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 |
| Mankato-North Mankato, MN MetroSA | 40 | 12 | $16.78/hr | $0.47/hr | $12.92/hr | $14.52/hr | $16.77/hr | $18.77/hr | $21.35/hr |
| Minnesota | 5,490 | 324 | $18.36/hr | $0.20/hr | $13.34/hr | $15.53/hr | $17.95/hr | $21.19/hr | $23.45/hr |
| U S | 192,010 | 3,264 | $17.64/hr | $0.07/hr | $11.04/hr | $13.67/hr | $17.21/hr | $21.16/hr | $24.69/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 - | |
| Office Clerks, General | 1,180 | $13.47/hr | N/A |
| Bookkeeping, Accounting, and Auditing Clerks | 770 | $16.74/hr | N/A |
| Tellers | 280 | $11.36/hr | N/A |
| Billing and Posting Clerks and Machine Operators | 170 | $17.72/hr | N/A |
| Order Clerks | 50 | $15.57/hr | N/A |
| New Accounts Clerks | 20 | $14.03/hr | N/A |
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.