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Loan Interviewers and Clerks

Nature of the Work About this section

Loan interviewers, also called loan processors or loan clerks, interview applicants and others to obtain and verify personal and financial information for the purposes of completing loan applications. They also prepare the documents that go to the appraiser and are issued at closing.

Education and Training About this section

A high school diploma or equivalent is generally the minimum needed to get into the occupation; some college coursework is usually preferred. Once hired, new interviewers receive short-term on-the-job-training to learn about pricing loans and about the rules and regulations regarding the issuing of loans. Excellent written and verbal communication skills are essential.

Job Outlook About this section

Current and Projected Employment.

2008 Employment 210,400
2018 Employment 219,400
Employment Change 9,100
Growth Rate 4%

Employment change. Employment is projected to grow slower than the average for all occupations. A growing population will, over time, spur demand for home loans and, thus, for loan interviewers to verify and process financial data on the application and to assemble documents and prepare them for settlement. However, the increasing use of online applications will limit demand for loan interviewers.

Job prospects. Prospects will be best for applicants with a broad range of job skills, including good customer service, math, and telephone skills. The job outlook for loan interviewers and clerks is sensitive to overall economic activity.

Earnings About this section

Median annual wages for loan interviewers and clerks were $32,470 in May 2008.

Bill and account collectors; Customer service representatives; Loan officers; Procurement clerks.

Sources of Additional Information About this section


Disclaimer:

Links to non-BLS Internet sites are provided for your convenience and do not constitute an endorsement.

Mortgage Bankers Association, 1331 L St., NW., Washington, DC 20005. Internet: http://www.mortgagebankers.org

O*NET-SOC Code Coverage About this section

Get more information from O*NET—the Occupational Information Network:

O*NET provides comprehensive information on key characteristics of workers and occupations. For information on a specific occupation, select the appropriate link below. For more information on O*NET, visit their homepage.


Suggested citation: Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2010-11 Edition, Loan Interviewers and Clerks, on the Internet at http://www.bls.gov/oco/ocos341.htm (visited February 09, 2012).

 

Last Modified Date: December 17, 2009