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 |
| Seven County Mpls-St Paul, MN | 4,110 | 372 | $21.22/hr | $0.35/hr | $15.73/hr | $17.64/hr | $20.68/hr | $24.53/hr | $28.85/hr |
| Minnesota | 5,760 | 392 | $21.00/hr | $0.27/hr | $15.68/hr | $17.50/hr | $20.35/hr | $24.20/hr | $28.56/hr |
| U S | 208,530 | 3,128 | $20.41/hr | $0.06/hr | $12.95/hr | $16.17/hr | $19.78/hr | $24.33/hr | $29.24/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 2022 - 2032 | |
| Office Clerks, General | 32,070 | $19.27/hr | -4.2% |
| Bookkeeping, Accounting, and Auditing Clerks | 17,900 | $22.71/hr | -4.4% |
| Insurance Claims and Policy Processing Clerks | 5,900 | $22.73/hr | -2.6% |
| Billing and Posting Clerks and Machine Operators | 5,380 | $21.83/hr | 0.1% |
| Tellers | 3,380 | $15.53/hr | -16.6% |
| Order Clerks | 1,610 | $17.01/hr | -15.2% |
| Tax Preparers | 940 | $27.05/hr | 1.3% |
| New Accounts Clerks | 480 | $19.00/hr | -16.8% |
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.
