Interviewers, Loan

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Interviewers, Loan

Interviewers, Loan - Overview

Loan clerks process the paperwork associated with loan applications.

Loan clerks help customers and loan officers manage the paperwork associated with borrowing and repaying money.

Loan clerks interview people who apply for loans. They record financial information and help applicants fill out legal forms. They answer questions and advise applicants on matters concerning the loan process.

Clerks work out the loan interest, principal amount, payments, and closing costs. They contact credit bureaus and other sources to verify applicants' credit. Clerks confirm the value of the collateral put up by applicants. They forward applications to underwriters, including their suggestions about approving or denying loans. When loan requests are accepted or denied, clerks inform the applicants.

Loan clerks gather documents for closing, such as title abstracts, insurance and loan forms, and tax receipts. They check all documentation to make sure they are accurate.

Clerks give loan and repayment schedules to customers. When customers make payments on their loan, clerks accept and record them. They review accounts to see that customers are making payments on time. They may need to decide whether to extend credit on overdue accounts.

Some clerks may schedule and manage mortgage meetings. It is important for clerks to maintain accurate and organized files and records.

Source: Illinois Career Information System (CIS) brought to you by Illinois Department of Employment Security.