Will “Loan Service Officer” be Replaced By Robots? 🤔

100 % Chance of Automation

“Loan Service 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 Service Officer”

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

Related Technology & Tools

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

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