These workers are often called credit investigators or reporters. Loan clerks, often called loan processing clerks, prepare loan applications for underwriters. They review loan applications, contact credit bureaus and reporting agencies for applicant records, and contact employers, banks, and references to verify personal and financial information. Clerks order appraisals from appraisal companies and secure tax forms, bank statements, and any required government forms from applicants. If any information in the loan package is inaccurate or incomplete, clerks contact the proper source for further information.
Mortgage loans are the primary type of loans handled by loan processors.
Closing clerks obtain and prepare documents needed for real estate settlements. Credit authorizers approve charges against customers' existing accounts. Most charges are approved automatically by computer. However, when accounts are past due, overextended, invalid, or show a change of address, sales persons refer transactions to credit authorizers located in a central office. Authorizers evaluate the customers' computerized credit records and payment histories and quickly decide whether or not to approve new charges.