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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.
Also Known As:
Closer
Licensed Loan Officer Assistant
Loan Analyst
Loan Clerk
Loan Closer
Loan Originator
Loan Processor
Mortgage Broker
Mortgage Loan Processor
Mortgage Processor
Wages
Annual wages for Loan Interviewers and Clerks in United States
Job Outlook
Below Average
New job opportunities are less likely in the future
United States
2033 Projected Employment
201,200
-2% Change From 2023
Explore Loan Officers video
Tasks you might complete in a day.
- Prepare and type loan applications, closing documents, legal documents, letters, forms, government notices, and checks, using computers.
- Order property insurance or mortgage insurance policies to ensure protection against loss on mortgaged property.
- Verify and examine information and accuracy of loan application and closing documents.
- Present loan and repayment schedules to customers.
- 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.
- Check value of customer collateral to be held as loan security.
- Establish credit limits and grant extensions of credit on overdue accounts.
- Submit loan applications with recommendation for underwriting approval.
- Accept payment on accounts.
- Review customer accounts to determine whether payments are made on time and that other loan terms are being followed.
- Answer questions and advise customers regarding loans and transactions.
- File and maintain loan records.
- Calculate, review, and correct errors on interest, principal, payment, and closing costs, using computers or calculators.
- Calculate, review, and correct errors on interest, principal, payment, and closing costs, using computers or calculators.
- Contact credit bureaus, employers, and other sources to check applicants' credit and personal references.
- Contact customers by mail, telephone, or in person concerning acceptance or rejection of applications.
- Prepare and type loan applications, closing documents, legal documents, letters, forms, government notices, and checks, using computers.
- 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.
- Schedule and conduct closings of mortgage transactions.
Subject areas you may need to master.
- Chemistry - Knowledge of the chemical composition, structure, and properties of substances and of the chemical processes and transformations that they undergo. This includes uses of chemicals and their interactions, danger signs, production techniques, and disposal methods.
- Therapy and Counseling - Knowledge of principles, methods, and procedures for diagnosis, treatment, and rehabilitation of physical and mental dysfunctions, and for career counseling and guidance.
- Philosophy and Theology - Knowledge of different philosophical systems and religions. This includes their basic principles, values, ethics, ways of thinking, customs, practices, and their impact on human culture.
- 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.
- 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.
- Computers and Electronics - Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
- Mechanical - Knowledge of machines and tools, including their designs, uses, repair, and maintenance.
- Sales and Marketing - Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.
- Sociology and Anthropology - Knowledge of group behavior and dynamics, societal trends and influences, human migrations, ethnicity, cultures, and their history and origins.
- Foreign Language - Knowledge of the structure and content of a foreign (non-English) language including the meaning and spelling of words, rules of composition and grammar, and pronunciation.
- Physics - Knowledge and prediction of physical principles, laws, their interrelationships, and applications to understanding fluid, material, and atmospheric dynamics, and mechanical, electrical, atomic and sub-atomic structures and processes.
- Medicine and Dentistry - Knowledge of the information and techniques needed to diagnose and treat human injuries, diseases, and deformities. This includes symptoms, treatment alternatives, drug properties and interactions, and preventive health-care measures.
- History and Archeology - Knowledge of historical events and their causes, indicators, and effects on civilizations and cultures.
- English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
- Law and Government - Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
- Fine Arts - Knowledge of the theory and techniques required to compose, produce, and perform works of music, dance, visual arts, drama, and sculpture.
- Communications and Media - Knowledge of media production, communication, and dissemination techniques and methods. This includes alternative ways to inform and entertain via written, oral, and visual media.
- Design - Knowledge of design techniques, tools, and principles involved in production of precision technical plans, blueprints, drawings, and models.
- Biology - Knowledge of plant and animal organisms, their tissues, cells, functions, interdependencies, and interactions with each other and the environment.
- 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.
- Public Safety and Security - Knowledge of relevant equipment, policies, procedures, and strategies to promote effective local, state, or national security operations for the protection of people, data, property, and institutions.
- Food Production - Knowledge of techniques and equipment for planting, growing, and harvesting food products (both plant and animal) for consumption, including storage/handling techniques.
- 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.
- Psychology - Knowledge of human behavior and performance; individual differences in ability, personality, and interests; learning and motivation; psychological research methods; and the assessment and treatment of behavioral and affective disorders.
- Telecommunications - Knowledge of transmission, broadcasting, switching, control, and operation of telecommunications systems.
- Transportation - Knowledge of principles and methods for moving people or goods by air, rail, sea, or road, including the relative costs and benefits.
- Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
- Geography - Knowledge of principles and methods for describing the features of land, sea, and air masses, including their physical characteristics, locations, interrelationships, and distribution of plant, animal, and human life.
- Building and Construction - Knowledge of materials, methods, and the tools involved in the construction or repair of houses, buildings, or other structures such as highways and roads.
- Economics and Accounting - Knowledge of economic and accounting principles and practices, the financial markets, banking, and the analysis and reporting of financial data.
- Production and Processing - Knowledge of raw materials, production processes, quality control, costs, and other techniques for maximizing the effective manufacture and distribution of goods.
- Engineering and Technology - Knowledge of the practical application of engineering science and technology. This includes applying principles, techniques, procedures, and equipment to the design and production of various goods and services.
- Personnel and Human Resources - Knowledge of principles and procedures for personnel recruitment, selection, training, compensation and benefits, labor relations and negotiation, and personnel information systems.
Strengths you may need in this role.
- Technology Design - Making equipment and technology useful for customers.
- Programming - Writing computer programs.
- Operations Monitoring - Watching gauges, dials, or display screens to make sure a machine is working.
