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