Will “Loan Counselor” be Replaced By Robots? 🤔

100 % Chance of Automation

“Loan Counselor” 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.

Care to share? Click for Facebook, Twitter, LinkedIn, or XING. 👍

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…

Tasks for “Loan Counselor”

Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
Work with clients to identify their financial goals and to find ways of reaching those goals.
Meet with applicants to obtain information for loan applications and to answer questions about the process.
Analyze potential loan markets and develop referral networks to locate prospects for loans.
Review and update credit and loan files.
Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
Interview, hire, and train new employees.
Arrange for maintenance and liquidation of delinquent properties.
Compute payment schedules.
Handle customer complaints and take appropriate action to resolve them.
Market bank products to individuals and firms, promoting bank services that may meet customers' needs.
Supervise loan personnel.
Review loan agreements to ensure that they are complete and accurate according to policy.
Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
Prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action.
Petition courts to transfer titles and deeds of collateral to banks.
Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
Set credit policies, credit lines, procedures and standards in conjunction with senior managers.
Submit applications to credit analysts for verification and recommendation.
Negotiate payment arrangements with customers who have delinquent loans.
Provide special services such as investment banking for clients with more specialized needs.
Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
Confer with underwriters to aid in resolving mortgage application problems.

Related Technology & Tools

Scanners
Personal digital assistants PDA
Notebook computers
Tablet computers
Personal computers
Desktop computers

Financial Industry Computer Systems Loan Originator
Bottom Line LoanMaster Loan Servicing
Moody's KMV CreditEdge
Microsoft Excel
Technicost LOS
Microsoft PowerPoint
QuikDraw Loan Management System
1003 Uniform Residential Loan Application
Experian Retention Triggers
Experian Transact SM
IBM Notes
Financial Industry Computer Systems Loan Accountant
Click1003 Online Mortgage Application
Moody's KMV Decisions
Fannie Mae Desktop Underwriter
Bankers Systems Rembrandt Lending System
Delphi Discovery
CGI-AMS BureauLink Enterprise
Ellie Mae Genesis
Indus Lending Solutions
Opportunity management system OMS
Experian Credinomics
Loan origination software
Dun and Bradstreet Global DecisionMaker
Calyx Point
VueCentric MortgageDashboard
Harland Interlinq MortgageWare
Moody's KMV Risk Analyst
Experian Strategy Management
Common business oriented language COBOL
Integra Destiny Loan Origination
Moody's KMV Risk Advisor
Microsoft Outlook
Credit underwriting software
Experian Quest
Fair Isaac Falcon ID
Wolters Kluwer Financial Services ComplianceOne
The Mortgage Office Loan Origination
FAS Loan Service Plus
Credit and risk analysis software
RealBenefits Amortization Loan
Ellie Mae Contour
Plimus Loan Artist
Experian Detect
Moody's KMV Financial Analyst
Dynamic Loanledger
Fair Isaac Application Risk Model Software
eCredit Enterprise
Financial Industry Computer Systems Loan Producer
Fair Isaac Capstone Decision Manager
Credit fraud detection software
Freddie Mac Loan Prospector
The Mortgage Office Loan Servicing
CGI-AMS Strata
Harland Financial Solutions DecisionPro
LexisNexis
Equifax InterConnect
Web browser software
Experian FraudShield
Microsoft Word
eOriginal eCore Business Suite
Equifax Advanced Decisioning
Customer information control system CICS
California Infinite LPS
Loan application processing software
White Clarke North America Credit Adjudication and Lending Management
Equifax Application Engine
Microsoft Office
Amortization loan software
IA Systems StreamLend
LA PRO Loan Administrator Pro
CGI-AMS CACS Enterprise