:

  • Inkjet printers — Computer inkjet printers See more occupations related to this tool.
  • Laser fax machine — Laser facsimile machines See more occupations related to this tool.
  • Notebook computers — Laptop computers See more occupations related to this tool.
  • Personal computers See more occupations related to this tool.
  • Photocopiers — Copy machines See more occupations related to this tool.
  • Printer calculator — Printing calculators See more occupations related to this tool.
  • Scanners — Document scanners See more occupations related to this tool.

Technology used in this occupation:

  • Accounting software — Automated financial software See more occupations related to this technology.
  • Customer relationship management CRM software — Loan tracking software See more occupations related to this technology.
  • Desktop publishing software See more occupations related to this technology.
  • Electronic mail software — Microsoft Outlook See more occupations related to this technology.
  • Financial analysis software — Automated underwriting software; Credit reporting software; Lending software systems; Software AG Underwriting Solution See more occupations related to this technology.
  • Internet browser software — Web browser software See more occupations related to this technology.
  • Office suite software — Microsoft Office software See more occupations related to this technology.
  • Spreadsheet software — Microsoft Excel; Rockport Integrated Excel Underwriting See more occupations related to this technology.
  • Word processing software — Microsoft Word See more occupations related to this technology.

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Knowledge

  • 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. See more occupations related to this knowledge.
  • English Language — Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar. See more occupations related to this knowledge.
  • Mathematics — Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications. See more occupations related to this knowledge.
  • 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. See more occupations related to this knowledge.
  • Economics and Accounting — Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data. See more occupations related to this knowledge.

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Skills

  • 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. See more occupations related to this skill.
  • Speaking — Talking to others to convey information effectively. See more occupations related to this skill.
  • Reading Comprehension — Understanding written sentences and paragraphs in work related documents. See more occupations related to this skill.
  • Critical Thinking — Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems. See more occupations related to this skill.
  • Social Perceptiveness — Being aware of others' reactions and understanding why they react as they do. See more occupations related to this skill.
  • Writing — Communicating effectively in writing as appropriate for the needs of the audience. See more occupations related to this skill.
  • Active Learning — Understanding the implications of new information for both current and future problem-solving and decision-making. See more occupations related to this skill.
  • Complex Problem Solving — Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions. See more occupations related to this skill.
  • Judgment and Decision Making — Considering the relative costs and benefits of potential actions to choose the most appropriate one. See more occupations related to this skill.
  • Time Management — Managing one's own time and the time of others. See more occupations related to this skill.
  • Service Orientation — Actively looking for ways to help people. See more occupations related to this skill.
  • Coordination — Adjusting actions in relation to others' actions. See more occupations related to this skill.
  • Mathematics — Using mathematics to solve problems. See more occupations related to this skill.
  • Persuasion — Persuading others to change their minds or behavior. See more occupations related to this skill.
  • Monitoring — Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action. See more occupations related to this skill.

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Abilities

  • Oral Comprehension — The ability to listen to and understand information and ideas presented through spoken words and sentences. See more occupations related to this ability.
  • Written Comprehension — The ability to read and understand information and ideas presented in writing. See more occupations related to this ability.
  • Oral Expression — The ability to communicate information and ideas in speaking so others will understand. See more occupations related to this ability.
  • Speech Clarity — The ability to speak clearly so others can understand you. See more occupations related to this ability.
  • Speech Recognition — The ability to identify and understand the speech of another person. See more occupations related to this ability.
  • Near Vision — The ability to see details at close range (within a few feet of the observer). See more occupations related to this ability.
  • 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. See more occupations related to this ability.
  • Written Expression — The ability to communicate information and ideas in writing so others will understand. See more occupations related to this ability.
  • Deductive Reasoning — The ability to apply general rules to specific problems to produce answers that make sense. See more occupations related to this ability.
  • Inductive Reasoning — The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events). See more occupations related to this ability.
  • 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). See more occupations related to this ability.
  • Mathematical Reasoning — The ability to choose the right mathematical methods or formulas to solve a problem. See more occupations related to this ability.
  • Speed of Closure — The ability to quickly make sense of, combine, and organize information into meaningful patterns. See more occupations related to this ability.
  • Category Flexibility — The ability to generate or use different sets of rules for combining or grouping things in different ways. See more occupations related to this ability.
  • Finger Dexterity — The ability to make precisely coordinated movements of the fingers of one or both hands to grasp, manipulate, or assemble very small objects. See more occupations related to this ability.
  • Flexibility of Closure — The ability to identify or detect a known pattern (a figure, object, word, or sound) that is hidden in other distracting material. See more occupations related to this ability.
  • Number Facility — The ability to add, subtract, multiply, or divide quickly and correctly. See more occupations related to this ability.
  • Perceptual Speed — The ability to quickly and accurately compare similarities and differences among sets of letters, numbers, objects, pictures, or patterns. The things to be compared may be presented at the same time or one after the other. This ability also includes comparing a presented object with a remembered object. See more occupations related to this ability.
  • Selective Attention — The ability to concentrate on a task over a period of time without being distracted. See more occupations related to this ability.

