Will “Loan Workout Officer” be Replaced By Robots? 🤔
100 % Chance of Automation
“Loan Workout 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 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 “Loan Workout Officer”
- Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
- Review and update credit and loan files.
- Supervise loan personnel.
- Provide special services such as investment banking for clients with more specialized needs.
- Interview, hire, and train new employees.
- Negotiate payment arrangements with customers who have delinquent loans.
- Compute payment schedules.
- 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.
- Handle customer complaints and take appropriate action to resolve them.
- Meet with applicants to obtain information for loan applications and to answer questions about the process.
- Review loan agreements to ensure that they are complete and accurate according to policy.
- Confer with underwriters to aid in resolving mortgage application problems.
- Arrange for maintenance and liquidation of delinquent properties.
- Analyze potential loan markets and develop referral networks to locate prospects for loans.
- 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.
- Market bank products to individuals and firms, promoting bank services that may meet customers' needs.
- Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
- Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
- Set credit policies, credit lines, procedures and standards in conjunction with senior managers.
- Submit applications to credit analysts for verification and recommendation.
- Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
Related Technology & Tools
- Scanners
- Personal digital assistants PDA
- Personal computers
- Tablet computers
- Desktop computers
- Notebook computers
- Click1003 Online Mortgage Application
- Fair Isaac Falcon ID
- Fair Isaac Application Risk Model Software
- Equifax Application Engine
- Fair Isaac Capstone Decision Manager
- eOriginal eCore Business Suite
- Ellie Mae Contour
- 1003 Uniform Residential Loan Application
- White Clarke North America Credit Adjudication and Lending Management
- Ellie Mae Genesis
- Credit fraud detection software
- Dynamic Loanledger
- Integra Destiny Loan Origination
- Experian Credinomics
- Credit and risk analysis software
- Moody's KMV Financial Analyst
- IBM Notes
- Delphi Discovery
- Equifax Advanced Decisioning
- VueCentric MortgageDashboard
- Fannie Mae Desktop Underwriter
- Experian Quest
- Moody's KMV CreditEdge
- Experian FraudShield
- Financial Industry Computer Systems Loan Originator
- The Mortgage Office Loan Servicing
- Bottom Line LoanMaster Loan Servicing
- CGI-AMS Strata
- Loan application processing software
- Financial Industry Computer Systems Loan Producer
- Calyx Point
- CGI-AMS BureauLink Enterprise
- Harland Interlinq MortgageWare
- California Infinite LPS
- Plimus Loan Artist
- Dun and Bradstreet Global DecisionMaker
- Credit underwriting software
- Loan origination software
- Web browser software
- Microsoft Outlook
- Experian Strategy Management
- Moody's KMV Risk Analyst
- Bankers Systems Rembrandt Lending System
- IA Systems StreamLend
- LA PRO Loan Administrator Pro
- Common business oriented language COBOL
- Opportunity management system OMS
- Equifax InterConnect
- Amortization loan software
- QuikDraw Loan Management System
- Indus Lending Solutions
- Moody's KMV Decisions
- The Mortgage Office Loan Origination
- Wolters Kluwer Financial Services ComplianceOne
- RealBenefits Amortization Loan
- Moody's KMV Risk Advisor
- Experian Transact SM
- Microsoft PowerPoint
- LexisNexis
- Customer information control system CICS
- Microsoft Word
- eCredit Enterprise
- Experian Retention Triggers
- FAS Loan Service Plus
- Harland Financial Solutions DecisionPro
- Microsoft Office
- Experian Detect
- Freddie Mac Loan Prospector
- Microsoft Excel
- CGI-AMS CACS Enterprise
- Technicost LOS
- Financial Industry Computer Systems Loan Accountant