- Operation and Control - Using equipment or systems.
- Systems Evaluation - Measuring how well a system is working and how to improve it.
- Management of Personnel Resources - Selecting and managing the best workers for a job.
- Speaking - Talking to others.
- Coordination - Changing what is done based on other people's actions.
- Quality Control Analysis - Testing how well a product or service works.
- Operations Analysis - Figuring out what a product or service needs to be able to do.
- Learning Strategies - Using the best training or teaching strategies for learning new things.
- Mathematics - Using math to solve problems.
- Judgment and Decision Making - Thinking about the pros and cons of different options and picking the best one.
- Instructing - Teaching people how to do something.
- Active Listening - Listening to others, not interrupting, and asking good questions.
- Monitoring - Keeping track of how well people and/or groups are doing in order to make improvements.
- Persuasion - Talking people into changing their minds or their behavior.
- Negotiation - Bringing people together to solve differences.
- Reading Comprehension - Reading work-related information.
- Management of Material Resources - Managing equipment and materials.
- Equipment Selection - Deciding what kind of tools and equipment are needed to do a job.
- Equipment Maintenance - Planning and doing the basic maintenance on equipment.
- Troubleshooting - Figuring out what is causing equipment, machines, wiring, or computer programs to not work.
- Active Learning - Figuring out how to use new ideas or things.
- Critical Thinking - Thinking about the pros and cons of different ways to solve a problem.
- Science - Using scientific rules and strategies to solve problems.
- Management of Financial Resources - Making spending decisions and keeping track of what is spent.
- Time Management - Managing your time and the time of other people.
- Systems Analysis - Figuring out how a system should work and how changes in the future will affect it.
- Service Orientation - Looking for ways to help people.
- Installation - Installing equipment, machines, wiring, or computer programs.
- Repairing - Repairing machines or systems using the right tools.
- Complex Problem Solving - Noticing a problem and figuring out the best way to solve it.
- Writing - Writing things for co-workers or customers.
- Social Perceptiveness - Understanding people's reactions.
- Auditory Attention - Paying attention to one sound while there are other distracting sounds.
- Speech Recognition - Recognizing spoken words.
- Time Sharing - Doing two or more things at the same time.
- Rate Control - Changing when and how fast you move based on how something else is moving.
- Gross Body Equilibrium - Keeping your balance or staying upright.
- Inductive Reasoning - Making general rules or coming up with answers from lots of detailed information.
- Wrist-Finger Speed - Making fast, simple, repeated movements of your fingers, hands, and wrists.
- Extent Flexibility - Bending, stretching, twisting, or reaching with your body, arms, and/or legs.
- Visualization - Imagining how something will look after it is moved around or changed.
- Multilimb Coordination - Using your arms and/or legs together while sitting, standing, or lying down.
- Oral Comprehension - Listening and understanding what people say.
- Reaction Time - Quickly moving your hand, finger, or foot based on a sound, light, picture or other command.
- Dynamic Strength - Exercising for a long time without your muscles getting tired.
- Depth Perception - Deciding which thing is closer or farther away from you, or deciding how far away it is from you.
- Glare Sensitivity - Seeing something even if there is a glare or very bright light.
- Hearing Sensitivity - Telling the difference between sounds.
- Written Expression - Communicating by writing.
- Category Flexibility - Grouping things in different ways.
- Spatial Orientation - Knowing where things are around you.
- Originality - Creating new and original ideas.
- Number Facility - Adding, subtracting, multiplying, or dividing.
- Selective Attention - Paying attention to something without being distracted.
- Response Orientation - Quickly deciding if you should move your hand, foot, or other body part.
- Static Strength - Lifting, pushing, pulling, or carrying.
- Peripheral Vision - Seeing something to your side when your are looking ahead.
- Night Vision - Seeing at night or under low light.
- Speech Clarity - Speaking clearly.
- Problem Sensitivity - Noticing when problems happen.
- Memorization - Remembering words, numbers, pictures, or steps.
- Explosive Strength - Jumping, sprinting, or throwing something.
- Speed of Limb Movement - Quickly moving your arms and legs.
- Dynamic Flexibility - Quickly and repeatedly bending, stretching, twisting, or reaching out with your body, arms, and/or legs.
- Stamina - Exercising for a long time without getting out of breath.
- Visual Color Discrimination - Noticing the difference between colors, including shades and brightness.
- Written Comprehension - Reading and understanding what is written.
- Flexibility of Closure - Seeing hidden patterns.
- Perceptual Speed - Quickly comparing groups of letters, numbers, pictures, or other things.
- Far Vision - Seeing details that are far away.
- Oral Expression - Communicating by speaking.
- Information Ordering - Ordering or arranging things.
- Fluency of Ideas - Coming up with lots of ideas.
- Mathematical Reasoning - Choosing the right type of math to solve a problem.
- Control Precision - Quickly changing the controls of a machine, car, truck or boat.
- Manual Dexterity - Holding or moving items with your hands.
- Trunk Strength - Using your lower back and stomach.
- Gross Body Coordination - Moving your arms, legs, and mid-section together while your whole body is moving.
- Deductive Reasoning - Using rules to solve problems.
- Speed of Closure - Quickly knowing what you are looking at.
- Arm-Hand Steadiness - Keeping your arm or hand steady.
- Near Vision - Seeing details up close.
- Sound Localization - Noticing the direction that a sound came from.
- Finger Dexterity - Putting together small parts with your fingers.
Average Education Attained
Highest level of education earned by people in this career.
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Content sourced from United States Department of Labor Employment and Training Administration ("DOLETA") and the Minnesota Department of Employment & Economic Development ("DEED")