Find Your Dream Job
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.
- Order property insurance or mortgage insurance policies to ensure protection against loss on mortgaged property.
- Assemble and compile documents for loan closings, such as title abstracts, insurance forms, loan forms, and tax receipts.
- Prepare and type loan applications, closing documents, legal documents, letters, forms, government notices, and checks, using computers.
- Prepare and type loan applications, closing documents, legal documents, letters, forms, government notices, and checks, using computers.
- Schedule and conduct closings of mortgage transactions.
- Answer questions and advise customers regarding loans and transactions.
- Present loan and repayment schedules to customers.
- Verify and examine information and accuracy of loan application and closing documents.
- Contact customers by mail, telephone, or in person concerning acceptance or rejection of applications.
- Accept payment on accounts.
- Calculate, review, and correct errors on interest, principal, payment, and closing costs, using computers or calculators.
- File and maintain loan records.
- Submit loan applications with recommendation for underwriting approval.
- Check value of customer collateral to be held as loan security.
- Calculate, review, and correct errors on interest, principal, payment, and closing costs, using computers or calculators.
- Interview loan applicants to obtain personal and financial data and to assist in completing applications.
- Prepare and type loan applications, closing documents, legal documents, letters, forms, government notices, and checks, using computers.
- Establish credit limits and grant extensions of credit on overdue accounts.
- Record applications for loan and credit, loan information, and disbursements of funds, using computers.
- Contact credit bureaus, employers, and other sources to check applicants' credit and personal references.
- Review customer accounts to determine whether payments are made on time and that other loan terms are being followed.
Subject areas you may need to master.
- 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.
- 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.
- 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.
- Mechanical - Knowledge of machines and tools, including their designs, uses, repair, and maintenance.
- History and Archeology - Knowledge of historical events and their causes, indicators, and effects on civilizations and cultures.
- 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.
- Fine Arts - Knowledge of the theory and techniques required to compose, produce, and perform works of music, dance, visual arts, drama, and sculpture.
- 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.
- 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.
- 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.
- Biology - Knowledge of plant and animal organisms, their tissues, cells, functions, interdependencies, and interactions with each other and the environment.
- 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.
- Economics and Accounting - Knowledge of economic and accounting principles and practices, the financial markets, banking, and the analysis and reporting of financial data.
- Design - Knowledge of design techniques, tools, and principles involved in production of precision technical plans, blueprints, drawings, and models.
- 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.
- Law and Government - Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
- Production and Processing - Knowledge of raw materials, production processes, quality control, costs, and other techniques for maximizing the effective manufacture and distribution of goods.
- 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.
- 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.
- Food Production - Knowledge of techniques and equipment for planting, growing, and harvesting food products (both plant and animal) for consumption, including storage/handling techniques.
- 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.
- Computers and Electronics - Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
- Transportation - Knowledge of principles and methods for moving people or goods by air, rail, sea, or road, including the relative costs and benefits.
- 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.
- Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
- 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.
- 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.
- Sociology and Anthropology - Knowledge of group behavior and dynamics, societal trends and influences, human migrations, ethnicity, cultures, and their history and origins.
- 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.
- English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, and rules of composition and grammar.
- 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.
- Telecommunications - Knowledge of transmission, broadcasting, switching, control, and operation of telecommunications systems.
Strengths you may need in this role.
- Writing - Writing things for co-workers or customers.
- Active Learning - Figuring out how to use new ideas or things.
- Monitoring - Keeping track of how well people and/or groups are doing in order to make improvements.
- Equipment Maintenance - Planning and doing the basic maintenance on equipment.
- Repairing - Repairing machines or systems using the right tools.
- Management of Personnel Resources - Selecting and managing the best workers for a job.
- Systems Evaluation - Measuring how well a system is working and how to improve it.
- Management of Material Resources - Managing equipment and materials.
- Negotiation - Bringing people together to solve differences.
- Social Perceptiveness - Understanding people's reactions.
- Active Listening - Listening to others, not interrupting, and asking good questions.
- 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.
- Operation and Control - Using equipment or systems.
- Complex Problem Solving - Noticing a problem and figuring out the best way to solve it.
- Science - Using scientific rules and strategies to solve problems.
- Mathematics - Using math to solve problems.
- Speaking - Talking to others.
- Judgment and Decision Making - Thinking about the pros and cons of different options and picking the best one.
- Troubleshooting - Figuring out what is causing equipment, machines, wiring, or computer programs to not work.
- Operations Analysis - Figuring out what a product or service needs to be able to do.
