A mortgage clerk works for a bank or other lending institution and is responsible for all aspects of mortgage loans, including initial paperwork and disbursement, as well as many other responsibilities. While a mortgage clerk is not considered an entry-level position, it is still a low-level position that requires some experience. Formal education beyond high school or a two-year degree in a related field is generally not required.
Various banks’ policies on lending and employment practices, as well as job duties performed, may differ; however, many of a clerk’s responsibilities are similar in some institutions. A loan officer will usually make a decision on whether a mortgage will be approved or denied, and then forward the paperwork to a mortgage clerk, who will enter the information into a computer system. The mortgage clerk might be in charge of creating documents that inform customers and insurance companies about their mortgages and payment plans.
The clerk may also be in charge of ensuring that all mortgage documents, including deeds, comply with any escrow requirements, lending policies, or laws. In order to communicate information, the clerk may need to write letters to other institutions, companies, the government, or homeowners. When customers call the bank with questions about their mortgages, he or she will typically need to be able to answer them.
A large part of a mortgage clerk’s job is processing loan payments. When a payment is received, the mortgage clerk must properly allocate the funds to interest and principal, as well as any additional insurance or tax payments required an escrow agreement. The clerk may also be responsible for checking the bank’s weekly or monthly reports for accuracy in various loans.
These are just a few of a mortgage clerk’s responsibilities. If you do well in this job, you may be promoted to loan officer, which comes with a higher salary and more responsibilities. Mortgage clerks can work full or part time at a bank, and they usually have regular hours and weekends off, as well as perks like health insurance and vacation time. A career as a mortgage clerk can be very rewarding for those who are responsible and pay close attention to detail.