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
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
- Verify and examine information and accuracy of loan application and closing documents.
- Interview loan applicants to obtain personal and financial data and to assist in completing applications.
- Assemble and compile documents for loan closings, such as title abstracts, insurance forms, loan forms, and tax receipts.
- Answer questions and advise customers regarding loans and transactions.
- Contact customers by mail, telephone, or in person concerning acceptance or rejection of applications.
- Record applications for loan and credit, loan information, and disbursements of funds, using computers.
- Prepare and type loan applications, closing documents, legal documents, letters, forms, government notices, and checks, using computers.
- Present loan and repayment schedules to customers.
- Calculate, review, and correct errors on interest, principal, payment, and closing costs, using computers or calculators.
- Check value of customer collateral to be held as loan security.
- Contact credit bureaus, employers, and other sources to check applicants' credit and personal references.
- File and maintain loan records.
- Schedule and conduct closings of mortgage transactions.
- Accept payment on accounts.
- Submit loan applications with recommendation for underwriting approval.
- Order property insurance or mortgage insurance policies to ensure protection against loss on mortgaged property.
- Review customer accounts to determine whether payments are made on time and that other loan terms are being followed.
- Establish credit limits and grant extensions of credit on overdue accounts.
Tools & Technology
Tools used in this occupation:
- Inkjet printers — Computer inkjet printers
- Laser fax machine — Laser facsimile machines
- Notebook computers — Laptop computers
- Personal computers
- Photocopiers — Copy machines
- Printer calculator — Printing calculators
- Scanners — Document scanners
Technology used in this occupation:
- Accounting software — Automated financial software
- Customer relationship management CRM software — Loan tracking software
- Desktop publishing software
- Electronic mail software — Microsoft Outlook
- Financial analysis software — Credit reporting software; Desktop Underwriter; Lending software systems; Software AG Underwriting Solution (see all 5 examples)
- Internet browser software — Web browser software
- Office suite software — Microsoft Office
- 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.
- 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.
- 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.
- Social Perceptiveness — Being aware of others' reactions and understanding why they react as they do.
- Writing — Communicating effectively in writing as appropriate for the needs of the audience.
- Active Learning — Understanding the implications of new information for both current and future problem-solving and decision-making.
- Complex Problem Solving — Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
- Judgment and Decision Making — Considering the relative costs and benefits of potential actions to choose the most appropriate one.
- Time Management — Managing one's own time and the time of others.
- Service Orientation — Actively looking for ways to help people.
- Coordination — Adjusting actions in relation to others' actions.
- Mathematics — Using mathematics to solve problems.
- Persuasion — Persuading others to change their minds or behavior.
- Monitoring — Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.
- 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.
- 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.
- Written Expression — The ability to communicate information and ideas in writing so others will understand.
- 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).
- 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).
- Mathematical Reasoning — The ability to choose the right mathematical methods or formulas to solve a problem.
- Speed of Closure — The ability to quickly make sense of, combine, and organize information into meaningful patterns.
- Category Flexibility — The ability to generate or use different sets of rules for combining or grouping things in different ways.
- 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.
- 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.
- Number Facility — The ability to add, subtract, multiply, or divide quickly and correctly.
- 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.
- Selective Attention — The ability to concentrate on a task over a period of time without being distracted.
- 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.
- Updating and Using Relevant Knowledge — Keeping up-to-date technically and applying new knowledge to your job.
- Interpreting the Meaning of Information for Others — Translating or explaining what information means and how it can be used.
- Communicating with Supervisors, Peers, or Subordinates — Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
- Identifying Objects, Actions, and Events — Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.
- Resolving Conflicts and Negotiating with Others — Handling complaints, settling disputes, and resolving grievances and conflicts, or otherwise negotiating with others.
- 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.
- Establishing and Maintaining Interpersonal Relationships — Developing constructive and cooperative working relationships with others, and maintaining them over time.
- Thinking Creatively — Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions.
- Developing and Building Teams — Encouraging and building mutual trust, respect, and cooperation among team members.
- Analyzing Data or Information — Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
Detailed Work Activities
- Verify accuracy of financial or transactional data.
- Interview employees, customers, or others to collect information.
- Prepare documentation for contracts, transactions, or regulatory compliance.
- Compile data or documentation.
- Discuss account status or activity with customers or patrons.
- Maintain financial or account records.
- Provide notifications to customers or patrons.
- Prepare business correspondence.
- Type documents.
- Calculate financial data.
- Obtain personal or financial information about customers or applicants.
- Arrange insurance coverage.
- Collect deposits, payments or fees.
- Schedule appointments.
- Monitor financial information.
- Negotiate financial arrangements.
- Telephone — 99% responded “Every day.”
- Contact With Others — 95% responded “Constant contact with others.”
- Face-to-Face Discussions — 96% responded “Every day.”
- Indoors, Environmentally Controlled — 95% responded “Every day.”
- Work With Work Group or Team — 72% responded “Extremely important.”
- Importance of Being Exact or Accurate — 79% responded “Extremely important.”
- Time Pressure — 77% responded “Every day.”
- Deal With External Customers — 74% responded “Extremely important.”
- Letters and Memos — 63% responded “Every day.”
- Spend Time Sitting — 22% responded “More than half the time.”
- Importance of Repeating Same Tasks — 49% responded “Extremely important.”
- Frequency of Decision Making — 18% responded “Once a week or more but not every day.”
- Impact of Decisions on Co-workers or Company Results — 49% responded “Very important results.”
- Structured versus Unstructured Work — 15% responded “Very little freedom.”
- Electronic Mail — 52% responded “Every day.”
- Freedom to Make Decisions — 20% responded “Some freedom.”
- Coordinate or Lead Others — 44% responded “Extremely important.”
- Duration of Typical Work Week
- Frequency of Conflict Situations — 39% responded “Every day.”
- Deal With Unpleasant or Angry People — 43% responded “Every day.”
- Responsibility for Outcomes and Results — 20% responded “No responsibility.”
- Degree of Automation — 27% responded “Slightly automated.”
|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, travel guides, electricians, agricultural technicians, barbers, nannies, and medical assistants.|
|SVP Range||(6.0 to < 7.0)|
Percentage of Respondents
|Education Level Required|
|Not available||Associate's degree|
|Not available||High school diploma or equivalent|
|Not available||Some college, no degree|
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.
- 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.
- Dependability — Job requires being reliable, responsible, and dependable, and fulfilling obligations.
- Attention to Detail — Job requires being careful about detail and thorough in completing work tasks.
- Integrity — Job requires being honest and ethical.
- 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.
- Analytical Thinking — Job requires analyzing information and using logic to address work-related issues and problems.
- 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.
- Persistence — Job requires persistence in the face of obstacles.
- 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.
- Leadership — Job requires a willingness to lead, take charge, and offer opinions and direction.
- Concern for Others — Job requires being sensitive to others' needs and feelings and being understanding and helpful on the job.
- 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.
Wages & Employment Trends
|Median wages (2015)||$18.13 hourly, $37,710 annual|
|Employment (2014)||214,000 employees|
|Projected growth (2014-2024)||Faster than average (9% to 13%)|
|Projected job openings (2014-2024)||51,300|
|Top industries (2014)|
Source: Bureau of Labor Statistics 2015 wage data and 2014-2024 employment projections . "Projected growth" represents the estimated change in total employment over the projections period (2014-2024). "Projected job openings" represent openings due to growth and replacement.
Job Openings on the Web
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 . Bureau of Labor Statistics, U.S. Department of Labor. Occupational Outlook Handbook, 2016-17 Edition.