Career Overview
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.
Also Known As
- Licensed Loan Officer Assistant
- Loan Analyst
- Loan Processor
- Mortgage Loan Processor
Alternate Job Titles
- Closer
- Closing Agent
- Closing Coordinator
- Commercial Loan Processor
- Consumer Loan Processor
- Credit Clerk
- Disbursement Clerk
- Document Coordinator
- Document Processor
- Financial Services Specialist
- Financial Solutions Specialist
- Financial Specialist
- Investigator
- Licensed Loan Officer Assistant
- Loan Analyst
What You'll Do
In this role, your typical responsibilities include:
- Verify and examine information and accuracy of loan application and closing documents.
- Assemble and compile documents for loan closings, such as title abstracts, insurance forms, loan forms, and tax receipts.
- Record applications for loan and credit, loan information, and disbursements of funds, using computers.
- Submit loan applications with recommendation for underwriting approval.
- Contact customers by mail, telephone, or in person concerning acceptance or rejection of applications.
- File and maintain loan records.
- Contact credit bureaus, employers, and other sources to check applicants' credit and personal references.
Knowledge You'll Use
You'll need solid knowledge in these areas:
- Customer and Personal Service
- English Language
- Administrative
Essential Skills
Success in this career requires strong skills in:
- Active Listening
- Speaking
- Reading Comprehension
- Critical Thinking
- Writing
Key Abilities
This career requires key abilities in:
- Oral Comprehension
- Written Comprehension
- Speech Recognition
- Speech Clarity
- Oral Expression
- Problem Sensitivity
- Information Ordering
- Near Vision
- Deductive Reasoning
- Inductive Reasoning
Work Style
People who excel in this career typically demonstrate:
- Attention to Detail
- Dependability
- Integrity
- Cautiousness
- Social Orientation
What Matters in This Career
This career tends to satisfy these work values:
- Relationships
- Support
- Achievement
- Recognition
- Working Conditions
Education & Preparation
Typical Education: High School Diploma - or the equivalent (for example, GED)
Related Work Experience Needed: Over 2 years, up to and including 4 years
On-the-Job Training: Over 1 year, up to and including 2 years
Education Details: Most occupations in this zone require training in vocational schools, related on-the-job experience, or an associate's degree.
Experience Required: 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.
Technology You'll Use
Popular Technologies & Software
- Microsoft Access
- Microsoft Excel
- Microsoft Office software
- Microsoft Outlook
- Microsoft PowerPoint
- Microsoft Windows
- Microsoft Word
Tools & Equipment
- Computer inkjet printers
- Copy machines
- Document scanners
- Laptop computers
- Laser facsimile machines
- Personal computers
- Printing calculators
Work Environment
- Telephone Conversations
- Contact With Others
- Indoors, Environmentally Controlled
- Deal With External Customers or the Public in General
- Importance of Being Exact or Accurate
Salary & Job Market
| Salary Percentile | Annual Wage |
|---|---|
| Entry-Level (10th percentile) | $36,360 |
| Median | $48,950 |
| Top Earners (90th percentile) | $65,910 |
Workers Employed Nationally: 173,100
Related Careers
If you're interested in this career, you might also consider:
Loan Officers
Education: Bachelor's Degree
Median Salary: $74,180
Credit Authorizers, Checkers, and Clerks
Education: Not specified
Median Salary: $49,130
Credit Analysts
Education: Bachelor's Degree
Median Salary: $80,970
Credit Counselors
Education: Bachelor's Degree
Median Salary: $50,480
Bill and Account Collectors
Education: High School Diploma - or the equivalent (for example, GED)
Median Salary: $46,040
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Occupational data sourced from the O*NET OnLine database, developed by the U.S. Department of Labor, Employment and Training Administration. Wage data from the U.S. Bureau of Labor Statistics Occupational Employment and Wage Statistics (OEWS), 2024.