Will “Loan Administrator” be Replaced By Robots? 🤔
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“Loan Administrator” will definitely be replaced by robots.
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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
- 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 “Loan Administrator”
- Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
- Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
- Petition courts to transfer titles and deeds of collateral to banks.
- Arrange for maintenance and liquidation of delinquent properties.
- Analyze potential loan markets and develop referral networks to locate prospects for loans.
- Work with clients to identify their financial goals and to find ways of reaching those goals.
- Negotiate payment arrangements with customers who have delinquent loans.
- Interview, hire, and train new employees.
- Handle customer complaints and take appropriate action to resolve them.
- Provide special services such as investment banking for clients with more specialized needs.
- Prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action.
- Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
- Market bank products to individuals and firms, promoting bank services that may meet customers' needs.
- Review loan agreements to ensure that they are complete and accurate according to policy.
- Review and update credit and loan files.
- Supervise loan personnel.
- Set credit policies, credit lines, procedures and standards in conjunction with senior managers.
- Compute payment schedules.
- Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
- Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
- Submit applications to credit analysts for verification and recommendation.
- 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.
Related Technology & Tools
- Personal computers
- Tablet computers
- Notebook computers
- Scanners
- Desktop computers
- Personal digital assistants PDA
- Wolters Kluwer Financial Services ComplianceOne
- Equifax InterConnect
- Plimus Loan Artist
- Bottom Line LoanMaster Loan Servicing
- Delphi Discovery
- Click1003 Online Mortgage Application
- Experian FraudShield
- Integra Destiny Loan Origination
- Microsoft Excel
- Moody's KMV Risk Analyst
- CGI-AMS Strata
- Credit fraud detection software
- Moody's KMV Financial Analyst
- IA Systems StreamLend
- Microsoft Office
- Experian Quest
- LA PRO Loan Administrator Pro
- Moody's KMV Decisions
- Moody's KMV Risk Advisor
- Indus Lending Solutions
- Experian Retention Triggers
- 1003 Uniform Residential Loan Application
- Opportunity management system OMS
- IBM Notes
- Dun and Bradstreet Global DecisionMaker
- Financial Industry Computer Systems Loan Producer
- QuikDraw Loan Management System
- Calyx Point
- Credit underwriting software
- Equifax Advanced Decisioning
- Dynamic Loanledger
- Financial Industry Computer Systems Loan Accountant
- Credit and risk analysis software
- Ellie Mae Contour
- Customer information control system CICS
- California Infinite LPS
- Amortization loan software
- Loan application processing software
- Fannie Mae Desktop Underwriter
- Bankers Systems Rembrandt Lending System
- White Clarke North America Credit Adjudication and Lending Management
- CGI-AMS CACS Enterprise
- Microsoft Outlook
- Equifax Application Engine
- The Mortgage Office Loan Servicing
- Moody's KMV CreditEdge
- eOriginal eCore Business Suite
- Fair Isaac Application Risk Model Software
- Harland Financial Solutions DecisionPro
- Financial Industry Computer Systems Loan Originator
- Fair Isaac Capstone Decision Manager
- Freddie Mac Loan Prospector
- The Mortgage Office Loan Origination
- FAS Loan Service Plus
- Harland Interlinq MortgageWare
- eCredit Enterprise
- Experian Transact SM
- RealBenefits Amortization Loan
- Technicost LOS
- VueCentric MortgageDashboard
- Common business oriented language COBOL
- Microsoft PowerPoint
- Experian Credinomics
- Experian Strategy Management
- Microsoft Word
- LexisNexis
- Web browser software
- CGI-AMS BureauLink Enterprise
- Fair Isaac Falcon ID
- Ellie Mae Genesis
- Loan origination software
- Experian Detect