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.
- Assembles and compiles documents for loan closings, such as title abstracts, insurance forms, loan forms, and tax receipts.
- Records applications for loan and credit, loan information, and disbursements of funds, using computers.
- Submits loan applications with recommendation for underwriting approval.
- Contacts customers by mail, telephone, or in person concerning acceptance or rejection of applications.
- Files and maintains loan records.
- Contacts credit bureaus, employers, and other sources to check applicants' credit and personal references.
- Checks value of customer collateral to be held as loan security.
- Prepares and types loan applications, closing documents, legal documents, letters, forms, government notices, and checks, using computers.
- Interviews loan applicants to obtain personal and financial data and to assist in completing applications.