Will “Loan Officer” be Replaced By Robots? 🤔

100 % Chance of Automation

“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.

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 Officer”

Review loan agreements to ensure that they are complete and accurate according to policy.
Submit applications to credit analysts for verification and recommendation.
Negotiate payment arrangements with customers who have delinquent loans.
Supervise loan personnel.
Compute payment schedules.
Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
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.
Analyze potential loan markets and develop referral networks to locate prospects for loans.
Arrange for maintenance and liquidation of delinquent properties.
Interview, hire, and train new employees.
Market bank products to individuals and firms, promoting bank services that may meet customers' needs.
Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
Provide special services such as investment banking for clients with more specialized needs.
Handle customer complaints and take appropriate action to resolve them.
Set credit policies, credit lines, procedures and standards in conjunction with senior managers.
Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
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.
Work with clients to identify their financial goals and to find ways of reaching those goals.
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.

Related Technology & Tools

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

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