Loan Interviewers and Clerks

Despite declining employment, about 116,600 openings for financial clerks are projected each year, on average, over the decade. All of those openings are expected to result from the need to replace workers who transfer to other occupations or exit the labor force, such as to retire.

Education: High school diploma or equivalent Details

Education Details

43%

High School Diploma - or the equivalent (for example, GED)

38%

Bachelor's Degree

12%

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)

Associate's Degree (or other 2-year degree)

Salary

High: $61,940.00

Average: $46,740.00

Hourly

Average: $22.47

Summary of What they do:

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.

Responsibilities

Verify accuracy of financial or transactional data.

Interview employees, customers, or others to collect information.

Compile data or documentation.

Discuss account status or activity with customers or patrons.

Provide notifications to customers or patrons.

Maintain financial or account records.

Prepare documentation for contracts, transactions, or regulatory compliance.

Prepare business correspondence.

Type documents.

Discuss account status or activity with customers or patrons.

Calculate financial data.

Verify accuracy of financial or transactional data.

Determine the value of goods or services.

Obtain personal or financial information about customers or applicants.

Maintain financial or account records.

Schedule appointments.

Collect deposits, payments or fees.

Prepare documentation for contracts, transactions, or regulatory compliance.

Arrange insurance coverage.

Monitor financial information.

Negotiate financial arrangements.

What Financial Clerks Do

Financial clerks do administrative work for many types of organizations. They keep records, help customers, and carry out transactions that involve money.

Duties

Financial clerks keep and update financial records.

Financial clerks typically do the following:

Keep and update financial records
Calculate bills and charges
Offer customer assistance
Carry out financial transactions

Financial clerks’ job duties vary by specialty and by setting.

The following are examples of types of financial clerks:

Billing and posting clerks calculate charges and generate bills, which they then prepare to send to customers. They review documents such as purchase orders, sales tickets, charge slips, and hospital records to calculate fees or charges due. They also contact customers to get or give account information.

Brokerage clerks help with tasks associated with securities such as stocks, bonds, commodities, and other kinds of investments. Their duties include writing orders for stock purchases and sales, calculating transfer taxes, verifying stock transactions, accepting and delivering securities, distributing dividends, and recording daily transactions and holdings.

Credit authorizers, checkers, and clerks review the credit history, and get the information needed to determine the creditworthiness, of individuals or businesses applying for credit. Credit authorizers check customers’ credit records and payment histories to decide, based on predetermined standards, whether to approve new credit. Credit checkers contact credit departments of business and service establishments for information about applicants’ credit standing.

Gambling cage workers work in casinos and other gambling establishments. The “cage” in which they work is the central depository for money and gambling chips. Gambling cage workers sell gambling chips, tokens, or tickets to patrons. They count funds and reconcile daily summaries of transactions to balance books.

Insurance claims and policy processing clerks process applications for insurance policies. They also handle customers’ requests to change or cancel their existing policies. Their duties include interviewing clients and reviewing insurance applications to make sure that all questions have been answered. They also inform insurance agents and accounting departments of policy cancellations or changes.

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

New accounts clerks interview people who want to open accounts in financial institutions. They explain the account services available to prospective customers and help them fill out applications. They also investigate and correct errors in accounts.

Payroll and timekeeping clerks compile and post employee time and payroll data. They verify and record attendance, hours worked, and pay adjustments. They make sure that employees are paid on time and that their paychecks are correct.

Procurement clerks compile requests for materials, prepare purchase orders, keep track of purchases and supplies, and handle questions about orders. They respond to questions from customers and suppliers about the status of orders. Procurement clerks handle requests to change or cancel orders. They make sure that purchases arrive on schedule and that the items meet the buyer’s specifications.

Important Qualities

Communication skills. Financial clerks should be able to explain policies and procedures to colleagues and customers.

Math skills. The job duties of financial clerks includes calculating charges and updating financial records.

Organizational skills. Financial clerks must be able to arrange files so they can find them quickly and efficiently.

