DETAILED OCCUPATION DATA
43-4131 Loan Interviewers and Clerks
Occupational 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.| Percentiles | |||||||||
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| Geography | Employment | Emp SE* | Mean | Mean SE* | 10th | 25th | Median | 75th | 90th |
| Minnesota | 4,950 | 361 | $18.36/hr | $0.29/hr | $13.34/hr | $15.42/hr | $17.95/hr | $21.17/hr | $23.41/hr |
| U S | 186,240 | 3,539 | $17.60/hr | $0.07/hr | $11.31/hr | $13.78/hr | $17.12/hr | $21.03/hr | $24.52/hr |
| *SE = Standard error, a measure of the statistical reliability of the estimate. | |||||||||
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| Occupation (click title for details) | OES | Projections | |
|---|---|---|---|
| Employment | Median Wage | % Change 2010 - 2020 | |
| Office Clerks, General | 57,480 | $14.00/hr | 13.8% |
| Bookkeeping, Accounting, and Auditing Clerks | 33,870 | $17.43/hr | 10.6% |
| Billing and Posting Clerks and Machine Operators | 9,650 | $17.72/hr | 15.5% |
| Tellers | 8,890 | $11.95/hr | 4.0% |
| Order Clerks | 4,440 | $16.08/hr | 1.9% |
| Insurance Claims and Policy Processing Clerks | 2,790 | $16.98/hr | 4.4% |
| New Accounts Clerks | 1,600 | $15.91/hr | 4.3% |
| Tax Preparers | 1,060 | $17.39/hr | 8.7% |
Tasks for Loan Interviewers and Clerks
- Verifies and examines information and accuracy of loan application and closing documents.
- Interviews loan applicant to obtain personal and financial data and to assist in filling out application.
- Assembles and compiles documents for closing, such as title abstract, insurance form, loan form, and tax receipt.
- Prepares and types loan applications, closing documents, legal documents, letters, forms, government notices, and checks, using computer.
- Records applications for loan and credit, loan information, and disbursement of funds, using computer.
- Contacts customer by mail, telephone, or in person concerning acceptance or rejection of application.
- Checks value of customer collateral to be held as loan security.
- Answers questions and advises customer regarding loans and transactions.
- Calculates, reviews, and corrects errors on interest, principal, payment, and closing costs, using computer or calculator.
- Reviews customer accounts to determine whether payments are made on time and that other loan terms are being followed.
- Accepts payment on accounts.
- Orders property insurance or mortgage insurance policies to ensure protection against loss on mortgaged property.
- Files and maintains loan records.
- Establishes credit limit and grants extension of credit on overdue accounts.
- Presents loan and repayment schedule to customer.
- Schedules and conducts closing of mortgage transaction.
- Contacts credit bureaus, employers, and other sources to check applicant credit and personal references.
- Submits loan application with recommendation for underwriting approval.