Education Career Articles

Connect Facebook Connect Twitter Connect Google+ Connect Pinterest Connect Stumbleupon

Commercial Loan Clerk Job Description

Job Descriptions December 28, 2013

The commercial loan clerk makes about $35,000 per year on average, since this is an entry-level position into the commercial loan industry. (Source: HR report from Certified Compensation Professionals) Understand that commercial loans are big business, and a standard office has a variety of workers, in addition to the office and the manager.

The clerk, for example, handles the paperwork generated by the contract as well as the research process. If the manager or loan officer were to handle the paperwork (or even the virtual paperwork online); it would be time-consuming and distracting to the objective. The clerk’s position allows both the loan officer team and the company paper trail team to maximize their efforts.

What Tasks Are Given to Commercial Clerks?

Commercial clerks maintain all records for loans, notices, reports and other financial data. Ultimately, they work with the customer, helping the borrower through the process. The financial data they provide assists both the borrower and the lender, as both parties want to verify all facts (including anything assumed or implied) in writing.

Besides clerical issues, clerks are also responsible for auditing, preparing documents and printing out forms. However, their job also involves a heavy amount of research. They are the ones that check credit scores for borrowers at the request of loan officers. If they have the additional title of loan service clerks, they may also record invoicing. If they are known as closers, they may be more directly involved in handling all final printed and recorded transactions.

What Qualities Make an Ideal Loan Clerk?

It’s not merely an interest in clerical work, which many have, but a proven aptitude for it. Many employers are looking to hire bachelor’s degree graduates, but some are willing to take a chance on high school graduates, or even GED holders. While education is not always a priority, some work experience is preferred since offices are very busy, and clerks are expected to work quickly. Two to four years of experience is commonly requested. Nevertheless, most companies do offer training in using the software and hardware of the office.

While this is an entry-level position, if you hope to progress, a degree is expected. Employers also tend to promote clerks who have excellent customer service skills, which aren’t a stretch considering that most of what they do is for the client or requested on behalf of the client. One of the most obvious trends in modern loan business is the bilingual associate. Learning to speak Spanish with the same fluency as you have in English would certainly help you to be noticed. Computer skills and mathematical skills are also qualities worth honing.

Even if you don’t progress right away, the career field of loan clerk is doing very well on its own thanks to the necessity of banks, credit unions, retail companies and lenders. There are over 135,000 jobs in the U.S. and big cities tend to pay more. This is a promising career for applicants who can keep up with the fast pace and who want to become part of the exciting loan industry, which promotes family business and opportunity.

Searching Searching ...

Matching School Ads
1 Program(s) Found
  • Available business concentrations include Accounting, Economics, General Management, Marketing, and Human Resource Management.
  • Ranked among the Best Online MBA and Online Graduate Business Programs in 2016 by U.S. News & World Report.
  • Programmatic accreditation provided by the Accreditation Council for Business Schools and Programs (ACBSP).
  • Regionally accredited by the Southern Association of Colleges and Schools Commission on Colleges (SACSCOC).
  • Online Courses
2 Program(s) Found
South University , Virginia Beach
  • Program options include Accounting, Business Administration, Leadership, and more.
  • Curriculum focuses on developing leadership, critical thinking, problem-solving, and communication skills.
  • Programmatic accreditation by the Accreditation Council for Business Schools and Programs (ACBSP) at select campuses.
  • Business programs are available at many of the 11 campus locations across the United States.
Good for Working Adults
  • Flexible Scheduling
  • Financial Aid
1 Program(s) Found
  • Campus-based and online business programs include Entertainment Business (BS), Internet Marketing (BS), and Business Intelligence (MS)
  • Students will explore business concepts like marketing, global media management, and business technology and design
  • Courses designed to prepare students for a career in business and Career Development advisors available to all alumni
  • Full Sail offers accelerated programs, so a degree that would normally take four years takes 24 months on average
  • Online Courses

Searching Searching ...

Matching School Ads
1 Program(s) Found
  • Available business concentrations include Accounting, Economics, General Management, Marketing, and Human Resource Management.
  • Ranked among the Best Online MBA and Online Graduate Business Programs in 2016 by U.S. News & World Report.
  • Programmatic accreditation provided by the Accreditation Council for Business Schools and Programs (ACBSP).
  • Regionally accredited by the Southern Association of Colleges and Schools Commission on Colleges (SACSCOC).
  • Online Courses
1 Program(s) Found
  • Campus-based and online business programs include Entertainment Business (BS), Internet Marketing (BS), and Business Intelligence (MS)
  • Students will explore business concepts like marketing, global media management, and business technology and design
  • Courses designed to prepare students for a career in business and Career Development advisors available to all alumni
  • Full Sail offers accelerated programs, so a degree that would normally take four years takes 24 months on average
  • Online Courses

Login to your account

Can't remember your Password ?

Register for this site!