What they do
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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.
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| Also called: |
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Closer, Licensed Loan Officer Assistant, Loan Analyst, Loan Clerk, Loan Closer, Loan Originator, Loan Processor, Mortgage Broker, Mortgage Loan Processor, Mortgage Processor
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Wages
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| Vermont - 2023 |
| Percentile1 | Hourly | Yearly |
| 10% |
$ 20.03 |
$41,670 |
| 25% |
$ 21.53 |
$44,780 |
| Median |
$ 23.31 |
$48,490 |
| 75% |
$ 26.45 |
$55,010 |
| 90% |
$ 29.73 |
$61,830 |
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| Average |
$ 23.95 |
$49,820 |
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| More at CareerOneStop |
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Industries of Employment
| United States - 2022 |
| Industry | Percent of total |
- Credit intermediation and related activities
| 80% |
- Management of companies and enterprises
| 5% |
- Insurance carriers and related activities
| 5% |
- Professional, scientific, and technical services
| 4% |
| 2% |
| More at BLS |
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Knowledge
| People in this career often know a lot about: |
- Customer and Personal Service
Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
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- English Language
Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
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- Administrative
Knowledge of administrative and office procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and workplace terminology.
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- Computers and Electronics
Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
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- Law and Government
Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
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| More at O*NET |
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Skills
| People in this career often have these skills: |
- 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.
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- Speaking
Talking to others to convey information effectively.
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- Reading Comprehension
Understanding written sentences and paragraphs in work-related documents.
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- Critical Thinking
Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.
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- Writing
Communicating effectively in writing as appropriate for the needs of the audience.
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| More at O*NET |
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Interests
| People in this career often prefer these work environments: |
- 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.
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- 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.
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- Social
Work involves helping, teaching, advising, assisting, or providing service to others. Social occupations are often associated with social, health care, personal service, teaching/education, or religious activities.
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| What are your interests? Take the O*NET Interest Profiler |
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Work Styles
| People in this career will do well at jobs that need: |
- Attention to Detail
Job requires being careful about detail and thorough in completing work tasks.
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- Integrity
Job requires being honest and ethical.
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- Dependability
Job requires being reliable, responsible, and dependable, and fulfilling obligations.
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- Cooperation
Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.
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- Initiative
Job requires a willingness to take on responsibilities and challenges.
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| More at O*NET |
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Tasks
| On the job, you would: |
- Verify and examine information and accuracy of loan application and closing documents.
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- Assemble and compile documents for loan closings, such as title abstracts, insurance forms, loan forms, and tax receipts.
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- Record applications for loan and credit, loan information, and disbursements of funds, using computers.
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- Submit loan applications with recommendation for underwriting approval.
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- Contact customers by mail, telephone, or in person concerning acceptance or rejection of applications.
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| More at O*NET |
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| Related Occupations
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| Career Video
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Projected Employment
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| Vermont |
| 2022 employment |
357 |
| 2032 employment |
321 |
Annual percent change
(compounded) |
-1.1% |
Annual projected job openings
(due to change and separations) |
23 |
| More at Occupational Projections |
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Education and Experience:
- Typical education needed for entry
High school diploma or equivalent
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- Work experience in a related occupation
None
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- Typical on-the-job training needed to attain competency
Short-term on-the-job training
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| Based on BLS Education and Training Classifications |
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Physical Work Activity
Performing physical activities that require considerable use of your arms and legs and moving your whole body, such as climbing, lifting, balancing, walking, stooping, and handling materials.
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- Physical activity is Somewhat Important
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- Level of activity is Very Low
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| Low |  | High |
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| Compare Occupations at O*NET |
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Job Zone
| Medium Preparation Needed |
- Specific Vocational Preparation Range
(6.0 to < 7.0) - A typical worker will require
over 1 year up to and including 2 years
of training to achieve average performance in this occupation.
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| Based on O*Net Job Zones and SVP |
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Education Level
| How much education do most people in this career have? |
| Education level |  | Percent of
U.S. Workers |
Doctoral or professional degree
or post-MA certificate | | 0% |
Master's degree or
post-BA certificate | | 0% |
| Bachelor's degree | | 38% |
| Associate's degree | | 7% |
Certificate or some college,
no degree | | 12% |
High school diploma
or equivalent | | 43% |
| Less than high school diploma | | 0% |
| More at O*NET |
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Abilities
| People in this career often have talent in: |
- Oral Comprehension
The ability to listen to and understand information and ideas presented through spoken words and sentences.
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- Written Comprehension
The ability to read and understand information and ideas presented in writing.
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- Oral Expression
The ability to communicate information and ideas in speaking so others will understand.
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- Speech Clarity
The ability to speak clearly so others can understand you.
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- Speech Recognition
The ability to identify and understand the speech of another person.
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| More at O*NET |
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Work Activities
| In general, what you might do: |
- Working with Computers
Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
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- Getting Information
Observing, receiving, and otherwise obtaining information from all relevant sources.
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- 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.
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- 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.
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- Processing Information
Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
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| More at O*NET |
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Detailed Work Activities
| What you might do in a day: |
- Verify accuracy of financial or transactional data.
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- Compile data or documentation.
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- Maintain financial or account records.
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- Prepare documentation for contracts, transactions, or regulatory compliance.
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- Provide notifications to customers or patrons.
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| More at O*NET |
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Other Resources
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- CareerOneStop
resource for job seekers, students, businessess and career professionals
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- O*NET Online
nation's primary source of occupational information
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