Will “Loan Officer” be Replaced By Robots? 🤔
100 % Chance of Automation
“Loan Officer” will definitely be replaced by robots.
This job is ranked #677 out of #702. A higher ranking (i.e., a lower number) means the job is less likely to be replaced.
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Job Description
Analyze credit data and financial statements of individuals or firms to determine the degree of risk involved in extending credit or lending money. Prepare reports with credit information for use in decision making.
Job Details
- The SOC (Standard Occupational Classification) code is 13-2041.00
- The Mean Annual Wage in the U.S. is $ 81,160.00
- The Mean Hourly Wage is $ 39.00
- Currently, there are 72,930 people on this job
☝️ Information based on the reference occupation “Credit Analysts”.
Also Known As…
- Credit Analysts
- Underwriter
- Risk Analyst
- Credit Risk Analyst
- Credit Representative
- Credit Manager
- Credit and Collections Analyst
- Credit Analyst
- Credit Administrator
- Analyst
- Loan Review Analyst
- Financing Analyst
- Financial Analyst
- Factorer
- Escrow Representative
- Credit Specialist
- Credit Negotiator
- Credit Assessment Analyst
Tasks for “Loan Officer”
- Evaluate customer records and recommend payment plans based on earnings, savings data, payment history, and purchase activity.
- Confer with credit association and other business representatives to exchange credit information.
- Review individual or commercial customer files to identify and select delinquent accounts for collection.
- Complete loan applications, including credit analyses and summaries of loan requests, and submit to loan committees for approval.
- Consult with customers to resolve complaints and verify financial and credit transactions.
- Compare liquidity, profitability, and credit histories of establishments being evaluated with those of similar establishments in the same industries and geographic locations.
- Analyze credit data and financial statements to determine the degree of risk involved in extending credit or lending money.
- Generate financial ratios, using computer programs, to evaluate customers' financial status.
- Analyze financial data such as income growth, quality of management, and market share to determine expected profitability of loans.
- Prepare reports that include the degree of risk involved in extending credit or lending money.
Related Technology & Tools
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- 10-key calculators
- Desktop computers
- Scanners
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- Credit and risk analysis software
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- SAS
- Credit adjudication and lending management system CALMS
- Fair Isaac Falcon ID
- Microsoft PowerPoint
- CGI-AMS Strata
- Moody's KMV CreditEdge
- Microsoft Excel
- Structured query language SQL
- Equifax InterConnect
- Fair Isaac Application Risk Model Software
- Microsoft Office
- Moody's KMV Risk Analyst
- Experian Strategy Management
- eCredit Enterprise
- Credit fraud detection software
- Equifax Application Engine
- CGI-AMS CACS Enterprise
- Microsoft Word
- Experian Credinomics
- Equifax Advanced Decisioning
- Moody's KMV Financial Analyst
- Moody's KMV Risk Advisor
- SAP