Career and Education Opportunities for Loan Inspectors in Indianapolis, Indiana
For those living in the Indianapolis, Indiana area, there are many career and education opportunities for loan inspectors. There are currently 4,360 working loan inspectors in Indiana; this should shrink by 11% to 3,870 working loan inspectors in the state by 2016. This is not quite as good as the national trend for loan inspectors, which sees this job pool growing by about 4.3% over the next eight years. Loan inspectors generally 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.
Loan inspectors earn about $13 per hour or $28,330 annually on average in Indiana and about $15 hourly or $32,470 annually on average nationally. Loan inspectors earn more than people working in the category of Clerical generally in Indiana and more than people in the Clerical category nationally.
There is one school within twenty-five miles of Indianapolis where you can study to be a loan inspector, among thirty-six schools of higher education total in the Indianapolis area. Loan inspectors usually hold an Associate's, or other 2-year degree, so it will take about two years to learn to be a loan inspector if you already have a high school diploma.
CAREER DESCRIPTION: Loan Inspector
In general, loan inspectors 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. They also review loan papers to ensure completeness, and complete transactions between loan establishment, borrowers, and sellers upon approval of loan.
Loan inspectors verify and examine data and precision of loan application and closing documents. They also answer questions and advise customers regarding loans and transactions. Equally important, loan inspectors have to calculate and correct errors on interest and closing costs, using computers or calculators. They are often called upon to assemble and compile documents for loan closings, such as title abstracts and tax receipts. They are expected to ready and type loan applications and checks, using computers. Finally, loan inspectors file and maintain loan archives.
Every day, loan inspectors are expected to be able to articulate ideas and problems. They need to listen to and understand others in meetings.
It is important for loan inspectors to accept payment on accounts. They are often called upon to contact credit bureaus and other sources so as to check applicants' credit and personal references. They also interview loan applicants so as to obtain personal and financial data, and to help in completing applications. They are sometimes expected to check value of customer collateral to be held as loan security. Somewhat less frequently, loan inspectors are also expected to establish credit limits and grant extensions of credit on overdue accounts.
They also have to be able to record applications for loan and credit and disbursements of funds, using computers and inspect customer accounts in order to establish whether payments are made on time and that other loan terms are being followed. And finally, they sometimes have to answer questions and advise customers regarding loans and transactions.
Like many other jobs, loan inspectors must be reliable and be thorough and dependable.
Similar jobs with educational opportunities in Indianapolis include:
- Bank Teller. Receive and pay out money. Keep records of money and negotiable instruments involved in a financial institution's various transactions.
- Bookkeeper. Compute, classify, and record numerical data to keep financial records complete. Perform any combination of routine calculating, posting, and verifying duties to obtain primary financial data for use in maintaining accounting records. May also check the accuracy of figures, calculations, and postings pertaining to business transactions recorded by other workers.
- Broker Assistant. Perform clerical duties involving the purchase or sale of securities. Duties include writing orders for stock purchases and sales, computing transfer taxes, verifying stock transactions, accepting and delivering securities, tracking stock price fluctuations, computing equity, and keeping records of daily transactions and holdings.
- Clerk. Compile data, compute fees and charges, and prepare invoices for billing purposes. Duties include computing costs and calculating rates for goods, services, and shipment of goods; posting data; and keeping other relevant records. May involve use of computer or typewriter, calculator, and adding and bookkeeping machines.
- Payroll Bookkeeper. Compile and post employee time and payroll data. May compute employees' time worked, production, and commission. May compute and post wages and deductions. May prepare paychecks.
- Secretary. Perform routine clerical and administrative functions such as drafting correspondence, scheduling appointments, organizing and maintaining paper and electronic files, or providing information to callers.
- Statistical Clerk. Compile and compute data according to statistical formulas for use in statistical studies. May perform actuarial computations and compile charts and graphs for use by actuaries. Includes actuarial clerks.
EDUCATIONAL OPPORTUNITIES: Loan Inspector Training
University of Indianapolis - Indianapolis, IN
University of Indianapolis, 1400 E Hanna Ave, Indianapolis, IN 46227-3697. University of Indianapolis is a small university located in Indianapolis, Indiana. It is a private not-for-profit school with primarily 4-year or above programs. It has 4,728 students and an admission rate of 72%. University of Indianapolis has a bachelor's degree program in Banking and Financial Support Services which graduated five students in 2008.
Certified Forensic Interviewer: The objective of this certification program is to create comprehensive, universally accepted professional standards combined with an objective measure of an interviewer's knowledge of those standards.
For more information, see the Center for Interviewer Standards and Assessment Ltd. website.
LOCATION INFORMATION: Indianapolis, Indiana
Indianapolis is situated in Marion County, Indiana. It has a population of over 798,382, which has grown by 2.1% in the past ten years. The cost of living index in Indianapolis, 80, is well below the national average. New single-family homes in Indianapolis cost $155,400 on average, which is near the state average. In 2008, seven hundred thirty-four new homes were constructed in Indianapolis, down from 1,317 the previous year.
The three big industries for women in Indianapolis are health care, educational services, and accommodation and food services. For men, it is construction, professional, scientific, and technical services, and administrative and support and waste management services. The average travel time to work is about 23 minutes. More than 25.4% of Indianapolis residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 8.7%, is higher than the state average.
The percentage of Indianapolis residents that are affiliated with a religious congregation, 40.3%, is less than both the national and state average. The largest religious groups are the Catholic Church, the United Methodist Church and the Christian Churches and Churches of Christ.