Some tasks in this role may be augmented by AI, but human oversight and interpersonal skills remain important.
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.
Also Known As:Closer, Closing Agent, Closing Coordinator, Commercial Loan Processor, Consumer Loan Processor, Credit Clerk, Disbursement Clerk, Document Coordinator +30 more
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.
Interview loan applicants to obtain personal and financial data and to assist in completing applications.
Prepare and type loan applications, closing documents, legal documents, letters, forms, government notices, and checks, using computers.
Review customer accounts to determine whether payments are made on time and that other loan terms are being followed.
Calculate, review, and correct errors on interest, principal, payment, and closing costs, using computers or calculators.
Answer questions and advise customers regarding loans and transactions.
Present loan and repayment schedules to customers.
Supplemental Tasks (4)
Order property insurance or mortgage insurance policies to ensure protection against loss on mortgaged property.
Accept payment on accounts.
Schedule and conduct closings of mortgage transactions.
Establish credit limits and grant extensions of credit on overdue accounts.
Education & Training
Job Zone 3Job Zone Three: Medium Preparation Needed
Education: Most occupations in this zone require training in vocational schools, related on-the-job experience, or an associate's degree.
Experience: Previous work-related skill, knowledge, or experience is required for these occupations. For example, an electrician must have completed three or four years of apprenticeship or several years of vocational training, and often must have passed a licensing exam, in order to perform the job.
On-the-Job Training: Employees in these occupations usually need one or two years of training involving both on-the-job experience and informal training with experienced workers. A recognized apprenticeship program may be associated with these occupations.
Education Level Distribution
Percentage of workers in this occupation with each education level.
High School Diploma - or the equivalent (for example, GED)
43%
Bachelor's Degree
38%
Post-Secondary Certificate - awarded for training completed after high school (for example, in agriculture or natural resources, computer services, personal or culinary services, engineering technologies, healthcare, construction trades, mechanic and repair technologies, or precision production)