Will “Commercial Loan Officer” be Replaced By Robots? 🤔
100 % Chance of Automation
“Commercial Loan Officer” will definitely be replaced by robots.
This job is ranked #686 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
Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and payment methods. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.
Job Details
- The SOC (Standard Occupational Classification) code is 13-2072.00
- The Mean Annual Wage in the U.S. is $ 76,260.00
- The Mean Hourly Wage is $ 36.00
- Currently, there are 305,700 people on this job
☝️ Information based on the reference occupation “Loan Officers”.
Also Known As…
- Loan Officers
- Relationship Manager
- Portfolio Manager
- Mortgage Loan Originator
- Mortgage Loan Officer
- Loan Officer
- Corporate Banking Officer
- Commercial Loan Officer
- Commercial Banker
- Business Banking Officer
- Branch Manager
- Small Business Banking Officer
- Real Estate Officer
- Real Estate Loan Officer
- Personal Loan Specialist
- Personal Banking Officer
- Mortgage Underwriter
- Mortgage Specialist
- Mortgage Originator
- Mortgage or Loan Underwriter
- Mortgage Loan Closer
- Mortgage Consultant
- Mortgage Closer
- Mortgage Broker
- Mortgage Banker
- Loan Workout Officer
- Loan Supervisor
- Loan Specialist
- Loan Servicing Specialist
- Loan Service Officer
- Loan Reviewer
- Loan Originator
- Loan Interviewer
- Loan Examiner
- Loan Counselor
- Loan Coordinator
- Loan Consultant
- Loan Auditor
- Loan Approver
- Loan Analyst
- Loan Adviser
- Loan Administrator
- Lender
- Home Lending Officer
- Farm Loan Representative
- Escrow Officer
- Consumer Loan Officer
- Commercial Mortgage Broker
- Commercial Loan Collection Officer
- Commercial Lender
- Business Banker
- Branch Lending Officer
- Branch Banker
- Branch Account Manager
- Branch Account Executive
- Banking Services Officer
- Bank Representative
- Bank Officer
- Agricultural Loan Officer
Tasks for “Commercial Loan Officer”
- Meet with applicants to obtain information for loan applications and to answer questions about the process.
- Confer with underwriters to aid in resolving mortgage application problems.
- Provide special services such as investment banking for clients with more specialized needs.
- Review and update credit and loan files.
- Compute payment schedules.
- Prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action.
- Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
- Handle customer complaints and take appropriate action to resolve them.
- Submit applications to credit analysts for verification and recommendation.
- Petition courts to transfer titles and deeds of collateral to banks.
- Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
- Negotiate payment arrangements with customers who have delinquent loans.
- Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
- Analyze potential loan markets and develop referral networks to locate prospects for loans.
- Arrange for maintenance and liquidation of delinquent properties.
- Set credit policies, credit lines, procedures and standards in conjunction with senior managers.
- Supervise loan personnel.
- Review loan agreements to ensure that they are complete and accurate according to policy.
- Market bank products to individuals and firms, promoting bank services that may meet customers' needs.
- Interview, hire, and train new employees.
- Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
- Work with clients to identify their financial goals and to find ways of reaching those goals.
- Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
Related Technology & Tools
- Scanners
- Tablet computers
- Notebook computers
- Personal digital assistants PDA
- Desktop computers
- Personal computers
- Bottom Line LoanMaster Loan Servicing
- QuikDraw Loan Management System
- Fair Isaac Capstone Decision Manager
- Fair Isaac Falcon ID
- Financial Industry Computer Systems Loan Accountant
- Dun and Bradstreet Global DecisionMaker
- Moody's KMV Financial Analyst
- The Mortgage Office Loan Origination
- Technicost LOS
- CGI-AMS BureauLink Enterprise
- Freddie Mac Loan Prospector
- Loan origination software
- Equifax Advanced Decisioning
- Click1003 Online Mortgage Application
- Integra Destiny Loan Origination
- Fannie Mae Desktop Underwriter
- Ellie Mae Contour
- Moody's KMV Decisions
- Experian Retention Triggers
- Delphi Discovery
- eCredit Enterprise
- CGI-AMS CACS Enterprise
- Financial Industry Computer Systems Loan Originator
- Experian Detect
- LexisNexis
- 1003 Uniform Residential Loan Application
- Indus Lending Solutions
- Microsoft PowerPoint
- Ellie Mae Genesis
- Harland Financial Solutions DecisionPro
- Harland Interlinq MortgageWare
- California Infinite LPS
- RealBenefits Amortization Loan
- Experian Credinomics
- Experian Quest
- VueCentric MortgageDashboard
- Loan application processing software
- Opportunity management system OMS
- Credit and risk analysis software
- IBM Notes
- Wolters Kluwer Financial Services ComplianceOne
- Fair Isaac Application Risk Model Software
- Microsoft Office
- CGI-AMS Strata
- White Clarke North America Credit Adjudication and Lending Management
- Moody's KMV CreditEdge
- LA PRO Loan Administrator Pro
- Web browser software
- Experian Strategy Management
- Common business oriented language COBOL
- Microsoft Excel
- IA Systems StreamLend
- Experian FraudShield
- Dynamic Loanledger
- Equifax Application Engine
- FAS Loan Service Plus
- Credit underwriting software
- Moody's KMV Risk Advisor
- Moody's KMV Risk Analyst
- Amortization loan software
- The Mortgage Office Loan Servicing
- Customer information control system CICS
- Plimus Loan Artist
- Financial Industry Computer Systems Loan Producer
- Bankers Systems Rembrandt Lending System
- Microsoft Outlook
- Calyx Point
- eOriginal eCore Business Suite
- Microsoft Word
- Experian Transact SM
- Equifax InterConnect
- Credit fraud detection software