Tasks On The Job

Accept payment on accounts.
Answer questions and advise customers regarding loans and transactions.
Assemble and compile documents for loan closings, such as title abstracts, insurance forms, loan forms, and tax receipts.
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.
Contact credit bureaus, employers, and other sources to check applicants' credit and personal references.
Contact customers by mail, telephone, or in person concerning acceptance or rejection of applications.
Establish credit limits and grant extensions of credit on overdue accounts.
File and maintain loan records.
Interview loan applicants to obtain personal and financial data and to assist in completing applications.
Order property insurance or mortgage insurance policies to ensure protection against loss on mortgaged property.
Prepare and type loan applications, closing documents, legal documents, letters, forms, government notices, and checks, using computers.
Present loan and repayment schedules to customers.
Record applications for loan and credit, loan information, and disbursements of funds, using computers.
Review customer accounts to determine whether payments are made on time and that other loan terms are being followed.
Schedule and conduct closings of mortgage transactions.
Submit loan applications with recommendation for underwriting approval.
Verify and examine information and accuracy of loan application and closing documents.

PERSONALITY

KEY:

Strength

Caution

Warning

Your Assessment Results		CAREER CHARACTERISTICS Importance


? ? ? ? Begin Career Assessment	91%	Attention to Detail - Job requires being careful about detail and thorough in completing work tasks.
? ? ? ? Begin Career Assessment	90%	Integrity - Job requires being honest and ethical.
? ? ? ? Begin Career Assessment	86%	Dependability - Job requires being reliable, responsible, and dependable, and fulfilling obligations.
? ? ? ? Begin Career Assessment	81%	Cooperation - Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.
? ? ? ? Begin Career Assessment	79%	Initiative - Job requires a willingness to take on responsibilities and challenges.
? ? ? ? Begin Career Assessment	79%	Self-Control - Job requires maintaining composure, keeping emotions in check, controlling anger, and avoiding aggressive behavior, even in very difficult situations.
? ? ? ? Begin Career Assessment	75%	Stress Tolerance - Job requires accepting criticism and dealing calmly and effectively with high-stress situations.
? ? ? ? Begin Career Assessment	75%	Persistence - Job requires persistence in the face of obstacles.
? ? ? ? Begin Career Assessment	74%	Independence - Job requires developing one's own ways of doing things, guiding oneself with little or no supervision, and depending on oneself to get things done.
? ? ? ? Begin Career Assessment	74%	Adaptability/Flexibility - Job requires being open to change (positive or negative) and to considerable variety in the workplace.
? ? ? ? Begin Career Assessment	72%	Achievement/Effort - Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
? ? ? ? Begin Career Assessment	64%	Concern for Others - Job requires being sensitive to others' needs and feelings and being understanding and helpful on the job.
? ? ? ? Begin Career Assessment	63%	Analytical Thinking - Job requires analyzing information and using logic to address work-related issues and problems.
? ? ? ? Begin Career Assessment	60%	Leadership - Job requires a willingness to lead, take charge, and offer opinions and direction.
? ? ? ? Begin Career Assessment	54%	Innovation - Job requires creativity and alternative thinking to develop new ideas for and answers to work-related problems.

Your Assessment Results		IMPORTANT STRENGTHS Importance


? ? ? ? Begin Career Assessment		100%	Conventional - Work involves following procedures and regulations to organize information or data, typically in a business setting. Conventional occupations are often associated with office work, accounting, mathematics/statistics, information technology, finance, or human resources.
? ? ? ? Begin Career Assessment		61%	Enterprising - Work involves managing, negotiating, marketing, or selling, typically in a business setting, or leading or advising people in political and legal situations. Enterprising occupations are often associated with business initiatives, sales, marketing/advertising, finance, management/administration, professional advising, public speaking, politics, or law.

