What Is a Loan Clerk?
A loan clerk is one who works in a bank, and whose primary responsibilities involve recording, creating, and maintaining loan paperwork. Loan clerks may have a number of possible job responsibilities, including interviewing loan applicants, completing loan application paperwork, performing credit checks, and creating the final loan paperwork, among others. This is a relatively entry-level position, and applicants are usually required to have a high school diploma. Some clerks may have two-year or four-year college degrees in business, accounting, or finance.
Though some loan clerks do interview loan applicants and collect the initial information, that is typically the duty of a loan officer. The loan officer will then pass along the collected information to the clerk. The clerk will then follow up with the applicants as needed, to gather any additional information that may be required, or to answer any questions that the applicants may have regarding the lending process.
Once the loan clerk receives the loan application information, he or she will be responsible for checking the paperwork for correctness, and preparing the information for loan officers to review. The clerk may need to perform background checks on the applicant, check references and work history, and verify credit history and credit scores. Once the information has been prepared and verified, the clerk will prepare a final report.
He or she will then pass the final report, and any additional necessary documents, on to the lending officer or lending department, who will review the loan information and make a final decision. At that point, the loan clerk's work may be done, or he or she may be responsible for creating the final loan paperwork and contracts that the lender and borrower will sign. In addition to his responsibilities in the lending department, a loan clerk may have other job duties as well.
Depending on the size of the bank in which the loan clerk works, he or she may need to answer phones, maintain some filing records, and provide customer service to bank customers, as well as other clerical duties. Clerks are expected to have good computer and math skills, as well as the ability to write clearly and prepare reports that have been carefully checked for mistakes. Clerks who are successful at their jobs are often able to become loan officers or supervisors, especially those who choose to continue their education.
Discuss this Article
Post your comments