What Do Loan Interviewers and Clerks Do (including Their Typical Day At Work)

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Job Description, Daily Responsibilities, and Work Life

Loan Interviewers and Clerks

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.

Salary
$42780
Becoming One
Medium
Education
No degree required
Job Satisfaction
Job Growth

Personality



Job Description

Job Description

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. They also verify and examine information and accuracy of loan application and closing documents.

Other tasks include:

  • 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.

We asked Loan Interviewers and Clerks how satisfied they are with their job. Here is what they said.

Job satisfaction

65%

How meaningful is this job

42%


65% of them said they were satisfied with their job and 42% said they find that their job makes the world a better place or helps to make someone else’s life better.



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Typical Day At Work

On a daily basis, Loan Interviewers and Clerks verify and examine information and accuracy of loan application and closing documents. They contact credit bureaus, employers, and other sources to check applicants’ credit and personal references.

A typical day for a Loan Interviewer and Clerk will also include:

  • Record applications for loan and credit, loan information, and disbursements of funds, using computers.
  • Contact customers by mail, telephone, or in person concerning acceptance or rejection of applications.
  • Answer questions and advise customers regarding loans and transactions.
  • File and maintain loan records.
  • Interview loan applicants to obtain personal and financial data and to assist in completing applications.

We asked some Loan Interviewers and Clerks a few questions to find out what else does their work day look like. Here is what we found.

Do you have telephone conversations everyday in this job? 99% said yes
How important is it to work in a team in this job? 72% said very important
Do you have group discussions everyday in this job? 96% said yes
Do you talk or work with customers everyday in this job? 74% said yes
Do you have to deal with angry customers everyday in this job? 43% said yes
Do you have to make decisions everyday in this job? 66% said yes

Other responsibilities

Besides their typical day, Loan Interviewers and Clerks also check value of customer collateral to be held as loan security. They may also order property insurance or mortgage insurance policies to ensure protection against loss on mortgaged property.

On a weekly to monthly basis, Loan Interviewers and Clerks Prepare and type loan applications, closing documents, legal documents, letters, forms, government notices, and checks, using computers. They might also Schedule and conduct closings of mortgage transactions.

In addition, they Assemble and compile documents for loan closings, such as title abstracts, insurance forms, loan forms, and tax receipts.

Although specific duties may vary, many of them Submit loan applications with recommendation for underwriting approval.

To some Loan Interviewers and Clerks, it is also their responsibility to File and maintain loan records.


Working life

Working hours

Standard 40 hour work week

Working schedule

Regular schedule like a 9 to 5

In a typical work week as a Loan Interviewer and Clerk, you can expect to work 40 hour work week.

Do Loan Interviewers and Clerks work in an office-style work environment?

Every day
98%


Never
2%


Do Loan Interviewers and Clerks work outdoors?

Never
98%


Once a month
2%



Is this right for me

Best personality for this career

The Organizers and The Entrepreneurs

People who are suitable for this job tends to like following set procedures and routines. They like working with data and details more than with ideas..

They also like starting up and carrying out projects. They like leading people and making many decisions. Sometimes they require risk taking and often deal with business.

You can read more about these career personality types here.



Learn more about Loan Interviewers and Clerks

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Related to Loan Interviewers and Clerks Job Description

Loan Interviewers and Clerks job description, what do Loan Interviewers and Clerks do, typical day for Loan Interviewers and Clerks, what is it like to work as a Loan Interviewer and Clerk, how many hours do Loan Interviewers and Clerks work, day to day work of a Loan Interviewer and Clerk

Additional resources

http://www.bls.gov/OOH/office-and-administrative-support/financial-clerks.htm
http://www.aba.com/
https://www.mba.org/


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