Your Assessment Results		WORK VALUES Importance


? ? ? ? Begin Career Assessment		61%	Relationships - Occupations that satisfy this work value allow employees to provide service to others and work with co-workers in a friendly non-competitive environment. Corresponding needs are Co-workers, Moral Values and Social Service.
? ? ? ? Begin Career Assessment		56%	Support - Occupations that satisfy this work value offer supportive management that stands behind employees. Corresponding needs are Company Policies, Supervision: Human Relations and Supervision: Technical.

APTITUDES

KEY:

Strength

Caution

Warning

Your Assessment Results		ABILITIES \| SKILLS Importance


? ? ? ? Begin Career Assessment	78%	Oral Comprehension - The ability to listen to and understand information and ideas presented through spoken words and sentences.
? ? ? ? Begin Career Assessment	78%	Written Comprehension - The ability to read and understand information and ideas presented in writing.
? ? ? ? Begin Career Assessment	75%	Oral Expression - The ability to communicate information and ideas in speaking so others will understand.
? ? ? ? Begin Career Assessment	75%	Speech Recognition - The ability to identify and understand the speech of another person.
? ? ? ? Begin Career Assessment	75%	Speech Clarity - The ability to speak clearly so others can understand you.
? ? ? ? Begin Career Assessment	69%	Problem Sensitivity - The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing that there is a problem.
? ? ? ? Begin Career Assessment	69%	Information Ordering - The ability to arrange things or actions in a certain order or pattern according to a specific rule or set of rules (e.g., patterns of numbers, letters, words, pictures, mathematical operations).
? ? ? ? Begin Career Assessment	69%	Near Vision - The ability to see details at close range (within a few feet of the observer).
? ? ? ? Begin Career Assessment	66%	Written Expression - The ability to communicate information and ideas in writing so others will understand.
? ? ? ? Begin Career Assessment	66%	Deductive Reasoning - The ability to apply general rules to specific problems to produce answers that make sense.
? ? ? ? Begin Career Assessment	66%	Inductive Reasoning - The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
? ? ? ? Begin Career Assessment	57%	Reading Comprehension - Understanding written sentences and paragraphs in work-related documents.
? ? ? ? Begin Career Assessment	57%	Active Listening - Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
? ? ? ? Begin Career Assessment	57%	Speaking - Talking to others to convey information effectively.
? ? ? ? Begin Career Assessment	57%	Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.
? ? ? ? Begin Career Assessment	55%	Writing - Communicating effectively in writing as appropriate for the needs of the audience.
? ? ? ? Begin Career Assessment	54%	Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.
? ? ? ? Begin Career Assessment	53%	Mathematical Reasoning - The ability to choose the right mathematical methods or formulas to solve a problem.
? ? ? ? Begin Career Assessment	53%	Selective Attention - The ability to concentrate on a task over a period of time without being distracted.

