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Career and Education Opportunities for Loan Inspectors in Plano, Texas

Loan inspectors can find both educational opportunities and jobs in the Plano, Texas area. Currently, 16,980 people work as loan inspectors in Texas. This is expected to grow by 4% to 17,720 people by 2016. This is not quite as good as the nation as a whole, where employment opportunities for loan inspectors are expected to grow by about 4.3%. 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.

Income for loan inspectors is about $16 per hour or $34,690 per year on average in Texas. Nationally, their income is about $15 per hour or $32,470 per year. Incomes for loan inspectors are better than in the overall category of Clerical in Texas, and better than the overall Clerical category nationally.

There are seventy-nine schools of higher education in the Plano area, including three within twenty-five miles of Plano where you can get a degree to start your career as a loan inspector. Given that the most common education level for loan inspectors is an Associate's, or other 2-year degree, you can expect to spend about two years training to become 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 Plano 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.
  • 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

University of North Texas - Denton, TX

University of North Texas, Chestnut Ave., Denton, TX 76203-1277. University of North Texas is a large university located in Denton, Texas. It is a public school with primarily 4-year or above programs. It has 34,795 students and an admission rate of 64%. University of North Texas has bachelor's degree, master's degree, and doctor's degree programs in Banking and Financial Support Services which graduated one, thirty-one, and two students respectively in 2008.

Northwood University - Cedar Hill, TX

Northwood University, 1114 W FM 1382, Cedar Hill, TX 75104-1204. Northwood University is a small university located in Cedar Hill, Texas. It is a private not-for-profit school with primarily 4-year or above programs. It has 864 students and an admission rate of 55%. Northwood University has an associate's degree and a bachelor's degree program in Banking and Financial Support Services which graduated five and six students respectively in 2008.

North Lake College - Irving, TX

North Lake College, 5001 N MacArthur Blvd, Irving, TX 75038-3899. North Lake College is a large college located in Irving, Texas. It is a public school with primarily 2-year programs and has 10,174 students. North Lake College has a one to two year and an associate's degree program in Banking and Financial Support Services which graduated two and five students respectively 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: Plano, Texas

Plano, Texas
Plano, Texas photo by Jmcstrav

Plano is situated in Collin County, Texas. It has a population of over 267,480, which has grown by 20.5% in the past ten years. The cost of living index in Plano, 91, is below the national average. New single-family homes in Plano are valued at $229,500 on average, which is far greater than the state average. In 2008, three hundred sixty-eight new homes were constructed in Plano, down from five hundred forty-six the previous year.

The three big industries for women in Plano are educational services, professional, scientific, and technical services, and health care. For men, it is professional, scientific, and technical services, computer and electronic products, and finance and insurance. The average travel time to work is about 28 minutes. More than 53.3% of Plano residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 17.6%, is higher than the state average.

The unemployment rate in Plano is 7.4%, which is less than Texas's average of 8.1%.

The percentage of Plano residents that are affiliated with a religious congregation, 53.7%, is more than the national average but less than the state average. Potters House Assembly of God Church, Central Baptist Church and Preston Meadow Lutheran Church are among the churches located in Plano. The most prominent religious groups are the Catholic Church, the Southern Baptist Convention and the United Methodist Church.

Plano is home to the Heritage Farmstead Museum and the The Shops at Willow Bend as well as Enfield Park and Buckhorn Park. Shopping malls in the area include Preston Shepard Place Shopping Center, Preston Towne Crossing Shopping Center and Collin Creek Shopping Center. Visitors to Plano can choose from Amerisuites Dallas Plano North, Best Western Park Suites Hotel and AmeriSuites Plano for temporary stays in the area.