A mortgage clerk works for a bank or other lending institution, and works with all aspects of mortgage loans, from original paperwork and disbursement to accepting monthly payments, as well as many other duties. While a mortgage clerk is not considered to be an entry-level job, it is still a fairly low-level job, and a minimum of experience is required. Generally, formal education beyond high school or a two-year degree in a related field is not a requirement either.
Policies may differ in various banks regarding lending and employment practices, as well as job duties performed; however, many responsibilities of a clerk are similar in some institutions. A loan officer will typically make a decision regarding the approval or denial of a mortgage, and will then pass the paperwork on to a mortgage clerk, who may then enter the information into a computer system. The mortgage clerk may be responsible for generating documents informing customers and insurance companies of the mortgage information and payment plans.
The clerk may also be responsible for checking all mortgage documents, including deeds, to be sure they are in compliance with any escrow requirements, lending policies, or laws. The clerk may also need to write letters to other institutions, companies, the government, or homeowners as needed to communicate information. He or she will typically also need to be able to answer customers' questions regarding their mortgages, when they call the bank.
Processing loan payments is also a large part of a mortgage clerk's job. When a payment is received, the mortgage clerk must correctly allocate the funds to interest and principal, as well as any additional insurance or tax payments that must be made as part of an escrow agreement. The clerk may also be responsible for checking weekly or monthly reports generated by the bank to ensure correctness in various loans.
These are just a few of the duties of a mortgage clerk. One who succeeds in this job may be able to be promoted to the position of loan officer, which generally comes with an increase in pay and responsibility. Mortgage clerks may work full or part time at a bank, and will often work fairly normal hours, and have weekends off, along with benefits such as health insurance or vacation time. For those who are responsible and have a great attention to deal, a career as a mortgage clerk can be very rewarding.
