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Become A Loan Closer

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Working As A Loan Closer

  • Processing Information
  • Interacting With Computers
  • Communicating with Persons Outside Organization
  • Getting Information
  • Performing for or Working Directly with the Public
  • Deal with People

  • Unpleasant/Angry People

  • Mostly Sitting

  • Repetitive

  • Stressful

  • $69,036

    Average Salary

What Does A Loan Closer Do

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

Duties

Financial clerks typically do the following:

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

Financial clerks give administrative and clerical support in financial settings. Their specific job duties vary by specialty and by setting.

Billing and posting clerks calculate charges, develop bills, and prepare them to be mailed to customers. They review documents such as purchase orders, sales tickets, charge slips, and hospital records to compute fees or charges due. They also contact customers to get or give account information.

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

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

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. They handle requests to change or cancel orders. They make sure that purchases arrive on schedule and that the items meet the purchaser’s specifications.

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, computing transfer taxes, verifying stock transactions, accepting and delivering securities, distributing dividends, and keeping records of 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 evaluate customers’ computerized credit records and payment histories to decide, based on predetermined standards, whether to approve new credit. Credit checkers call or write credit departments of business and service establishments to get information about applicants’ credit standing.

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.

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 ensure that all questions have been answered. They also notify insurance agents and accounting departments of policy cancellations or changes.

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How To Become A Loan Closer

A high school diploma or equivalent is typically required for most financial clerk jobs. These workers usually 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, require 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, gaming cage workers may need training in specific gaming regulations and procedures.

Advancement

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

Important Qualities

Communication skills. Financial clerks should have good communication skills so that they can explain policies and procedures to colleagues and customers.

Math skills. The job duties of financial clerks, including calculating charges and checking credit scores, require basic math skills.

Organizational skills. Strong organizational skills are important for financial clerks because they must be able to find files quickly and efficiently.

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Do you work as a Loan Closer?

Loan Closer Jobs

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Loan Closer Career Paths

Loan Closer
Auditor Specialist Property Manager
Asset Manager
7 Yearsyrs
Mortgage Consultant Sales Consultant Leasing Consultant
Assistant Community Manager
5 Yearsyrs
Mortgage Consultant Underwriter Team Manager
Assistant Vice President Operations
8 Yearsyrs
Office Manager Staff Accountant Senior Auditor
Audit Manager
6 Yearsyrs
Senior Loan Processor Service Specialist Personal Banker
Banking Center Manager
5 Yearsyrs
Mortgage Loan Specialist Service Specialist Assistant Branch Manager
Branch Operations Manager
6 Yearsyrs
Office Manager Operations Manager Branch Manager
Branch Sales Manager
6 Yearsyrs
Escrow Officer Closing Coordinator Senior Loan Processor
Client Relations Manager
6 Yearsyrs
Underwriter Assistant Vice President
Manager, Assistant Vice President
7 Yearsyrs
Junior Underwriter Processing Manager Closing Manager
Mutual Fund Manager
6 Yearsyrs
Senior Loan Processor Office Manager
Office Manager Of Human Resources
7 Yearsyrs
Mortgage Underwriter Analyst Program Manager
Portfolio Manager
7 Yearsyrs
Auditor Operator Production Manager
Processing Manager
7 Yearsyrs
Escrow Officer Realtor Real Estate Broker
Real Estate Management Specialist
7 Yearsyrs
Loan Documentation Specialist Mortgage Loan Processor
Senior Loan Processor
6 Yearsyrs
Underwriter Senior Underwriter
Underwriting Manager
8 Yearsyrs
Mortgage Underwriter Senior Underwriter Assistant Vice President
Vice President Operation Manager
10 Yearsyrs
Loan Documentation Specialist Loan Servicing Specialist
Work Director
5 Yearsyrs
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Do you work as a Loan Closer?

Help others decide if this is a good career for them

Do you work as a Loan Closer?

Loan Closer Demographics

Gender

Female

75.4%

Male

22.6%

Unknown

2.0%
Ethnicity

White

62.1%

Hispanic or Latino

15.8%

Black or African American

11.3%

Asian

7.7%

Unknown

3.2%
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Foreign Languages Spoken

Spanish

54.7%

Russian

5.7%

German

5.7%

French

5.7%

Arabic

3.8%

Italian

3.8%

Portuguese

1.9%

Lithuanian

1.9%

Somali

1.9%

Filipino

1.9%

Chinese

1.9%

Ukrainian

1.9%

Greek

1.9%

Carrier

1.9%

Cantonese

1.9%

Mandarin

1.9%

Polish

1.9%
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Loan Closer Education

Schools

University of Phoenix

19.6%

Strayer University

11.4%

Central Piedmont Community College

6.5%

Ashford University

4.9%

Arizona State University

4.9%

Houston Community College

4.9%

Southern New Hampshire University

4.9%

Florida State College at Jacksonville

4.3%

University of North Texas

3.8%

Liberty University

3.8%

Iowa State University

3.8%

Michigan State University

3.3%

University of Texas at Dallas

3.3%

University of Illinois at Chicago

3.3%

Grand Canyon University

3.3%

Community College of Allegheny County

3.3%

Montgomery College

2.7%

University of Maryland - University College

2.7%

Eastern Michigan University

2.7%

Grand Valley State University

2.7%
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Majors

Business

36.5%

Accounting

9.5%

Finance

8.7%

Legal Support Services

4.4%

Psychology

4.0%

Criminal Justice

3.7%

Real Estate

3.3%

Management

3.2%

Marketing

2.8%

General Studies

2.7%

Communication

2.7%

Health Care Administration

2.6%

Education

2.5%

Liberal Arts

2.5%

Political Science

2.2%

English

1.9%

Law

1.8%

Computer Science

1.7%

Human Resources Management

1.6%

Economics

1.5%
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Degrees

Bachelors

36.4%

Other

30.7%

Associate

14.7%

Masters

8.9%

Certificate

6.0%

Diploma

1.4%

License

0.9%

Doctorate

0.9%
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How Would You Rate The Salary Of a Loan Closer?

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Top Skills for A Loan Closer

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  1. Loan Applications
  2. Title Companies
  3. Hud-1
You can check out examples of real life uses of top skills on resumes here:
  • Contacted customers concerning acceptance or rejection of their loan applications and discussed the loan stipulations.
  • Verified accuracy of mortgage documents before release to title companies and/or attorneys.
  • Reviewed preliminary HUD-1 statement settlement.
  • Validate accuracy of finalized figures incorporated in the critical documents, set-up wire transactions and documentation of conversation log.
  • Determined qualifications on the following government entities: Conventional, Fannie Mae, Freddie Mac, USDA, FHA & VA..

How Would You Rate Working As a Loan Closer?

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Top Loan Closer Employers

Jobs From Top Loan Closer Employers

Loan Closer Videos

day in the life of a loan processor

Coleman SBA 7(a) Loan Closer Training

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