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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.   (O'Net 43-4131.00)

 
Reported job titles:   Administrative Assistant, Closer, Closing Agent, Closing Coordinator, Credit Clerk, Disbursement Clerk, Document Coordinator, Document Processor, Eligibility Clerk, Funding Specialist, Investigator, Loan Analyst, Loan Assistant, Loan Clerk, Loan Closer, Loan Coordinator, Loan Counselor, Loan Documentation Specialist, Loan Expediter, Loan Inspector, Loan Interviewer, Loan Officer, Loan Originator, Loan Processing Supervisor, Loan Processor, Loan Representative, Loan Secretary, Mortgage Broker, Mortgage Clerk, Mortgage Closing Clerk, Mortgage Loan Closer, Mortgage Loan Interviewer, Mortgage Loan Officer, Mortgage Loan Processing Clerk, Mortgage Loan Processor, Mortgage Processing Clerk, Mortgage Processor, Mortgage Underwriter, Office Manager, Opener, Post Closer, Processing Manager, Processor, Production Assistant, Retail Mortgage Processor, Sales Support Specialist, Title Processor, Underwriter
 
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  • Employment Trends
  • Industries of Employment
  • Tasks
  • Knowledge
  • Skills
  • Abilities
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  • Education & Training Requirements
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    Wages
    for Loan Interviewers and Clerks
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     Location Pay
    Period
    2016
    Percentile Wages Average
    Wage
    10% 25% 50%
    Median
    75% 90%
     Vermont Hourly $ 13.62   $ 15.67   $ 17.42   $ 19.33   $ 23.63   $ 18.71  
    Yearly $28,330   $32,580   $36,230   $40,210   $49,150   $38,910  
     
     Burlington-South Burlington, VT Metropolitan NECTA Hourly $ 13.81   $ 15.75   $ 17.36   $ 19.04   $ 23.91   $ 19.10  
    Yearly $28,720   $32,770   $36,100   $39,610   $49,730   $39,740  
     
     Southern Vermont Balance of State Hourly $ 13.34   $ 15.39   $ 17.20   $ 19.13   $ 22.38   $ 17.35  
    Yearly $27,750   $32,000   $35,780   $39,790   $46,540   $36,080  
     
     Northern Vermont Balance of State Hourly $ 13.58   $ 15.90   $ 18.43   $ 22.24   $ 28.46   $ 19.95  
    Yearly $28,250   $33,080   $38,340   $46,270   $59,200   $41,490  
     
    What are Percentile Wages?
    source: Occupational Employment Statistics, Vermont Labor Market Information, U.S. Bureau of Labor Statistics, released April 2017.
     


    Employment Trends
    for Loan Interviewers and Clerks
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    Location Employment Annual % change
    (compounded)
    Annual job openings
    (due to growth and
    net replacements)
    2014 2024
    Vermont 310 308 -0.1% 5
    source: Employment Projections, Vermont Economic & Labor Market Information, in cooperation with U.S. Bureau of Labor Statistics, statewide estimates released July 2016.
     


    Industries of Employment
    for Loan Interviewers and Clerks
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    Industry Percent of Total
    2014
    Credit intermediation and related activities 76.6%
    Management of companies and enterprises 6.3%
    Administrative and support services 4.5%
    Insurance carriers and related activities 3.6%
    Securities, commodity contracts, and other financial investments and related activities 1.8%
    source: Employment Projections, U.S. Bureau of Labor Statistics, National Employment Matrix, released July 2016.
     


    Tasks
    for Loan Interviewers and Clerks
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  • 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.
     
  • 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.
     
  • Present loan and repayment schedules to customers.
     
  • Calculate, review, and correct errors on interest, principal, payment, and closing costs, using computers or calculators.
     
  • Check value of customer collateral to be held as loan security.
     
    source: Occupational Information Network: Loan Interviewers and Clerks  updated December 2006
     


    Knowledge
    for Loan Interviewers and Clerks
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  • Clerical - Knowledge of administrative and clerical procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and other office procedures and terminology.
     
  • 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.
     
  • Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
     
  • Computers and Electronics - Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
     
  • Economics and Accounting - Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
     
  • Law and Government - Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
     
    source: Occupational Information Network: Loan Interviewers and Clerks  updated December 2006
     


    Skills
    for Loan Interviewers and Clerks
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  • 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.
     
  • Social Perceptiveness - Being aware of others' reactions and understanding why they react as they do.
     
  • Writing - Communicating effectively in writing as appropriate for the needs of the audience.
     
  • Active Learning - Understanding the implications of new information for both current and future problem-solving and decision-making.
     
  • Complex Problem Solving - Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
     
  • Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.
     
  • Time Management - Managing one's own time and the time of others.
     
    source: Occupational Information Network: Loan Interviewers and Clerks  updated June 2010
     


    Abilities
    for Loan Interviewers and Clerks
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  • 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.
     
  • Near Vision - The ability to see details at close range (within a few feet of the observer).
     
