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, Licensed Loan Officer Assistant, Loan Analyst, Loan Clerk, Loan Closer, Loan Originator, Loan Processor, Mortgage Broker, Mortgage Loan Processor, Mortgage Processor
Occupation-Specific Information
Tasks
- 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.
Technology Skills
- Accounting software:Automated financial software
- Customer relationship management CRM software:Loan tracking software,Microsoft Dynamics
- Desktop publishing software:Desktop publishing software
- Electronic mail software:Microsoft Outlook
- Financial analysis software:Automated underwriting software,Credit reporting software,Fannie Mae Desktop Underwriter,Lending software systems,Software AG Underwriting Solution
Occupational Requirements
Work Activities
- Working with Computers:Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
- 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.
- 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.
- Processing Information:Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
Detailed Work Activities
- Arrange insurance coverage.
- Calculate financial data.
- Collect deposits, payments or fees.
- Compile data or documentation.
- Determine the value of goods or services.
Work Context
- Telephone:100% responded"Every day"
- Indoors, Environmentally Controlled:98% responded"Every day"
- Contact With Others:97% responded"Constant contact with others"
- Electronic Mail:81% responded"Every day"
- Deal With External Customers:73% responded"Extremely important"
Worker Requirements
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.
- 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.
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.
- English Language:Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
- 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.
- Computers and Electronics:Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
- Law and Government:Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
Education
How much education does a new hire need to perform a job in this occupation? Respondents said:
- 43%High School Diploma - or the equivalent (for example, GED)
- 38%Bachelor's Degree
- 12%Post-Secondary Certificate - awarded for training completed after high school (for example, in agriculture or natural resources, computer services, personal or culinary services, engineering technologies, healthcare, construction trades, mechanic and repair technologies, or precision production)
Worker Characteristics
Abilities
- 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.
Interests
- 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.
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.
- 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.
Work Styles
- Attention to Detail:Job requires being careful about detail and thorough in completing work tasks.
- Integrity:Job requires being honest and ethical.
- Dependability:Job requires being reliable, responsible, and dependable, and fulfilling obligations.
- 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.
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