Writing a loan clerk job description starts with a solid understanding of what loan clerks do all day. Loan clerks work with banks to assist with borrower paperwork for a bank loan. They prepare appraisal documents and work with clients to review the accuracy of loan application information.
The typical loan clerk has a high school diploma or its equivalency. You may also prefer to have a candidate with some educational background in business or finance or an associate degree. Training for the job is usually provided to the right person upon employment.
Other important qualities to look for in an ideal candidate are strong organizational skills and top math skills. Loan clerks should also be able to deliver excellent customer service to potential bank customers and speak clearly and effectively. Check out some more tips with the loan clerk job description template below.
Loan Clerk Job Summary
Are you ready to start your career in financial services and the banking industry? If so, you can take advantage of the excellent opportunities we have for potential loan clerk candidates. If you have a passion for numbers and calculations and above average organizational skills, we are looking for you. You will assist our customers in getting approved for car and mortgage loans by reviewing and verifying the details on their applications, and you will interview loan applicants about their plans for the funds received. If you want to make first-time homebuyers or car purchasers get closer to their dream, this is the right position for you!
- Review loan application materials and closing documents for potential borrowers and check the accuracy of the information
- Ask questions to loan applicants about their financial history and personal information to get a more accurate picture of borrowers’ suitability
- Gather all appropriate paperwork and materials for loan application closing, such as tax forms, title documents, insurance information and loan terms
- Enter information about the loan details, the terms, the information from the application and the funds received into a computerized database
- Verify the details of the customer’s collateral when required in the loan application by interviewing the customer and researching information
- Crosscheck customer financial and personal data by conducting credit checks and background checks and contacting employer and personal references
- Compose loan application letters, closing documents, forms, bank letters, requests for more information and other types of correspondence by using word processing software
- Inform customers about loan terms and the repayment procedures upon loan approval and answer any questions about the process
Job Skills & Qualifications
- Completion of high school or an equivalency certificate
- Experience with Microsoft Office suite
- Ability to calculate financial formulas for interest and payment schedules
- Some college coursework in accounting, finance or business
- Experience working in a loan processing department of a bank
Loan Clerk Job Responsibilities
Without being clear about what the responsibilities of a job are, you aren’t likely to spark the interest of someone who would be most able to perform them. That’s why it’s important for your loan clerk job description to have a strong section dedicated to listing the daily duties of the job. Armed with this information, jobseekers can make an informed decision about whether they have the skills, experience and desire to meet expectations.
When you craft your list of job responsibilities, use bullet points to allow the jobseeker to quickly and easily get a grasp of the duties of the position. Don’t worry about using complete sentences; starting each bullet point with a strong verb will get your point across in a more clear and concise way. Having between six and eight bullet points for responsibilities in your loan clerk job description will help you attract the strongest candidates.
To help you, we’ve provided some examples of loan clerk job responsibilities below:
- Record personal and financial information from loan applicants
- Advise clients on required loan documentation and processes via email, phone and in person
- Digitally organize and file loan applications
- Calculate and review payments, interest and closing costs for accuracy
- Run checks on clients’ credit and employment history
Loan Clerk Job Specifications
The skills and responsibilities section of your loan clerk job description is a particularly important one. It’s here that jobseekers will learn if their skills match your needs. Being specific in this section is an excellent way to deter both underqualified and overqualified jobseekers who might otherwise require some of your valuable application review time. It’s much better to put some additional minutes into this section of the job description first than lose hours once you start receiving resumes.
You may not be aware of the full scope of the position and what it requires versus what might just be desired in a candidate. If this is the case, meet with the position’s hiring manager or supervisor to determine key skills and responsibilities for the loan clerk job description. This discussion can help you create no more than eight bullet points that clearly communicate expectations for the jobseeker.
Below, find examples of loan clerk job specifications to give you an idea for what this section might look like:
- Proficient in credit reporting software, Microsoft Excel, lending software and finance software
- Superior negotiation and interpersonal skills
- Highly organized and comfortable keeping detailed digital and hardcopy records for easy retrieval and archiving
- High level of accuracy in working with financial data
- Minimum 2 years’ experience in performing clerical duties
- High school diploma required; associate’s degree preferred