Loan Interviewers and Clerks: What They Do, Education and Training Requirements
Loan interviewers and clerks play a pivotal role in the lending industry. They assist in the loan application process, reviewing and verifying the accuracy of loan applications for banks, credit unions, and other financial institutions. The job of loan interviewers and clerks is to evaluate the financial records of borrowers and to determine their ability to repay the loan in accordance with the lender’s guidelines.
Loan Interviewer and Clerk Job Examples
Loan interviewers and clerks commonly interview applicants to obtain and verify personal and financial data, review credit reports, and follow up on references. They analyze applicant information to determine eligibility for credit and ensure that loan applications are complete and accurate. They also calculate the borrower’s debt-to-income ratio, ensuring that it meets the lender’s predetermined guidelines.
Additionally, Loan interviewers and clerks also provide information to borrowers about loan products and loan application procedures. They explain the reason for denial of a loan application and suggest further action that can be taken to become eligible.
In the banking industry, Loan interviewers and clerks keep track of all loan documentation to ensure that they comply with the lending policies and procedures of the institution. They work closely with loan officers, underwriters, and other loan processing staff to ensure that loan applications are handled efficiently and effectively.
Loan interviewer and clerk jobs typically require a high school diploma or GED certification, with some companies preferring post-secondary education in finance or business. Most of the training for this job is done on the job under the supervision of experienced loan interviewers and clerks. Additionally, many employers prefer to hire loan interviewers who have prior experience in accountancy, credit analysis, or mortgage brokerage.
After gaining experience, loan interviewers and clerks can advance to positions such as loan processor, loan officer, or underwriter. It’s important to note that advancement and promotion will require the individual to have a more in-depth understanding of accountancy, credit analysis, financial management, and legal matters.
How to Get Into the Field
If you are new to the industry and want to become a loan interviewer or clerk, getting a start might take some patience. However, you can begin by preparing yourself. That may include adding skills or taking courses that can make you more valuable to potential employers. Additionally, internships or volunteering for financial institutions can help you gain experience.
Final Thoughts
Banks, credit unions, and other financial institutions require loan interviewers and clerks to process loan applications more effectively. Their role is significant in the banking industry and allows lending organizations to operate at the highest level of standards, ensuring that only eligible borrowers receive credit. The job is a good option for someone who wants to start their career in finance or banking.
Loan Interviewers and Clerks Job Level and Salary Data
Loan interviewers and clerks are responsible for verifying and processing loan applications. Here is the salary data for this occupation:
| Geography | Job Type | Job Level | Salary (Average) | Salary (Lowest) |
|---|---|---|---|---|
| US National Average | All workers | Level 02 | $35,048.00 | $28,808.00 |
| US National Average | All workers | Level 03 | $31,907.20 | $27,060.80 |
| US National Average | All workers | Level 04 | $41,288.00 | $36,524.80 |
| US National Average | All workers | Level 05 | $47,236.80 | $43,014.40 |
| US National Average | All workers | Level 06 | $52,748.80 | $49,940.80 |
| US National Average | All workers | Level 07 | $62,774.40 | $59,841.60 |
| US National Average | All workers | Not able to be leveled | $48,006.40 | $41,662.40 |
| US National Average | All workers | Entry | $39,332.80 | – |
| US National Average | All workers | Intermediate | $47,236.80 | – |
| US National Average | All workers | Experienced | $53,622.40 | – |
| US National Average | Nonunion | All levels | $46,862.40 | $42,889.60 |
| US National Average | Full-time | All levels | $47,049.60 | $42,972.80 |
| US National Average | Full-time | Level 02 | $36,337.60 | $29,868.80 |
| US National Average | Full-time | Level 03 | $32,032.00 | $27,435.20 |
| US National Average | Full-time | Level 04 | $41,496.00 | $36,691.20 |
| US National Average | Full-time | Level 05 | $47,257.60 | $43,118.40 |
| US National Average | Full-time | Level 06 | $52,748.80 | $49,940.80 |
| US National Average | Full-time | Level 07 | $62,774.40 | $59,841.60 |
| US National Average | Full-time | Not able to be leveled | $48,651.20 | $41,766.40 |
| US National Average | Full-time | Entry | $39,540.80 | – |
| US National Average | Full-time | Intermediate | $47,257.60 | – |
| US National Average | Part-time | All levels | $34,881.60 | – |
| US National Average | Part-time | Level 04 | $38,313.60 | – |
| US National Average | Part-time | Entry | $35,484.80 | – |
| US National Average | Time-based pay | All levels | $45,864.00 | $41,808.00 |
| US National Average | Incentive-based pay | All levels | $52,728.00 | $51,729.60 |
| San Francisco-Oakland-Hayward, CA | Full-time | All levels | $58,697.60 | – |
| West Virginia | Time-based pay | All levels | $36,608.00 | $35,276.80 |
It is important to note that union membership can also affect the salary of loan interviewers and clerks. According to the data, nonunion workers earn an average of $46,862.40 while full-time workers earn an average of $47,049.60. This suggests that union membership may not have a significant impact on the salary of loan interviewers and clerks.
