Loan interviewers and clerks typically perform the following job duties: 1. Review loan applications for completeness and accuracy. 2. Contact applicants to gather additional information or clarify details. 3. Verify applicant information, such as employment, income, credit history, and financial statements. 4. Calculate loan amounts, interest rates, and repayment schedules. 5. Prepare loan documentation and ensure all necessary paperwork is in order. 6. Explain loan terms and conditions to applicants. 7. Assist applicants in completing loan applications. 8. Process loan applications and submit them for approval. 9. Maintain records of loan applications and disbursements. 10. Follow up with applicants regarding missing information or additional requirements. 11. Collaborate with underwriters and loan officers to facilitate the loan approval process. Overall, loan interviewers and clerks play a crucial role in the loan application process by ensuring that all necessary information is gathered and processed accurately and efficiently.
This income data is sourced from the May 2023 Occupational Employment and Wage Statistics (OEWS) survey. The dataset is updated annually.
Annual Pay Distribution | Salary |
|---|---|
10th percentile | $35,000.00 |
25th percentile | $38,080.00 |
median (50th percentile) | $44,470.00 |
75th percentile | $55,640.00 |
90th percentile | $61,550.00 |
Hourly Pay Distribution | Hourly Rate |
|---|---|
10th percentile | $16.83 |
25th percentile | $18.31 |
median (50th percentile) | $21.38 |
75th percentile | $26.75 |
90th percentile | $29.59 |
Loan interviewers and clerks typically need a high school diploma or equivalent for entry-level positions in this field, although some employers may prefer candidates with some college education or an associate degree. A high school diploma is generally the minimum educational requirement for this role, with on-the-job training provided by the employer to familiarize new hires with specific loan processing procedures, relevant software applications, and customer service techniques. Additionally, strong numerical, communication, and organizational skills are essential for success in this role, along with attention to detail and the ability to work efficiently under pressure. While a formal college education beyond high school is not always mandatory for loan interviewers and clerks, further education or specialized training in finance or related fields can enhance job prospects and advancement opportunities within the industry.