Your Assessment Results		TASKS \| ACTIVITIES Importance


? ? ? ? Begin Career Assessment	98%	Working with Computers - Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
? ? ? ? Begin Career Assessment	85%	Getting Information - Observing, receiving, and otherwise obtaining information from all relevant sources.
? ? ? ? Begin Career Assessment	85%	Performing for or Working Directly with the Public - Performing for people or dealing directly with the public. This includes serving customers in restaurants and stores, and receiving clients or guests.
? ? ? ? Begin Career Assessment	84%	Evaluating Information to Determine Compliance with Standards - Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.
? ? ? ? Begin Career Assessment	84%	Processing Information - Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
? ? ? ? Begin Career Assessment	78%	Communicating with Supervisors, Peers, or Subordinates - Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
? ? ? ? Begin Career Assessment	76%	Making Decisions and Solving Problems - Analyzing information and evaluating results to choose the best solution and solve problems.
? ? ? ? Begin Career Assessment	75%	Establishing and Maintaining Interpersonal Relationships - Developing constructive and cooperative working relationships with others, and maintaining them over time.
? ? ? ? Begin Career Assessment	75%	Analyzing Data or Information - Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
? ? ? ? Begin Career Assessment	75%	Updating and Using Relevant Knowledge - Keeping up-to-date technically and applying new knowledge to your job.
? ? ? ? Begin Career Assessment	74%	Organizing, Planning, and Prioritizing Work - Developing specific goals and plans to prioritize, organize, and accomplish your work.
? ? ? ? Begin Career Assessment	72%	Identifying Objects, Actions, and Events - Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.
? ? ? ? Begin Career Assessment	66%	Communicating with People Outside the Organization - Communicating with people outside the organization, representing the organization to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail.
? ? ? ? Begin Career Assessment	64%	Interpreting the Meaning of Information for Others - Translating or explaining what information means and how it can be used.
? ? ? ? Begin Career Assessment	63%	Performing Administrative Activities - Performing day-to-day administrative tasks such as maintaining information files and processing paperwork.
? ? ? ? Begin Career Assessment	58%	Documenting/Recording Information - Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.
? ? ? ? Begin Career Assessment	57%	Resolving Conflicts and Negotiating with Others - Handling complaints, settling disputes, and resolving grievances and conflicts, or otherwise negotiating with others.
? ? ? ? Begin Career Assessment	57%	Monitoring Processes, Materials, or Surroundings - Monitoring and reviewing information from materials, events, or the environment, to detect or assess problems.
? ? ? ? Begin Career Assessment	55%	Thinking Creatively - Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions.
? ? ? ? Begin Career Assessment	55%	Inspecting Equipment, Structures, or Materials - Inspecting equipment, structures, or materials to identify the cause of errors or other problems or defects.
? ? ? ? Begin Career Assessment	55%	Selling or Influencing Others - Convincing others to buy merchandise/goods or to otherwise change their minds or actions.

Your Assessment Results		CONTEXT \| ATTRIBUTES Importance


? ? ? ? Begin Career Assessment	100%	Telephone - How often do you have telephone conversations in this job?
? ? ? ? Begin Career Assessment	99%	Contact With Others - How much does this job require the worker to be in contact with others (face-to-face, by telephone, or otherwise) in order to perform it?
? ? ? ? Begin Career Assessment	98%	Indoors, Environmentally Controlled - How often does this job require working indoors in environmentally controlled conditions?
? ? ? ? Begin Career Assessment	93%	Deal With External Customers - How important is it to work with external customers or the public in this job?
? ? ? ? Begin Career Assessment	93%	Importance of Being Exact or Accurate - How important is being very exact or highly accurate in performing this job?
? ? ? ? Begin Career Assessment	92%	Spend Time Sitting - How much does this job require sitting?
? ? ? ? Begin Career Assessment	91%	Face-to-Face Discussions - How often do you have to have face-to-face discussions with individuals or teams in this job?
? ? ? ? Begin Career Assessment	91%	Frequency of Decision Making - How frequently is the worker required to make decisions that affect other people, the financial resources, and/or the image and reputation of the organization?
? ? ? ? Begin Career Assessment	88%	Time Pressure - How often does this job require the worker to meet strict deadlines?
? ? ? ? Begin Career Assessment	88%	Letters and Memos - How often does the job require written letters and memos?
? ? ? ? Begin Career Assessment	87%	Structured versus Unstructured Work - To what extent is this job structured for the worker, rather than allowing the worker to determine tasks, priorities, and goals?
? ? ? ? Begin Career Assessment	86%	Freedom to Make Decisions - How much decision making freedom, without supervision, does the job offer?
? ? ? ? Begin Career Assessment	83%	Electronic Mail - How often do you use electronic mail in this job?
? ? ? ? Begin Career Assessment	83%	Importance of Repeating Same Tasks - How important is repeating the same physical activities (e.g., key entry) or mental activities (e.g., checking entries in a ledger) over and over, without stopping, to performing this job?
? ? ? ? Begin Career Assessment	78%	Work With Work Group or Team - How important is it to work with others in a group or team in this job?
? ? ? ? Begin Career Assessment	77%	Impact of Decisions on Co-workers or Company Results - What results do your decisions usually have on other people or the image or reputation or financial resources of your employer?
? ? ? ? Begin Career Assessment	75%	Level of Competition - To what extent does this job require the worker to compete or to be aware of competitive pressures?
? ? ? ? Begin Career Assessment	69%	Coordinate or Lead Others - How important is it to coordinate or lead others in accomplishing work activities in this job?
? ? ? ? Begin Career Assessment	68%	Deal With Unpleasant or Angry People - How frequently does the worker have to deal with unpleasant, angry, or discourteous individuals as part of the job requirements?
? ? ? ? Begin Career Assessment	66%	Frequency of Conflict Situations - How often are there conflict situations the employee has to face in this job?
? ? ? ? Begin Career Assessment	65%	Responsibility for Outcomes and Results - How responsible is the worker for work outcomes and results of other workers?
? ? ? ? Begin Career Assessment	54%	Spend Time Making Repetitive Motions - How much does this job require making repetitive motions?
? ? ? ? Begin Career Assessment	68%	Duration of Typical Work Week - Number of hours typically worked in one week.