  • Problem Sensitivity - The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem.
     
  • Written Expression - The ability to communicate information and ideas in writing so others will understand.
     
  • Deductive Reasoning - The ability to apply general rules to specific problems to produce answers that make sense.
     
  • Inductive Reasoning - The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
     
    source: Occupational Information Network: Loan Interviewers and Clerks  updated December 2006
     


    Work Activities
    for Loan Interviewers and Clerks
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  • Processing Information - Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
     
  • Interacting With Computers - Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
     
  • Communicating with Persons Outside Organization - Communicating with people outside the organization, representing the organization to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail.
     
  • 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.
     
  • Making Decisions and Solving Problems - Analyzing information and evaluating results to choose the best solution and solve problems.
     
  • Documenting/Recording Information - Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.
     
  • Organizing, Planning, and Prioritizing Work - Developing specific goals and plans to prioritize, organize, and accomplish your work.
     
  • Updating and Using Relevant Knowledge - Keeping up-to-date technically and applying new knowledge to your job.
     
  • Interpreting the Meaning of Information for Others - Translating or explaining what information means and how it can be used.
     
    source: Occupational Information Network: Loan Interviewers and Clerks  updated December 2006
     


    Interests
    for Loan Interviewers and Clerks
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  • 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.
     
    source: Occupational Information Network: Loan Interviewers and Clerks  updated June 2008
     


    Work Styles
    for Loan Interviewers and Clerks
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  • Dependability - Job requires being reliable, responsible, and dependable, and fulfilling obligations.
     
  • Attention to Detail - Job requires being careful about detail and thorough in completing work tasks.
     
  • Integrity - Job requires being honest and ethical.
     
  • 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.
     
  • Self Control - Job requires maintaining composure, keeping emotions in check, controlling anger, and avoiding aggressive behavior, even in very difficult situations.
     
  • Analytical Thinking - Job requires analyzing information and using logic to address work-related issues and problems.
     
  • Stress Tolerance - Job requires accepting criticism and dealing calmly and effectively with high stress situations.
     
  • Adaptability/Flexibility - Job requires being open to change (positive or negative) and to considerable variety in the workplace.
     
  • Independence - Job requires developing one's own ways of doing things, guiding oneself with little or no supervision, and depending on oneself to get things done.
     
    source: Occupational Information Network: Loan Interviewers and Clerks  updated December 2006
     


    State of Vermont License Information
    that may be required for Loan Interviewers and Clerks
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    No state licenses listed for this occupation.
     


    Education and Training Requirements
    for Loan Interviewers and Clerks
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  • Job Zone Three: Medium Preparation Needed
  •  
  • Education: Most occupations in this zone require training in vocational schools, related on-the-job experience, or an associate's degree.
  •  
  • Training: Employees in these occupations usually need one or two years of training involving both on-the-job experience and informal training with experienced workers. A recognized apprenticeship program may be associated with these occupations.
  •  
  • Experience: Previous work-related skill, knowledge, or experience is required for these occupations. For example, an electrician must have completed three or four years of apprenticeship or several years of vocational training, and often must have passed a licensing exam, in order to perform the job.
  •  
    source: Occupational Information Network: Loan Interviewers and Clerks  updated December 2006
     


    Schools
    offering instructional programs related to Loan Interviewers and Clerks
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      Related Instructional Programs
     
    • Banking and Financial Support Services.
     
     Search for schools offering these programs at
     
     
     
    source: National Center for Education Statistics 2000 Classification of Instructional Programs .
     


    Other Resources
    for Loan Interviewers and Clerks
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  • Labor Exchange Information
  • A source for occupational characteristics, such as age, gender, race, and years of education and an alternative source for occupational wage rates. Limited to people looking for jobs and the jobs advertised through VDOL Vermont Job Link.
  • Look for statewide information over the latest 12 months for Loan Interviewers and Clerks.
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  • Occupational Outlook Handbook
  • The Occupational Outlook Handbook is a nationally recognized source of career information, designed to provide valuable assistance to individuals making decisions about their future work lives. Revised every two years, the Handbook describes what workers do on the job, working conditions, the training and education needed, earnings, and expected job prospects in a wide range of occupations.
    Go to Occupational Outlook Handbook
    Handbook occupations related to Loan Interviewers and Clerks :
  • Financial Clerks
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    Related Occupations
    Occupations with skill requirements similar to Loan Interviewers and Clerks
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  • Bookkeeping, Accounting, and Auditing Clerks
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  • Brokerage Clerks
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  • Human Resources Assistants, Except Payroll and Timekeeping
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  • Insurance Claims Clerks
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  • Loan Officers
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  • Payroll and Timekeeping Clerks
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  • Tax Examiners and Collectors, and Revenue Agents
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  • Tax Preparers
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    source: Occupational Information Network: Loan Interviewers and Clerks 
     

     
     
     
    Vermont.gov State of Vermont Department of Labor