Loan Interviewers and Clerks

Interview loan applicants to elicit information; investigate applicants' backgrounds and verify references; prepare loan request papers; and forward findings, reports, and documents to appraisal department. Review loan papers to ensure completeness, and complete transactions between loan establishment, borrowers, and sellers upon approval of loan.

On the job, you would:

Prepare and type loan applications, closing documents, legal documents, letters, forms, government notices, and checks, using computers.
Verify and examine information and accuracy of loan application and closing documents.
Assemble and compile documents for loan closings, such as title abstracts, insurance forms, loan forms, and tax receipts.

Important Qualities

Communication skills. Financial clerks should be able to explain policies and procedures to colleagues and customers.

Math skills. The job duties of financial clerks includes calculating charges and updating financial records.

Organizational skills. Financial clerks must be able to arrange files so they can find them quickly and efficiently.

Personality

A3	Your Strengths	Importance	Characteristics of this Career
		91%	Attention to Detail - Job requires being careful about detail and thorough in completing work tasks.
		90%	Integrity - Job requires being honest and ethical.
		86%	Dependability - Job requires being reliable, responsible, and dependable, and fulfilling obligations.
		81%	Cooperation - Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.
		79%	Initiative - Job requires a willingness to take on responsibilities and challenges.
		79%	Self-Control - Job requires maintaining composure, keeping emotions in check, controlling anger, and avoiding aggressive behavior, even in very difficult situations.
		75%	Stress Tolerance - Job requires accepting criticism and dealing calmly and effectively with high-stress situations.
		75%	Persistence - Job requires persistence in the face of obstacles.
		74%	Independence - Job requires developing one's own ways of doing things, guiding oneself with little or no supervision, and depending on oneself to get things done.
		74%	Adaptability/Flexibility - Job requires being open to change (positive or negative) and to considerable variety in the workplace.
		72%	Achievement/Effort - Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
		64%	Concern for Others - Job requires being sensitive to others' needs and feelings and being understanding and helpful on the job.
		63%	Analytical Thinking - Job requires analyzing information and using logic to address work-related issues and problems.
		60%	Leadership - Job requires a willingness to lead, take charge, and offer opinions and direction.
		54%	Innovation - Job requires creativity and alternative thinking to develop new ideas for and answers to work-related problems.

A3	Your Strengths	Importance	Strengths
		100%	Conventional - Work involves following procedures and regulations to organize information or data, typically in a business setting. Conventional occupations are often associated with office work, accounting, mathematics/statistics, information technology, finance, or human resources.
		61%	Enterprising - Work involves managing, negotiating, marketing, or selling, typically in a business setting, or leading or advising people in political and legal situations. Enterprising occupations are often associated with business initiatives, sales, marketing/advertising, finance, management/administration, professional advising, public speaking, politics, or law.

A3	Your Strengths	Importance	Values of the Work Environment
		61%	Relationships - Occupations that satisfy this work value allow employees to provide service to others and work with co-workers in a friendly non-competitive environment. Corresponding needs are Co-workers, Moral Values and Social Service.
		56%	Support - Occupations that satisfy this work value offer supportive management that stands behind employees. Corresponding needs are Company Policies, Supervision: Human Relations and Supervision: Technical.

Aptitude

A3	Your Strengths	Importance	Abilities \| Cognitive, Physical, Personality
		78%	Written Comprehension - The ability to read and understand information and ideas presented in writing.
		78%	Oral Comprehension - The ability to listen to and understand information and ideas presented through spoken words and sentences.
		75%	Speech Clarity - The ability to speak clearly so others can understand you.
		75%	Oral Expression - The ability to communicate information and ideas in speaking so others will understand.
		75%	Speech Recognition - The ability to identify and understand the speech of another person.
		69%	Problem Sensitivity - The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing that there is a problem.
		69%	Near Vision - The ability to see details at close range (within a few feet of the observer).
		69%	Information Ordering - The ability to arrange things or actions in a certain order or pattern according to a specific rule or set of rules (e.g., patterns of numbers, letters, words, pictures, mathematical operations).
		66%	Deductive Reasoning - The ability to apply general rules to specific problems to produce answers that make sense.
		66%	Inductive Reasoning - The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
		66%	Written Expression - The ability to communicate information and ideas in writing so others will understand.
		53%	Mathematical Reasoning - The ability to choose the right mathematical methods or formulas to solve a problem.
		53%	Selective Attention - The ability to concentrate on a task over a period of time without being distracted.