Work Environment

The majority of financial clerks work full time.

Financial clerks held about 1.3 million jobs in 2022. Employment in the detailed occupations that make up financial clerks was distributed as follows:

Billing and posting clerks	456,300
Insurance claims and policy processing clerks	259,000
Loan interviewers and clerks	247,100
Payroll and timekeeping clerks	165,400
Procurement clerks	65,300
New accounts clerks	46,600
Brokerage clerks	43,700
Credit authorizers, checkers, and clerks	16,400
Gambling cage workers	12,200

The largest employers of financial clerks were as follows:

Credit intermediation and related activities	21%
Insurance carriers and related activities	19
Healthcare and social assistance	18
Professional, scientific, and technical services	8
Administrative and support services	6

Financial clerks work in a variety of industries, usually in offices.

Work Schedules

Most financial clerks work full time.

Getting Started

How to Become a Financial Clerk

A high school diploma is sufficient for most financial clerk positions.

A high school diploma or equivalent is typically required for most financial clerk jobs. These workers typically learn their duties through on-the-job training.

Education

Financial clerks typically need a high school diploma or equivalent to enter the occupation. Employers of brokerage clerks may prefer candidates who have taken some college courses in business or economics and, in some cases, have a 2- or 4-year college degree.

Training

Most financial clerks learn how to do their job duties through on-the-job training. Some formal technical training also may be necessary; for example, gambling cage workers may need training in specific gambling regulations and procedures.

Advancement

Financial clerks may advance to related occupations in finance. For example, a loan interviewer or clerk may become a loan officer, and a brokerage clerk may become a securities, commodities, and financial services sales agent, after obtaining the required education and license.

Contacts for More Information

For more information about financial clerks, visit

American Bankers Association

Mortgage Bankers Association

Similar Occupations

This table shows a list of occupations with job duties that are similar to those of financial clerks.

Occupation	Job Duties	Entry-Level Education	Median Annual Pay, May 2022
Bill and Account Collectors	Bill and account collectors try to recover payment on overdue bills.	High school diploma or equivalent	$39,470
Bookkeeping, Accounting, and Auditing Clerks	Bookkeeping, accounting, and auditing clerks produce financial records for organizations and check financial records for accuracy.	Some college, no degree	$45,860
Gambling Services Workers	Gambling services workers serve customers in gambling establishments, such as casinos or racetracks.	High school diploma or equivalent	$31,290
Information Clerks	Information clerks perform routine clerical duties, maintain records, collect data, and provide information to customers.	See How to Become One	$38,710
Tellers	Tellers are responsible for accurately processing routine transactions at a bank.	High school diploma or equivalent	$36,380
Secretaries and Administrative Assistants	Secretaries and administrative assistants do routine clerical and organizational tasks.	High school diploma or equivalent	$44,080
Medical Records Specialists	Medical records specialists compile, process, and maintain patient files.	Postsecondary nondegree award	$47,180