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Loan clerks are employed by banks to interview customers and help them apply for loans, guiding them through the application and contract process. Clerks also help loan applicants understand what is necessary for a loan to be approved, as well as how to address any financial issues that may prevent the loan from being granted. Loan clerks are well versed in all loan types and parts of the approval process specific to the bank they work for, in order to answer questions and provide service to the customer.
Loans that clerks work with include automobile, home mortgage, and commercial business loans. The data collected by loan clerks from the customer includes name, address, and basic personal information such as credit and employment history, and a list of individual assets such as real estate. After the information is collected, loan clerks will verify it with credit and reference checks, and then determine if the loan should approved by using specific underwriting software. Once this process is finished, loan clerks meet with bank managers to decide whether or not to grant the loan. In some cases, such as large commercial loans, the application may be approved using other, more involved methods such a collaboration of loan institutions. The loan clerk guides the customer through every stage of this process.
Working at a bank as a loan clerk is a 40 hour standard week desk job, with the chance for after-hours time being needed where there is a large influx of customers or an increased demand for loans. Education wise, loan clerks have at least a high school degree, with a college degree not necessarily required depending on the bank. Typically, loan clerks have worked their way up from within bank, often starting first as bank tellers. There is no special licensing required for being a basic level loan clerk, however there is certification necessary to work as a home mortgage loan officer. Additionally, commercial loan officers may be required to have a degree in economics or finance.
Most loan clerks work at commercial banks and credit union, typically in cities and the surrounding area. In smaller banks, loans may actually be handled by the bank’s branch manager instead of by loan clerks or loan officers. Starting salary on average for loan clerks is around $30,850, with an average of around $39,710 to $76,860 depending on bank, location, years worked, and exact position.
What else can I help you with?
What is the work of bank clerk?
There are different types of bank clerk jobs so the work that you will be doing can vary. For example, if you are a loan clerk, your job will be to record and organize loan details. If you are a statement clerk, your role will be to process monthly balance sheets for customers who hold a checking account.
What do you think of the responsibilities duties of a clerk job in the banking sector?
Bank clerk's main responsibilities are to maintain basic transactions involved in banking and he also has to serve as a point of contact to the customer.It is an entry level post where in all the financial queries are answered and fundamental updates and calculations are made.He has to record and maintain all the loan information.
What is a work profile of clerk in bank?
1.Recording and organizing loan information. 2.Preparing the monthly balance sheets of checking account customers. 3.Taking care of records for each customer's account.
Examples of long term financing?
home loan, educational loan, machinary loan
When the bank gives adjustment on principal on a loan what account do you debit?
the loan
What is the work of bank clerk?
There are different types of bank clerk jobs so the work that you will be doing can vary. For example, if you are a loan clerk, your job will be to record and organize loan details. If you are a statement clerk, your role will be to process monthly balance sheets for customers who hold a checking account.
Where do you record a home loan if borrowing the money from a private party?
With the county the home is in. Contact the county clerk/recorder to record your deed of trust or hire a title company to do it for you.
What do you think of the responsibilities duties of a clerk job in the banking sector?
Bank clerk's main responsibilities are to maintain basic transactions involved in banking and he also has to serve as a point of contact to the customer.It is an entry level post where in all the financial queries are answered and fundamental updates and calculations are made.He has to record and maintain all the loan information.
What is a work profile of clerk in bank?
1.Recording and organizing loan information. 2.Preparing the monthly balance sheets of checking account customers. 3.Taking care of records for each customer's account.
What is the ratio of loan balance to loan amount for this particular loan?
The ratio of loan balance to loan amount for this specific loan is 0.75.
How long after the borrowers death is the co signer liable on a loan?
Until the loan is paid.Until the loan is paid.Until the loan is paid.Until the loan is paid.
What Is The Part Of Speech For Loan?
A loan is a noun ex: The loan from the bank was helpful. To loan is a verb: I had to loan my phone charger to a friend.
What is the loan origination date for this particular loan?
The loan origination date for this specific loan is the date when the loan was first issued or funded.
Is a car loan considered an installment loan?
Yes, a car loan is considered an installment loan.
What is uncollateralized loan?
a loan not backed by a co-signer who agrees to cover the amount of the loan a person loan without assets to cover the loan amount a home equity loan a loan tkaen on a life insurance policy
Can you change your loan from a hard money loan back to a convetional loan?
refinance the hard money loan back to a conventional bank loan
Which of the following loan types is considered an example of an unsecured loan?
A personal loan is an example of an unsecured loan, as it does not require collateral to secure the loan.