A3	Your Strengths	Importance	Skills \| Cognitive, Physical, Personality
		57%	Reading Comprehension - Understanding written sentences and paragraphs in work-related documents.
		57%	Active Listening - Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
		57%	Speaking - Talking to others to convey information effectively.
		57%	Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.
		55%	Writing - Communicating effectively in writing as appropriate for the needs of the audience.
		54%	Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.

Job Details

Responsibilities

Verify accuracy of financial or transactional data.

Interview employees, customers, or others to collect information.

Compile data or documentation.

Discuss account status or activity with customers or patrons.

Provide notifications to customers or patrons.

Maintain financial or account records.

Prepare documentation for contracts, transactions, or regulatory compliance.

Prepare business correspondence.

Type documents.

Discuss account status or activity with customers or patrons.

Calculate financial data.

Verify accuracy of financial or transactional data.

Determine the value of goods or services.

Obtain personal or financial information about customers or applicants.

Maintain financial or account records.

Schedule appointments.

Collect deposits, payments or fees.

Prepare documentation for contracts, transactions, or regulatory compliance.

Arrange insurance coverage.

Monitor financial information.

Negotiate financial arrangements.

A3	Your Strengths	Importance	Attributes & Percentage of Time Spent
		100%	Telephone - How often do you have telephone conversations in this job?
		99%	Contact With Others - How much does this job require the worker to be in contact with others (face-to-face, by telephone, or otherwise) in order to perform it?
		98%	Indoors, Environmentally Controlled - How often does this job require working indoors in environmentally controlled conditions?
		93%	Deal With External Customers - How important is it to work with external customers or the public in this job?
		93%	Importance of Being Exact or Accurate - How important is being very exact or highly accurate in performing this job?
		92%	Spend Time Sitting - How much does this job require sitting?
		91%	Face-to-Face Discussions - How often do you have to have face-to-face discussions with individuals or teams in this job?
		91%	Frequency of Decision Making - How frequently is the worker required to make decisions that affect other people, the financial resources, and/or the image and reputation of the organization?
		88%	Time Pressure - How often does this job require the worker to meet strict deadlines?
		88%	Letters and Memos - How often does the job require written letters and memos?
		87%	Structured versus Unstructured Work - To what extent is this job structured for the worker, rather than allowing the worker to determine tasks, priorities, and goals?
		86%	Freedom to Make Decisions - How much decision making freedom, without supervision, does the job offer?
		83%	Electronic Mail - How often do you use electronic mail in this job?
		83%	Importance of Repeating Same Tasks - How important is repeating the same physical activities (e.g., key entry) or mental activities (e.g., checking entries in a ledger) over and over, without stopping, to performing this job?
		78%	Work With Work Group or Team - How important is it to work with others in a group or team in this job?
		77%	Impact of Decisions on Co-workers or Company Results - What results do your decisions usually have on other people or the image or reputation or financial resources of your employer?
		75%	Level of Competition - To what extent does this job require the worker to compete or to be aware of competitive pressures?
		69%	Coordinate or Lead Others - How important is it to coordinate or lead others in accomplishing work activities in this job?
		68%	Deal With Unpleasant or Angry People - How frequently does the worker have to deal with unpleasant, angry, or discourteous individuals as part of the job requirements?
		66%	Frequency of Conflict Situations - How often are there conflict situations the employee has to face in this job?
		65%	Responsibility for Outcomes and Results - How responsible is the worker for work outcomes and results of other workers?
		54%	Spend Time Making Repetitive Motions - How much does this job require making repetitive motions?
		68%	Duration of Typical Work Week - Number of hours typically worked in one week.

