43-4131.00 - Loan Interviewers and Clerks

Updated 2010

Summary Report for:
43-4131.00 - 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.

Sample of reported job titles: Loan Processor, Loan Officer, Mortgage Loan Processor, Loan Analyst, Loan Clerk, Underwriter, Loan Closer, Processor, Production Assistant, Closer

View report: Summary Details Custom

Tasks

Verify and examine information and accuracy of loan application and closing documents.
Interview loan applicants in order 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.

Knowledge

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.

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.

Economics and Accounting — Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.

Skills

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.

Abilities

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).

Work Activities

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.

Work Context

Telephone — How often do you have telephone conversations in this job?

Contact With Others — How much does this job require the worker to be in contact with others (face-to-face, by telephone, or otherwise) in order to perform it?

Face-to-Face Discussions — How often do you have to have face-to-face discussions with individuals or teams in this job?

Indoors, Environmentally Controlled — How often does this job require working indoors in environmentally controlled conditions?

Work With Work Group or Team — How important is it to work with others in a group or team in this job?

Importance of Being Exact or Accurate — How important is being very exact or highly accurate in performing this job?

Time Pressure — How often does this job require the worker to meet strict deadlines?

Deal With External Customers — How important is it to work with external customers or the public in this job?

Letters and Memos — How often does the job require written letters and memos?

Spend Time Sitting — How much does this job require sitting?

Job Zone

Title	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.
Related 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.
Job 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.
Job Zone Examples	These occupations usually involve using communication and organizational skills to coordinate, supervise, manage, or train others to accomplish goals. Examples include food service managers, electricians, agricultural technicians, legal secretaries, interviewers, and insurance sales agents.
SVP Range	(6.0 to < 7.0)

Education

Percentage of Respondents	Education Level Required
Not available	Associate's degree
Not available	High school diploma or equivalent
Not available	Some college, no degree

Interests

Interest code: CE

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.

Work Styles

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.

Work Values

Relationships — Occupations that satisfy this work value allow employees to provide service to others and work with co-workers in a friendly non-competitive environment. Corresponding needs are Co-workers, Moral Values and Social Service.

Support — Occupations that satisfy this work value offer supportive management that stands behind employees. Corresponding needs are Company Policies, Supervision: Human Relations and Supervision: Technical.

Working Conditions — Occupations that satisfy this work value offer job security and good working conditions. Corresponding needs are Activity, Compensation, Independence, Security, Variety and Working Conditions.

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Wages & Employment Trends

National

Median wages (2011)	$16.74 hourly, $34,820 annual
Employment (2010)	183,000 employees
Projected growth (2010-2020)	Decline slowly or moderately (-3% to -9%)
Projected job openings (2010-2020)	33,900
Top industries (2010)	Finance and Insurance

State & National

Source: Bureau of Labor Statistics 2011 wage data and 2010-2020 employment projections . "Projected growth" represents the estimated change in total employment over the projections period (2010-2020). "Projected job openings" represent openings due to growth and replacement.

Sources of Additional Information

Disclaimer: Sources are listed to provide additional information on related jobs, specialties, and/or industries. Links to non-DOL Internet sites are provided for your convenience and do not constitute an endorsement.

Financial Clerks . Bureau of Labor Statistics, U.S. Department of Labor. Occupational Outlook Handbook, 2012-13 Edition.

Summary Report for: 43-4131.00 - Loan Interviewers and Clerks