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Career and Education Opportunities for Loan Inspectors in Philadelphia, Pennsylvania

Philadelphia, Pennsylvania provides a wide variety of opportunities, both career and educational, for loan inspectors. About 9,450 people are currently employed as loan inspectors in Pennsylvania. By 2016, this is expected to shrink 23% to 7,300 people employed. 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. 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.

Loan inspectors earn about $14 hourly or $30,520 yearly on average in Pennsylvania and about $15 hourly or $32,470 annually on average nationally. Compared with people working in the overall category of Clerical, people working as loan inspectors in Pennsylvania earn more. They earn more than people working in the overall category of Clerical nationally.

There are 156 schools of higher education in the Philadelphia area, including four within twenty-five miles of Philadelphia where you can get a degree to start your career as a loan inspector. Loan inspectors usually hold an Associate's, or other 2-year degree, so you can expect to spend about two years studying to be a loan inspector if you already have a high school diploma.

CAREER DESCRIPTION: Loan Inspector

Loan Inspector video from the State of New Jersey Dept. of Labor and Workforce Development

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 Philadelphia 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.
  • Correspondence Clerk. Compose letters in reply to requests for merchandise, damage claims, credit and other information, delinquent accounts, or unsatisfactory services. Duties may include gathering data to formulate reply and typing correspondence.
  • Courtroom Clerk. Perform clerical duties in court of law; prepare docket of cases to be called; secure information for judges; and contact witnesses, attorneys, and litigants to obtain information for court.
  • File Clerk. File correspondence, cards, and other records in alphabetical or numerical order or according to the filing system used. Locate and remove material from file when requested.
  • Insurance Claims Processor. Obtain information from insured or designated persons for purpose of settling claim with insurance carrier.
  • Insurance Processing Clerk. Process applications for, changes to, and cancellation of insurance policies. Duties include reviewing insurance applications to ensure that all questions have been answered, compiling data on insurance policy changes, changing policy records to conform to insured party's specifications, compiling data on lapsed insurance policies to determine automatic reinstatement according to company policies, canceling insurance policies as requested by agents, and verifying the accuracy of insurance company records.
  • License Clerk. Issue licenses or permits to qualified applicants. Obtain necessary information; record data; advise applicants on requirements; collect fees; and issue licenses. May conduct oral, written, or performance testing.
  • Municipal Clerk. Draft agendas and bylaws for town or city council; record minutes of council meetings; answer official correspondence; keep fiscal records and accounts; and prepare reports on civic needs.
  • Office Clerk. Perform duties too varied and diverse to be classified in any specific office clerical occupation, requiring limited knowledge of office management systems and procedures. Clerical duties may be assigned in accordance with the office procedures of individual establishments and may include a combination of answering telephones, bookkeeping, typing or word processing, stenography, office machine operation, and filing.
  • Order Clerk. Receive and process incoming orders for materials, merchandise, or services such as repairs, installations, or rental of facilities. Duties include informing customers of receipt, prices, and delays; preparing contracts; and handling complaints.
  • 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.
  • Procurement Clerk. Compile information and records to draw up purchase orders for procurement of materials and services.
  • Receptionist. Answer inquiries and obtain information for general public, customers, and other interested parties. Provide information regarding activities conducted at establishment; location of departments, offices, and employees within organization.
  • 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.
  • Store Clerk. Receive, store, and issue sales floor merchandise. Stock shelves, racks, and tables with merchandise and arrange merchandise displays to attract customers. May periodically take physical count of stock or check and mark merchandise.
  • Weighter. Weigh, measure, and check materials, supplies, and equipment for the purpose of keeping relevant records. Duties are primarily clerical by nature.

EDUCATIONAL OPPORTUNITIES: Loan Inspector Training

Camden County College - Blackwood, NJ

Camden County College, College Drive, Blackwood, NJ 08012. Camden County College is a large college located in Blackwood, New Jersey. It is a public school with primarily 2-year programs and has 14,951 students. Camden County College has an associate's degree program in Banking and Financial Support Services which graduated one student in 2008.

Bucks County Community College - Newtown, PA

Bucks County Community College, 275 Swamp Rd, Newtown, PA 18940-4106. Bucks County Community College is a large college located in Newtown, Pennsylvania. It is a public school with primarily 2-year programs and has 10,260 students. Bucks County Community College has an associate's degree program in Banking and Financial Support Services.

Delaware Technical and Community College-Stanton-Wilmington - Newark, DE

Delaware Technical and Community College-Stanton-Wilmington, 400 Stanton-Christiana Rd, Newark, DE 19702. Delaware Technical and Community College-Stanton-Wilmington is a medium sized college located in Newark, Delaware. It is a public school with primarily 2-year programs and has 7,460 students. Delaware Technical and Community College-Stanton-Wilmington has an associate's degree program in Banking and Financial Support Services which graduated one student in 2008.

Center for Innovative Training and Education - Philadelphia, PA

Center for Innovative Training and Education, 714 Market St Ste 433, Philadelphia, PA 19106. school located in Philadelphia, Pennsylvania. It is a private for-profit school with primarily less-than 2-year programs and has 41 students. Center for Innovative Training and Education has a less than one year program in Banking and Financial Support Services which graduated twenty-two students in 2008.

CERTIFICATIONS

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: Philadelphia, Pennsylvania

Philadelphia, Pennsylvania
Philadelphia, Pennsylvania photo by Apollo1758

Philadelphia is located in Philadelphia County, Pennsylvania. It has a population of over 1,447,395, which has shrunk by 4.6% in the past ten years. The cost of living index in Philadelphia, 102, is near the national average. New single-family homes in Philadelphia cost $212,900 on average, which is far greater than the state average. In 2008, five hundred forty-five new homes were constructed in Philadelphia, down from five hundred ninety-one the previous year.

The top three industries for women in Philadelphia are health care, educational services, and professional, scientific, and technical services. For men, it is construction, educational services, and health care. The average travel time to work is about 32 minutes. More than 17.9% of Philadelphia residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 7.5%, is lower than the state average.

The percentage of Philadelphia residents that are affiliated with a religious congregation, 53.4%, is more than the national average but less than the state average. Boulevard Church, Mount Herman Church and Saint Michael Mission Center are all churches located in Philadelphia. The most prominent religious groups are the Catholic Church, the American Baptist Churches in the USA and the Muslim Estimate.

Philadelphia is home to the Five Points and the Academy Gardens as well as Durham Park and Cloverly Park. Shopping malls in the area include Roosevelt Mall, Andorra Shopping Center and Red Lion Shopping Center. Visitors to Philadelphia can choose from Comfort Inn, Concordia Worldwide Hotel Reservations and Embassy Suites for temporary stays in the area.