A3	Your Strengths	Importance	Tasks & Values
		98%	Working with Computers - Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
		85%	Getting Information - Observing, receiving, and otherwise obtaining information from all relevant sources.
		85%	Performing for or Working Directly with the Public - Performing for people or dealing directly with the public. This includes serving customers in restaurants and stores, and receiving clients or guests.
		84%	Evaluating Information to Determine Compliance with Standards - Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.
		84%	Processing Information - Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
		78%	Communicating with Supervisors, Peers, or Subordinates - Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
		75%	Making Decisions and Solving Problems - Analyzing information and evaluating results to choose the best solution and solve problems.
		75%	Establishing and Maintaining Interpersonal Relationships - Developing constructive and cooperative working relationships with others, and maintaining them over time.
		75%	Analyzing Data or Information - Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
		75%	Updating and Using Relevant Knowledge - Keeping up-to-date technically and applying new knowledge to your job.
		74%	Organizing, Planning, and Prioritizing Work - Developing specific goals and plans to prioritize, organize, and accomplish your work.
		72%	Identifying Objects, Actions, and Events - Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.
		66%	Communicating with People Outside the Organization - Communicating with people outside the organization, representing the organization to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail.
		64%	Interpreting the Meaning of Information for Others - Translating or explaining what information means and how it can be used.
		63%	Performing Administrative Activities - Performing day-to-day administrative tasks such as maintaining information files and processing paperwork.
		58%	Documenting/Recording Information - Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.
		57%	Resolving Conflicts and Negotiating with Others - Handling complaints, settling disputes, and resolving grievances and conflicts, or otherwise negotiating with others.
		57%	Monitoring Processes, Materials, or Surroundings - Monitoring and reviewing information from materials, events, or the environment, to detect or assess problems.
		55%	Thinking Creatively - Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions.
		55%	Inspecting Equipment, Structures, or Materials - Inspecting equipment, structures, or materials to identify the cause of errors or other problems or defects.
		55%	Selling or Influencing Others - Convincing others to buy merchandise/goods or to otherwise change their minds or actions.

What Financial Clerks Do

Financial clerks keep and update financial records.

Financial clerks do administrative work for many types of organizations. They keep records, help customers, and carry out transactions that involve money.

Duties

Financial clerks typically do the following:

Keep and update financial records
Calculate bills and charges
Offer customer assistance
Carry out financial transactions

Financial clerks’ job duties vary by specialty and by setting.

The following are examples of types of financial clerks:

Billing and posting clerks calculate charges and generate bills, which they then prepare to send to customers. They review documents such as purchase orders, sales tickets, charge slips, and hospital records to calculate fees or charges due. They also contact customers to get or give account information.

Brokerage clerks help with tasks associated with securities such as stocks, bonds, commodities, and other kinds of investments. Their duties include writing orders for stock purchases and sales, calculating transfer taxes, verifying stock transactions, accepting and delivering securities, distributing dividends, and recording daily transactions and holdings.

Credit authorizers, checkers, and clerks review the credit history, and get the information needed to determine the creditworthiness, of individuals or businesses applying for credit. Credit authorizers check customers’ credit records and payment histories to decide, based on predetermined standards, whether to approve new credit. Credit checkers contact credit departments of business and service establishments for information about applicants’ credit standing.

Gambling cage workers work in casinos and other gambling establishments. The “cage” in which they work is the central depository for money and gambling chips. Gambling cage workers sell gambling chips, tokens, or tickets to patrons. They count funds and reconcile daily summaries of transactions to balance books.

Insurance claims and policy processing clerks process applications for insurance policies. They also handle customers’ requests to change or cancel their existing policies. Their duties include interviewing clients and reviewing insurance applications to make sure that all questions have been answered. They also inform insurance agents and accounting departments of policy cancellations or changes.

Loan interviewers, also called loan processors or loan clerks, interview applicants and others to get and verify personal and financial information needed to complete loan applications. They also prepare the documents that go to the appraiser and are issued at the closing of a loan.

New accounts clerks interview people who want to open accounts in financial institutions. They explain the account services available to prospective customers and help them fill out applications. They also investigate and correct errors in accounts.

Payroll and timekeeping clerks compile and post employee time and payroll data. They verify and record attendance, hours worked, and pay adjustments. They make sure that employees are paid on time and that their paychecks are correct.

Procurement clerks compile requests for materials, prepare purchase orders, keep track of purchases and supplies, and handle questions about orders. They respond to questions from customers and suppliers about the status of orders. Procurement clerks handle requests to change or cancel orders. They make sure that purchases arrive on schedule and that the items meet the buyer’s specifications.

