All About Loan Interviewers and Clerks
Position Description 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.
What Do Loan Interviewers and Clerks Do On a Daily Basis?
- Present loan and repayment schedules to customers.
- Schedule and conduct closings of mortgage transactions.
- 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.
- 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.
What a Loan Interviewer or Clerk Should Know
These are the skills Loan Interviewers and Clerks say are the most useful in their careers:
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.
Types of Loan Interviewer or Clerk Jobs
- Loan Clerk
- Loan Processor
- Loan Inspector
- Mortgage Loan Processing Clerk
- Mortgage Loan Assistant
Job Outlook for Loan Interviewers and Clerks
In the United States, there were 229,800 jobs for Loan Interviewer or Clerk in 2016. New jobs are being produced at a rate of 12.4% which is above the national average. The Bureau of Labor Statistics predicts 28,400 new jobs for Loan Interviewer or Clerk by 2026. Due to new job openings and attrition, there will be an average of 25,700 job openings in this field each year.
The states with the most job growth for Loan Interviewer or Clerk are Utah, Arizona, and Iowa. Watch out if you plan on working in Alaska, West Virginia, or Vermont. These states have the worst job growth for this type of profession.
What is the Average Salary of a Loan Interviewer or Clerk
The average yearly salary of a Loan Interviewer or Clerk ranges between $25,600 and $59,710.
Loan Interviewers and Clerks who work in District of Columbia, Connecticut, or Colorado, make the highest salaries.
Below is a list of the median annual salaries for Loan Interviewers and Clerks in different U.S. states.
|State||Annual Mean Salary|
|District of Columbia||$55,320|
Tools & Technologies Used by Loan Interviewers and Clerks
Although they’re not necessarily needed for all jobs, the following technologies are used by many Loan Interviewers and Clerks:
- Microsoft Excel
- Microsoft Word
- Microsoft Office
- Microsoft PowerPoint
- Microsoft Outlook
- Web browser software
- Microsoft Dynamics
- Desktop publishing software
How to Become a Loan Interviewer or Clerk
Learn what Loan Interviewer or Clerk education requirements there are.
How Long Does it Take to Become a Loan Interviewer or Clerk?
Where Loan Interviewers and Clerks Work
The table below shows the approximate number of Loan Interviewers and Clerks employed by various industries.
Those interested in being a Loan Interviewer or Clerk may also be interested in:
Career changers with experience as a Loan Interviewer or Clerk sometimes find work in one of the following fields:
- Eligibility Interviewers, Government Programs
- Credit Analysts
- Claims Examiners, Property and Casualty Insurance
- Procurement Clerks
Image Credit: Dave Dugdale via Creative Commons Attribution-Share Alike 2.0 Generic
More about our data sources and methodologies.
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