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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

  • $37,710

    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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Loan Closer jobs

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Loan Closer Career Paths

Average Length of Employment
Loan Secretary 4.0 years
Title Closer 3.2 years
Escrow Closer 3.1 years
Loan Clerk 3.0 years
Loan Closer 3.0 years
Loan Processor 2.6 years
Loan Coordinator 2.5 years
Loan Assistant 2.5 years
Loan Analyst 2.4 years
Loan Specialist 2.3 years
Post Closer 2.3 years
Loan Auditor 2.2 years
Closer 1.9 years
Top Employers Before
Processor 4.7%
Specialist 4.6%
Closer 4.1%
Teller 3.3%
Assistant 2.7%
Top Employers After
Closer 5.3%
Specialist 4.8%
Auditor 3.1%

Loan Closer Demographics

Gender

Female

74.9%

Male

23.0%

Unknown

2.0%
Ethnicity

White

79.6%

Hispanic or Latino

11.1%

Asian

7.5%

Unknown

1.3%

Black or African American

0.5%
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Languages Spoken

Spanish

55.4%

Russian

7.1%

German

5.4%

French

5.4%

Arabic

3.6%

Italian

3.6%

Portuguese

1.8%

Lithuanian

1.8%

Vietnamese

1.8%

Chinese

1.8%

Ukrainian

1.8%

Hebrew

1.8%

Greek

1.8%

Carrier

1.8%

Cantonese

1.8%

Mandarin

1.8%

Polish

1.8%
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Loan Closer Education

Schools

University of Phoenix

20.6%

Strayer University

11.4%

Central Piedmont Community College

6.9%

Arizona State University

5.1%

Houston Community College

5.1%

Southern New Hampshire University

5.1%

Ashford University

4.6%

Florida State College at Jacksonville

4.0%

University of Texas at Dallas

3.4%

Liberty University

3.4%

University of Illinois at Chicago

3.4%

Iowa State University

3.4%

Community College of Allegheny County

3.4%

Michigan State University

2.9%

University of Maryland - University College

2.9%

Eastern Michigan University

2.9%

Grand Valley State University

2.9%

Cuyahoga Community College

2.9%

University of North Carolina at Charlotte

2.9%

Texas Southern University

2.9%
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Majors

Business

36.8%

Accounting

9.6%

Finance

9.3%

Legal Support Services

4.3%

Psychology

3.8%

Real Estate

3.6%

Criminal Justice

3.5%

Management

3.2%

General Studies

2.6%

Communication

2.6%

Health Care Administration

2.6%

Marketing

2.5%

Education

2.3%

Liberal Arts

2.3%

English

2.1%

Political Science

2.1%

Computer Science

1.8%

Law

1.8%

Economics

1.7%

Nursing

1.4%
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Degrees

Bachelors

36.4%

Other

30.6%

Associate

14.4%

Masters

9.0%

Certificate

6.0%

Diploma

1.4%

Doctorate

1.1%

License

1.0%
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Job type you want
Full Time
Part Time
Internship
Temporary

Top Skills for A Loan Closer

TitleCompaniesHud-1Fha/VaSettlementStatementsEscrowAgentsRealEstateAgentsMortgageLoanFilesLoanOfficersCustomerServiceLoanPackagesDisclosuresRespaTitleCommitmentsAuditLoanProceedsAppraisalsSettlementAgentsUnderwritingConditionsLegalDocumentsPurchases

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Top Loan Closer Skills

  1. Title Companies
  2. Hud-1
  3. Fha/Va
You can check out examples of real life uses of top skills on resumes here:
  • Contacted title companies and brokers to collect further documentation to process loans.
  • Communicated with escrow/settlement agent about vesting and estimated closing fees, as well as obtained and reviewed HUD-1.
  • Generate Conventional/FHA/VA mortgage closing documents Interact with Attorneys/Title Companies to schedule closings Review and approve HUD-1 Settlement Statements.
  • Worked with escrow and brokers to schedule signings, clear conditions and balance Settlement statements.
  • Coordinated with buyers, sellers, title companies, attorneys, escrow agents to set up closing date and time.

Top Loan Closer Employers

Loan Closer Videos

day in the life of a loan processor

Coleman SBA 7(a) Loan Closer Training

Loan Closer

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