Loan Interviewers and Clerks: 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.
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The Daily Work of Loan Interviewers and Clerks Do?
The core tasks performed by 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.
Key Skills and Knowledge
Top loan interviewers and clerks rely on a mix of skills and domain knowledge.
Top Skills
The competencies most central to this role, rated on an importance scale of 0 to 5:
Core Knowledge
Other Loan Interviewers and Clerks Job Titles
This career also goes by job titles like:
- Closer
- Closing Agent
- Closing Coordinator
- Commercial Loan Processor
- Consumer Loan Processor
- Credit Clerk
- Disbursement Clerk
- Document Coordinator
Employment and Demand
There are about 1,822,876 loan interviewers and clerks working in the United States today. This occupation is expected to grow by +6.1% over the projection horizon.
Loan Interviewers and Clerks Pay
| 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 |
Pay can vary substantially based on experience, location, and industry.
Pay 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
Compensation for loan interviewers and clerks shift depending on where you work. Top regions by median wage:
| 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 |
Top Metro Areas
| 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
The bulk of loan interviewers and clerks are found across 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 |
The table below shows some of the most common industries where those employed in this career field work.
Software Loan Interviewers and Clerks Use
- 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)
What the Workplace Is Like
The work environment for loan interviewers and clerks reflects 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
Getting Started in This Career
Typical loan interviewers and clerks positions require a high school diploma or equivalent as the typical entry-level education. This career aligns with 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)
Degree Programs
Aspiring loan interviewers and clerks often complete programs in:
Business, Management, Marketing, and Related Support Services
1 programs across 1 majors
Sources
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).
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