A loan clerk is a bank employee whose primary responsibilities include recording, creating, and maintaining loan documentation. Interviewing loan applicants, completing loan application paperwork, performing credit checks, and creating final loan paperwork are just some of the responsibilities that loan clerks may have. This is a relatively entry-level position, with most applicants needing a high school diploma. Some clerks have business, accounting, or finance degrees from two-year or four-year colleges.
Though some loan clerks interview loan applicants and gather preliminary information, a loan officer is typically responsible for this. The loan officer will then give the clerk the information he or she has gathered. The clerk will then contact the applicants as needed to obtain any additional information or to answer any questions they may have about the lending process.
When the loan clerk receives the loan application information, he or she is responsible for double-checking the paperwork for accuracy and preparing the information for review loan officers. The clerk may need to check the applicant’s background, check references and work history, and verify credit history and credit scores. The clerk will prepare a final report once the information has been prepared and verified.
He or she will then forward the final report, as well as any additional documents that may be required, to the lending officer or department, who will review the loan information and make a final decision. The loan clerk’s job may be finished at that point, or he or she may be in charge of preparing the final loan paperwork and contracts that the lender and borrower will sign. A loan clerk may have additional job responsibilities in addition to his responsibilities in the lending department.
The loan clerk may be required to answer phones, maintain some filing records, and provide customer service to bank customers, among other clerical duties, depending on the size of the bank where he or she works. Clerks are expected to have strong computer and math skills, as well as the ability to write clearly and thoroughly check reports for errors. Clerks who excel at their jobs are frequently promoted to loan officers or supervisors, especially if they pursue further education.