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Work Activities

  • Processing Information — Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data. See more occupations related to this activity.
  • Interacting With Computers — Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information. See more occupations related to this activity.
  • 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. See more occupations related to this activity.
  • Getting Information — Observing, receiving, and otherwise obtaining information from all relevant sources. See more occupations related to this activity.
  • 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. See more occupations related to this activity.
  • Making Decisions and Solving Problems — Analyzing information and evaluating results to choose the best solution and solve problems. See more occupations related to this activity.
  • Documenting/Recording Information — Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form. See more occupations related to this activity.
  • Organizing, Planning, and Prioritizing Work — Developing specific goals and plans to prioritize, organize, and accomplish your work. See more occupations related to this activity.
  • Updating and Using Relevant Knowledge — Keeping up-to-date technically and applying new knowledge to your job. See more occupations related to this activity.
  • Interpreting the Meaning of Information for Others — Translating or explaining what information means and how it can be used. See more occupations related to this activity.
  • Communicating with Supervisors, Peers, or Subordinates — Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person. See more occupations related to this activity.
  • Identifying Objects, Actions, and Events — Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events. See more occupations related to this activity.
  • Resolving Conflicts and Negotiating with Others — Handling complaints, settling disputes, and resolving grievances and conflicts, or otherwise negotiating with others. See more occupations related to this activity.
  • 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. See more occupations related to this activity.
  • Establishing and Maintaining Interpersonal Relationships — Developing constructive and cooperative working relationships with others, and maintaining them over time. See more occupations related to this activity.
  • Thinking Creatively — Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions. See more occupations related to this activity.
  • Developing and Building Teams — Encouraging and building mutual trust, respect, and cooperation among team members. See more occupations related to this activity.
  • Analyzing Data or Information — Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts. See more occupations related to this activity.

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Detailed Work Activities

  • Verify accuracy of financial or transactional data. See more occupations related to this activity.
  • Collect deposits, payments or fees. See more occupations related to this activity.
  • Calculate financial data. See more occupations related to this activity.
  • Prepare documentation for contracts, transactions, or regulatory compliance. See more occupations related to this activity.
  • Compile data or documentation. See more occupations related to this activity.
  • Negotiate financial arrangements. See more occupations related to this activity.
  • Maintain financial or account records. See more occupations related to this activity.
  • Schedule appointments. See more occupations related to this activity.
  • Provide notifications to customers or patrons. See more occupations related to this activity.
  • Type documents. See more occupations related to this activity.
  • Interview employees, customers, or others to collect information. See more occupations related to this activity.
  • Discuss account status or activity with customers or patrons. See more occupations related to this activity.
  • Arrange insurance coverage. See more occupations related to this activity.
  • Monitor financial information. See more occupations related to this activity.
  • Prepare business correspondence. See more occupations related to this activity.
  • Obtain personal or financial information about customers or applicants. See more occupations related to this activity.