Work Environment

Financial clerks held about 1.3 million jobs in 2022. Employment in the detailed occupations that make up financial clerks was distributed as follows:

Billing and posting clerks	456,300
Insurance claims and policy processing clerks	259,000
Loan interviewers and clerks	247,100
Payroll and timekeeping clerks	165,400
Procurement clerks	65,300
New accounts clerks	46,600
Brokerage clerks	43,700
Credit authorizers, checkers, and clerks	16,400
Gambling cage workers	12,200

The largest employers of financial clerks were as follows:

Credit intermediation and related activities	21%
Insurance carriers and related activities	19
Healthcare and social assistance	18
Professional, scientific, and technical services	8
Administrative and support services	6

Financial clerks work in a variety of industries, usually in offices.

Work Schedules

Most financial clerks work full time.

Getting Started

Education:

43%

High School Diploma - or the equivalent (for example, GED)

38%

Bachelor's Degree

How to Become a Financial Clerk

A high school diploma is sufficient for most financial clerk positions.

A high school diploma or equivalent is typically required for most financial clerk jobs. These workers typically learn their duties through on-the-job training.

Education

Financial clerks typically need a high school diploma or equivalent to enter the occupation. Employers of brokerage clerks may prefer candidates who have taken some college courses in business or economics and, in some cases, have a 2- or 4-year college degree.

Training

Most financial clerks learn how to do their job duties through on-the-job training. Some formal technical training also may be necessary; for example, gambling cage workers may need training in specific gambling regulations and procedures.

Advancement

Financial clerks may advance to related occupations in finance. For example, a loan interviewer or clerk may become a loan officer, and a brokerage clerk may become a securities, commodities, and financial services sales agent, after obtaining the required education and license.

Job Outlook

Overall employment of financial clerks is projected to decline 4 percent from 2022 to 2032.

Despite declining employment, about 116,600 openings for financial clerks are projected each year, on average, over the decade. All of those openings are expected to result from the need to replace workers who transfer to other occupations or exit the labor force, such as to retire.

Employment

Projected employment of financial clerks varies by occupation (see table). The availability of online tools, which allow financial customers to perform many tasks themselves, is expected to reduce demand for occupations such as new accounts clerks; procurement clerks; and credit authorizers, checkers, and clerks. Similarly, productivity-enhancing technology is expected to limit demand for other clerks, such as payroll and timekeeping clerks, loan interviewers and clerks, brokerage clerks, and insurance claims and policy processing clerks.

Employment of gambling cage workers will be impacted by the adoption of technology in payout processing and online gambling, which limits the need for cage workers.

Employment of billing and posting clerks is expected to rise in fast-growing healthcare industries; however, automated invoice processing software will increase the productivity of these workers and reduce overall employment growth.

Contacts for More Information

For more information about financial clerks, visit

American Bankers Association

Mortgage Bankers Association

Similar Occupations

This table shows a list of occupations with job duties that are similar to those of financial clerks.

Occupation	Job Duties	Entry-Level Education	Median Annual Pay, May 2022
Bill and Account Collectors	Bill and account collectors try to recover payment on overdue bills.	High school diploma or equivalent	$39,470
Bookkeeping, Accounting, and Auditing Clerks	Bookkeeping, accounting, and auditing clerks produce financial records for organizations and check financial records for accuracy.	Some college, no degree	$45,860
Gambling Services Workers	Gambling services workers serve customers in gambling establishments, such as casinos or racetracks.	High school diploma or equivalent	$31,290
Information Clerks	Information clerks perform routine clerical duties, maintain records, collect data, and provide information to customers.	See How to Become One	$38,710
Tellers	Tellers are responsible for accurately processing routine transactions at a bank.	High school diploma or equivalent	$36,380
Secretaries and Administrative Assistants	Secretaries and administrative assistants do routine clerical and organizational tasks.	High school diploma or equivalent	$44,080
Medical Records Specialists	Medical records specialists compile, process, and maintain patient files.	Postsecondary nondegree award	$47,180

Loan Interviewers and Clerks

Financial Clerk

What they do: