Interviews loan applicants to elicit information; investigates applicants' backgrounds and verifies references; prepares loan request papers; and forwards findings, reports, and documents to appraisal department. Reviews loan papers to ensure completeness, and completes transactions between loan establishment, borrowers, and sellers upon approval of loan.
This career is part of the Finance cluster Banking Services pathway.
A person in this career:
- Verifies and examines information and accuracy of loan application and closing documents.
- Interviews loan applicants to obtain personal and financial data and to assist in completing applications.
- Assembles and compiles documents for loan closings, such as title abstracts, insurance forms, loan forms, and tax receipts.
- Answers questions and advises customers regarding loans and transactions.
- Contacts customers by mail, telephone, or in person concerning acceptance or rejection of applications.
- Records applications for loan and credit, loan information, and disbursements of funds, using computers.
- Prepares and types loan applications, closing documents, legal documents, letters, forms, government notices, and checks, using computers.
- Presents loan and repayment schedules to customers.
- Calculates, reviews, and corrects errors on interest, principal, payment, and closing costs, using computers or calculators.
- Checks value of customer collateral to be held as loan security.