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.
SOC: 43-4131.00
Common Job Titles
Licensed Loan Officer Assistant
Loan Analyst
Loan Processor
Mortgage Loan Processor
What You'll Need to Succeed
AI-generated
Key competencies for this occupation at a glance
KnowledgeEvaluate loan application completeness and compliance with lending standards using automated underwriting software and credit reporting systems.
Proficient
KnowledgeInterpret financial documents, credit reports, and loan agreement terms for applicants and stakeholders to facilitate informed decision-making.
Proficient
KnowledgeOrganize loan documentation, verification materials, and appraisal reports following established administrative workflows and timelines.
Proficient
MindsetBalance organizational lending standards with customer service responsiveness when negotiating loan terms and resolving application issues.
Proficient
KnowledgeCoordinate loan closing transactions among borrowers, sellers, and lending institutions following loan approval and ensuring all documentation requirements are met.
Proficient
KnowledgeAnalyze applicant financial information, credit history, and background data to determine creditworthiness and risk factors.
Developing
MindsetEngage with loan applicants to elicit detailed financial and personal information while maintaining professional client relationships and service orientation.
Developing
KnowledgeApply lending regulations and government compliance requirements when processing loan documentation and verifying applicant references.
Developing
MindsetRespond to customer concerns and questions regarding loan processes and requirements using active listening and clear communication in service-oriented interactions.
Developing
KnowledgeOperate loan origination and tracking software systems to process applications, maintain accurate records, and coordinate between borrowers and loan departments.
Developing
KnowledgeCompare applicant-provided information against verified documentation and reference checks to identify discrepancies and ensure data accuracy.
Developing
KnowledgePrepare comprehensive loan request reports and findings for appraisal review using Microsoft Office suite and specialized lending software.
Developing
Wage Data According to the Bureau of Labor Statistics
Annual wage data for Loan Interviewers and Clerks (2024)
Estimated Total Employment (U.S.)
173,100
Wage Distribution by Percentile
Line chart of annual wages by percentile. U.S. is the solid line. 10th percentile: U.S. $36,360. 25th percentile: U.S. $42,720. 50th percentile: U.S. $48,950. 75th percentile: U.S. $59,520. 90th percentile: U.S. $65,910. Use the left and right arrow keys to move between percentiles.
U.S.
Metric
U.S.
10% of workers earn the following or less
$36,360
10% of workers earn the following or more
$65,910
Workers on average earn
$51,050
+ indicates wage is at or above the BLS reporting cap ($239,200/year)
Skills & Requirements
Key competencies for this occupation, ranked by importance
Customer and Personal Service4.4/5
English Language4.2/5
Administrative3.7/5
Computers and Electronics3.4/5
Law and Government3.4/5
Skills & Requirements: Knowledge
Tools & Technology
Equipment and software commonly used in this occupation