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Work Context

  • Telephone — 99% responded “Every day.” See more occupations related to this work context.
  • Contact With Others — 95% responded “Constant contact with others.” See more occupations related to this work context.
  • Face-to-Face Discussions — 96% responded “Every day.” See more occupations related to this work context.
  • Indoors, Environmentally Controlled — 95% responded “Every day.” See more occupations related to this work context.
  • Work With Work Group or Team — 72% responded “Extremely important.” See more occupations related to this work context.
  • Importance of Being Exact or Accurate — 79% responded “Extremely important.” See more occupations related to this work context.
  • Time Pressure — 77% responded “Every day.” See more occupations related to this work context.
  • Deal With External Customers — 74% responded “Extremely important.” See more occupations related to this work context.
  • Letters and Memos — 63% responded “Every day.” See more occupations related to this work context.
  • Spend Time Sitting — 22% responded “More than half the time.” See more occupations related to this work context.
  • Importance of Repeating Same Tasks — 49% responded “Extremely important.” See more occupations related to this work context.
  • Frequency of Decision Making — 18% responded “Once a week or more but not every day.” See more occupations related to this work context.
  • Impact of Decisions on Co-workers or Company Results — 49% responded “Very important results.” See more occupations related to this work context.
  • Structured versus Unstructured Work — 15% responded “Very little freedom.” See more occupations related to this work context.
  • Electronic Mail — 52% responded “Every day.” See more occupations related to this work context.
  • Freedom to Make Decisions — 20% responded “Some freedom.” See more occupations related to this work context.
  • Coordinate or Lead Others — 44% responded “Extremely important.” See more occupations related to this work context.
  • Duration of Typical Work Week See more occupations related to this work context.
  • Frequency of Conflict Situations — 39% responded “Every day.” See more occupations related to this work context.
  • Deal With Unpleasant or Angry People — 43% responded “Every day.” See more occupations related to this work context.
  • Responsibility for Outcomes and Results — 20% responded “No responsibility.” See more occupations related to this work context.
  • Degree of Automation — 27% responded “Slightly automated.” See more occupations related to this work context.

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Job Zone

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 food service managers, electricians, agricultural technicians, legal secretaries, occupational therapy assistants, and medical assistants.
SVP Range (6.0 to < 7.0)

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Education


Percentage of Respondents
Education Level Required
Not available Associate's degree
Not available High school diploma or equivalent Help
Not available Some college, no degree

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Credentials

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Interests

Interest code: CE

  • 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. See more occupations related to this interest.
  • 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. See more occupations related to this interest.

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Work Styles

  • Dependability — Job requires being reliable, responsible, and dependable, and fulfilling obligations. See more occupations related to this work style.
  • Attention to Detail — Job requires being careful about detail and thorough in completing work tasks. See more occupations related to this work style.
  • Integrity — Job requires being honest and ethical. See more occupations related to this work style.
  • Cooperation — Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude. See more occupations related to this work style.
  • Initiative — Job requires a willingness to take on responsibilities and challenges. See more occupations related to this work style.
  • Self Control — Job requires maintaining composure, keeping emotions in check, controlling anger, and avoiding aggressive behavior, even in very difficult situations. See more occupations related to this work style.
  • Analytical Thinking — Job requires analyzing information and using logic to address work-related issues and problems. See more occupations related to this work style.
  • Stress Tolerance — Job requires accepting criticism and dealing calmly and effectively with high stress situations. See more occupations related to this work style.
  • Adaptability/Flexibility — Job requires being open to change (positive or negative) and to considerable variety in the workplace. See more occupations related to this work style.
  • 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. See more occupations related to this work style.
  • Achievement/Effort — Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks. See more occupations related to this work style.
  • Persistence — Job requires persistence in the face of obstacles. See more occupations related to this work style.
  • Innovation — Job requires creativity and alternative thinking to develop new ideas for and answers to work-related problems. See more occupations related to this work style.
  • Social Orientation — Job requires preferring to work with others rather than alone, and being personally connected with others on the job. See more occupations related to this work style.
  • Leadership — Job requires a willingness to lead, take charge, and offer opinions and direction. See more occupations related to this work style.
  • Concern for Others — Job requires being sensitive to others' needs and feelings and being understanding and helpful on the job. See more occupations related to this work style.

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Work Values

  • 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. See more occupations related to this work value.
  • 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. See more occupations related to this work value.
  • 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. See more occupations related to this work value.

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Related Occupations

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Wages & Employment Trends

Median wages (2014) $17.73 hourly, $36,880 annual
State wages Local Salary Info
 
Employment (2012) 196,000 employees
Projected growth (2012-2022) Average (8% to 14%) Average (8% to 14%)
Projected job openings (2012-2022) 30,100
State trends Employment Trends
 
Top industries (2012)

Source: Bureau of Labor Statistics 2014 wage data external site and 2012-2022 employment projections external site. "Projected growth" represents the estimated change in total employment over the projections period (2012-2022). "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.

  • Financial Clerks external site. Bureau of Labor Statistics, U.S. Department of Labor. Occupational Outlook Handbook, 2014-15 Edition.

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