Find Trade Colleges
Loan Interviewers and Clerks: Career Profile
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.
What Do Loan Interviewers and Clerks Do?
The day-to-day responsibilities of loan interviewers and clerks cover:
- 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.
- Check value of customer collateral to be held as loan security.
What Loan Interviewers and Clerks Need to Know
Successful loan interviewers and clerks draw on a mix of skills and domain knowledge.
Key Skills
The competencies that matter most in this role, rated on an importance scale of 0 to 5:
Knowledge Areas
Types of Loan Interviewers and Clerks Jobs
Common job titles for this role include:
- Closer
- Closing Agent
- Closing Coordinator
- Commercial Loan Processor
- Consumer Loan Processor
- Credit Clerk
- Disbursement Clerk
- Document Coordinator
Job Outlook
There are roughly 1,822,876 loan interviewers and clerks working in the United States today. Employment is projected to grow by +6.1% over the projection horizon.
How Much Do Loan Interviewers and Clerks Make?
| Statistic | Value |
|---|---|
| Annual median | $55,652 |
| Hourly median | $26.76 |
| 10th percentile | $39,313 |
| 25th percentile | $47,482 |
| 75th percentile | $63,821 |
| 90th percentile | $71,991 |
Compensation varies based on experience, location, and industry.
Loan Interviewers and Clerks Salary by State
| State | Annual median salary |
|---|---|
| District of Columbia | $77,730 |
| Delaware | $58,870 |
| Washington | $58,860 |
| Maryland | $58,260 |
| California | $57,790 |
| Connecticut | $57,680 |
| New York | $56,300 |
| New Hampshire | $55,620 |
| Massachusetts | $55,090 |
| Colorado | $53,120 |
| New Jersey | $52,760 |
| Rhode Island | $52,670 |
| Oregon | $51,890 |
| Nevada | $51,320 |
| Florida | $50,920 |
| Virginia | $50,910 |
| Alaska | $50,800 |
| Hawaii | $50,760 |
| North Dakota | $50,470 |
| Illinois | $50,330 |
| North Carolina | $50,100 |
| Minnesota | $50,070 |
| Ohio | $49,370 |
| Texas | $49,180 |
| Arizona | $48,910 |
| Vermont | $48,790 |
| Maine | $48,390 |
| Iowa | $48,390 |
| Michigan | $48,380 |
| Wisconsin | $48,020 |
| Montana | $47,840 |
| Missouri | $47,560 |
| Nebraska | $47,270 |
| Utah | $47,120 |
| Wyoming | $47,060 |
| Kentucky | $47,040 |
| Kansas | $46,940 |
| Indiana | $46,790 |
| Tennessee | $46,740 |
| Idaho | $46,700 |
| Pennsylvania | $46,050 |
| Georgia | $45,950 |
| Oklahoma | $45,540 |
| South Carolina | $45,210 |
| South Dakota | $44,930 |
| Louisiana | $44,860 |
| Alabama | $44,690 |
| Arkansas | $44,600 |
| New Mexico | $41,830 |
| West Virginia | $38,770 |
| Mississippi | $38,670 |
| Puerto Rico | $28,380 |
Top-Paying U.S. Regions
Pay for loan interviewers and clerks vary by region. These regions lead on median pay:
| Region | Median annual wage | Share of U.S. jobs | Location quotient |
|---|---|---|---|
| Far Western US | $56,778 | 12.2% | 0.73 |
| New England | $54,022 | 3.7% | 0.84 |
| Middle Atlantic | $52,904 | 8.8% | 0.64 |
| Rocky Mountains | $49,424 | 4.8% | 1.22 |
| Great Lakes | $48,720 | 17.2% | 1.28 |
| Southwest | $48,535 | 17.6% | 1.42 |
| Plains States | $47,961 | 9.6% | 1.56 |
| Southeast | $47,699 | 25.7% | 1.09 |
Where the Jobs Cluster
| Metro area | State | Median annual wage | Employment |
|---|---|---|---|
| San Jose-Sunnyvale-Santa Clara, CA | CA | $66,320 | 760 |
| San Francisco-Oakland-Fremont, CA | CA | $63,070 | 1,810 |
| Seattle-Tacoma-Bellevue, WA | WA | $61,330 | 1,570 |
| Boulder, CO | CO | $61,160 | 80 |
| Vallejo, CA | CA | $61,120 | 110 |
| Olympia-Lacey-Tumwater, WA | WA | $60,150 | 160 |
| Manchester-Nashua, NH | NH | $60,010 | 200 |
| Napa, CA | CA | $59,900 | 30 |
Industry Breakdown
Most loan interviewers and clerks work in these industries:
| Industry | Employment | Median annual wage |
|---|---|---|
| Finance and Insurance | 146,110 | $48,760 |
| Management of Companies and Enterprises | 11,520 | $50,230 |
| Professional, Scientific, and Technical Services | 6,390 | $50,830 |
| Administrative and Support and Waste Management and Remediation Services | 2,860 | $50,580 |
| Construction | 540 | $60,150 |
| Retail Trade | 500 | $48,820 |
| Educational Services | 400 | $51,620 |
| Information | 270 | $43,860 |
Loan Interviewers and Clerks work in the following industries:
Tools and Technology
- Data base user interface and query software: Microsoft Access (hot technology)
- Spreadsheet software: Microsoft Excel (hot technology)
- Office suite software: Microsoft Office software (hot technology)
- Electronic mail software: Microsoft Outlook (hot technology)
- Presentation software: Microsoft PowerPoint (hot technology)
- Operating system software: Microsoft Windows (hot technology)
- Word processing software: Microsoft Word (hot technology)
Work Environment
The on-the-job environment of loan interviewers and clerks tends to involve the following characteristics:
- Telephone Conversations
- Contact With Others
- Indoors, Environmentally Controlled
- Deal With External Customers or the Public in General
- Importance of Being Exact or Accurate
Education and Training
Most loan interviewers and clerks positions require a high school diploma or equivalent as the typical entry-level education. This occupation sits in Medium Preparation Needed (Job Zone 3), signaling the level of preparation typically expected.
Related Careers
Similar Occupations
- Financial Managers (Supplemental)
- Credit Analysts (Primary-Short)
- Personal Financial Advisors (Supplemental)
- Insurance Underwriters (Supplemental)
- Financial Examiners (Supplemental)
- Credit Counselors (Primary-Short)
- Loan Officers (Primary-Short)
- Tax Examiners and Collectors, and Revenue Agents (Supplemental)
About the Data
Data on this page comes from the following authoritative sources:
- U.S. Bureau of Labor Statistics — Occupational Employment and Wage Statistics (OEWS) for employment and wage data by state and industry.
- BLS Employment Projections for total employment and growth forecasts.
- O*NET (Occupational Information Network) for skills, knowledge, tasks, work activities, work context, technology, and education-zone data.
SOC code: 43-4131.00 (Loan Interviewers and Clerks).
TradeCollege.org provides higher-education, college and university, degree, program, career, salary, and other helpful information to students, faculty, institutions, and other internet audiences. Presented information and data are subject to change. Inclusion on this website does not imply or represent a direct relationship with the company, school, or brand. Information, though believed correct at time of publication, may not be correct, and no warranty is provided. Contact the schools to verify any information before relying on it. Financial aid may be available for those who qualify. TradeCollege.org is a for-profit site, and the displayed options may include sponsored or recommended results, not necessarily based on your preferences.
© TradeCollege.org – All Rights Reserved.