Loan Interviewers and Clerks
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 the appraisal department. They review loan papers to ensure completeness, and complete transactions between loan establishment, borrowers, and sellers upon approval of the loan.
Loan interviewers and clerks interview and counsel clients regarding loan applications, assist with the completion of loan documents, inform applicants of lending policy terms and requirements, and submit applications for approval.
Mortgage loan officer assistants examine the accuracy of a loan application, compile documents like title abstracts, insurance forms, loan forms, and tax receipts, record loan information and disbursements of funds on computers, recommend loan applications for underwriting approval, inform applicants about acceptance or rejection of applications, and maintain loan records. Loan officer interview questions credit bureaus, employers, and other sources to check applicants’ credit and personal references.
Loan interviewers and clerks also check the value of customer collateral and order mortgage insurance policies to ensure protection against loss. They prepare loan applications, legal documents, letters, forms, government notices, and checks.
A high school diploma required is required for this job, although an associate's degree in a related field is preferred. Skills required include communication skills, organizational skills, attention to detail, thorough understanding of lending products and services, ability to explain complicated loan policies and terms clearly and understandably, and proficiency with word processing and spreadsheets software programs.
To succeed in the role of mortgage loan officer assistant, knowledge of financial software is essential. One should be able to serve customers effectively with confidentiality.
Qualifications
Every career requires an element of study and academic qualification, and there can be several study routes and pathways you can take. In following any academic pathway you will study subjects that contribute to the specialised knowledge required to achieve your career goals. These qualifications provide a future employer with the evidence that you have the desired knowledge, understanding and experience of their industry, so it’s important to consider the various types of qualifications available to you and to understand how they can boost your career and create opportunities for you.
- MBA Banking and Finance
- BBA Banking and Finance
- Diploma Banking and Finance
Tasks
- Verify and examine information and accuracy of loan application and closing documents.
- Interview loan applicants 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.
Progression Routes
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