- Installation - Installing equipment, machines, wiring, or computer programs.
- Service Orientation - Looking for ways to help people.
- Critical Thinking - Thinking about the pros and cons of different ways to solve a problem.
- Management of Financial Resources - Making spending decisions and keeping track of what is spent.
- Technology Design - Making equipment and technology useful for customers.
- Instructing - Teaching people how to do something.
- Operations Monitoring - Watching gauges, dials, or display screens to make sure a machine is working.
- Learning Strategies - Using the best training or teaching strategies for learning new things.
- Quality Control Analysis - Testing how well a product or service works.
- Coordination - Changing what is done based on other people's actions.
- Equipment Selection - Deciding what kind of tools and equipment are needed to do a job.
- Programming - Writing computer programs.
- Persuasion - Talking people into changing their minds or their behavior.
- Reading Comprehension - Reading work-related information.
- Mathematical Reasoning - Choosing the right type of math to solve a problem.
- Fluency of Ideas - Coming up with lots of ideas.
- Number Facility - Adding, subtracting, multiplying, or dividing.
- Reaction Time - Quickly moving your hand, finger, or foot based on a sound, light, picture or other command.
- Speech Recognition - Recognizing spoken words.
- Near Vision - Seeing details up close.
- Wrist-Finger Speed - Making fast, simple, repeated movements of your fingers, hands, and wrists.
- Multilimb Coordination - Using your arms and/or legs together while sitting, standing, or lying down.
- Sound Localization - Noticing the direction that a sound came from.
- Gross Body Equilibrium - Keeping your balance or staying upright.
- Hearing Sensitivity - Telling the difference between sounds.
- Written Comprehension - Reading and understanding what is written.
- Problem Sensitivity - Noticing when problems happen.
- Oral Expression - Communicating by speaking.
- Category Flexibility - Grouping things in different ways.
- Rate Control - Changing when and how fast you move based on how something else is moving.
- Stamina - Exercising for a long time without getting out of breath.
- Deductive Reasoning - Using rules to solve problems.
- Dynamic Strength - Exercising for a long time without your muscles getting tired.
- Far Vision - Seeing details that are far away.
- Speech Clarity - Speaking clearly.
- Spatial Orientation - Knowing where things are around you.
- Flexibility of Closure - Seeing hidden patterns.
- Oral Comprehension - Listening and understanding what people say.
- Inductive Reasoning - Making general rules or coming up with answers from lots of detailed information.
- Response Orientation - Quickly deciding if you should move your hand, foot, or other body part.
- Control Precision - Quickly changing the controls of a machine, car, truck or boat.
- Explosive Strength - Jumping, sprinting, or throwing something.
- Auditory Attention - Paying attention to one sound while there are other distracting sounds.
- Arm-Hand Steadiness - Keeping your arm or hand steady.
- Manual Dexterity - Holding or moving items with your hands.
- Speed of Limb Movement - Quickly moving your arms and legs.
- Gross Body Coordination - Moving your arms, legs, and mid-section together while your whole body is moving.
- Static Strength - Lifting, pushing, pulling, or carrying.
- Originality - Creating new and original ideas.
- Memorization - Remembering words, numbers, pictures, or steps.
- Written Expression - Communicating by writing.
- Trunk Strength - Using your lower back and stomach.
- Visual Color Discrimination - Noticing the difference between colors, including shades and brightness.
- Dynamic Flexibility - Quickly and repeatedly bending, stretching, twisting, or reaching out with your body, arms, and/or legs.
- 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.
- Selective Attention - Paying attention to something without being distracted.
- Perceptual Speed - Quickly comparing groups of letters, numbers, pictures, or other things.
- Night Vision - Seeing at night or under low light.
- Visualization - Imagining how something will look after it is moved around or changed.
- Information Ordering - Ordering or arranging things.
- Speed of Closure - Quickly knowing what you are looking at.
- Time Sharing - Doing two or more things at the same time.
- Extent Flexibility - Bending, stretching, twisting, or reaching with your body, arms, and/or legs.
- Peripheral Vision - Seeing something to your side when your are looking ahead.
- Finger Dexterity - Putting together small parts with your fingers.
Average Education Attained
Highest level of education earned by people in this career.
Career Coaching
Need a guide to help you on your career journey or to prepare for your next interview?
You May Also Be Interested In
Content sourced from United States Department of Labor Employment and Training Administration ("DOLETA") and the Minnesota Department of Employment & Economic Development ("DEED")