Will “Mortgage Loan Officer” be Replaced By Robots? 🤔
92% Chance of Automation
“Mortgage Loan Officer” will probably be replaced by robots.
This job is ranked #563 out of #702. A higher ranking (i.e., a lower number) means the job is less likely to be replaced.
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. Review loan papers to ensure completeness, and complete transactions between loan establishment, borrowers, and sellers upon approval of loan.
- The SOC (Standard Occupational Classification) code is 43-4131.00
- The Mean Annual Wage in the U.S. is $ 40,300.00
- The Mean Hourly Wage is $ 19.00
- Currently, there are 224,340 people on this job
☝️ Information based on the reference occupation “Loan Interviewers and Clerks”.
Also Known As…
- Loan Interviewers and Clerks
- Production Assistant
- Mortgage Loan Processor
- Loan Processor
- Loan Officer
- Loan Closer
- Loan Clerk
- Loan Analyst
- Title Processor
- Sales Support Specialist
- Retail Mortgage Processor
- Processing Manager
- Post Closer
- Office Manager
- Mortgage Underwriter
- Mortgage Processor
- Mortgage Processing Clerk
- Mortgage Loan Processing Clerk
- Mortgage Loan Interviewer
- Mortgage Loan Closer
- Mortgage Closing Clerk
- Mortgage Clerk
- Mortgage Broker
- Loan Secretary
- Loan Representative
- Loan Processing Supervisor
- Loan Originator
- Loan Interviewer
- Loan Inspector
- Loan Expediter
- Loan Documentation Specialist
- Loan Counselor
- Loan Coordinator
- Loan Assistant
- Funding Specialist
- Eligibility Clerk
- Document Processor
- Document Coordinator
- Disbursement Clerk
- Credit Clerk
- Closing Coordinator
- Closing Agent
- Administrative Assistant
Tasks for “Mortgage Loan Officer”
- Schedule and conduct closings of mortgage transactions.
- Order property insurance or mortgage insurance policies to ensure protection against loss on mortgaged property.
- Prepare and type loan applications, closing documents, legal documents, letters, forms, government notices, and checks, using computers.
- Interview loan applicants to obtain personal and financial data and to assist in completing applications.
- Contact customers by mail, telephone, or in person concerning acceptance or rejection of applications.
- Accept payment on accounts.
- Present loan and repayment schedules to customers.
- Answer questions and advise customers regarding loans and transactions.
- Review customer accounts to determine whether payments are made on time and that other loan terms are being followed.
- Establish credit limits and grant extensions of credit on overdue accounts.
- Check value of customer collateral to be held as loan security.
- Assemble and compile documents for loan closings, such as title abstracts, insurance forms, loan forms, and tax receipts.
- File and maintain loan records.
- Submit loan applications with recommendation for underwriting approval.
- Contact credit bureaus, employers, and other sources to check applicants' credit and personal references.
- Verify and examine information and accuracy of loan application and closing documents.
- Calculate, review, and correct errors on interest, principal, payment, and closing costs, using computers or calculators.
- Record applications for loan and credit, loan information, and disbursements of funds, using computers.
Related Technology & Tools
- Personal computers
- Document scanners
- Laptop computers
- Printing calculators
- Copy machines
- Computer inkjet printers
- Laser facsimile machines
- Automated underwriting software
- Microsoft PowerPoint
- Microsoft Outlook
- Desktop Underwriter
- Automated financial software
- Web browser software
- Loan tracking software
- Microsoft Excel
- Microsoft Office
- Rockport Integrated Excel Underwriting
- Desktop publishing software
- Credit reporting software
- Microsoft Word
- Lending software systems
- Software AG Underwriting Solution