Do you want to help people get loans for big-ticket items like houses, cars, and property? Do you like the idea of helping people realize their financial dreams and goals? If so, you may want to consider becoming a loan interviewer or clerk.
Loan interviewers are also called loan clerks, or sometimes loan processors. They interview loan applicants and collect personal and financial information from them, with the goal of assessing their loan eligibility. In addition to interviewing applicants by phone or in person, this often means preparing the relevant documents (for both the appraisal and closing) and keeping records of all interactions.
What about education? You will need at least a high school diploma or its equivalent, and many employers prefer some college credit in addition to high school coursework. You will need excellent math and communication skills, and need to be detail-oriented and thorough in your written records. You will likely receive on-the-job training before you are expected to carry your weight as a loan interviewer. During the training, you’ll learn how to effectively get information from loan applicants, how to process loan applications, where to find credit information and how to analyze credit scores, how to fill out legal documents, and how to approach applicants when they are approved or declined for loans.
How much do loan interviewers earn? On average, loan interviewers earn about $32,000 a year. Interviewers with more training, education, and experience will likely earn more than their inexperienced counterparts. If you start out at entry level, do your best and go the extra mile to earn the respect and attention of your supervisors. Work on improving your communication skills and increasing your efficiency. Over time, your hard work may pay off (literally!) with a promotion or raise.
What can I expect in the job market? As an industry, loan-interview employment is expected to grow slower than average, mostly because of an increase in online loan applications. But as the economy improves, there will be an increased need for home loans and other types of loans. Overall economic activity also affects loan-interviewer employment. When you are looking for loan-interviewer jobs, try to network with people in the field to see what opportunities they may know about, and don’t forget to visit online search engines regularly for new postings. You should also spread the word among your family and friends that you’re in the market—word of mouth is frequently an effective way to find a job.
How can I boost my resume? You should acquire a good range of skills in math, customer service, and telephone skills. The key to a hot resume is to stay professionally relevant in the rapidly changing lending industry, so that employers can see from your resume that you are committed to being up to date. There are two ways to stay relevant: education and skills. If you only have a high school diploma, you may want to consider enrolling in a financial or business degree program at your community college. You may also want to pursue licensure or certification. In addition to educational goals, you may also want to acquire some new technical skills and check out some of the latest lending computer software.