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.