Will “Mortgage Banker” be Replaced By Robots? 🤔
100 % Chance of Automation
“Mortgage Banker” 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
- Loan Workout Officer
- 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 “Mortgage Banker”
- Arrange for maintenance and liquidation of delinquent properties.
- Submit applications to credit analysts for verification and recommendation.
- Interview, hire, and train new employees.
- 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.
- Analyze potential loan markets and develop referral networks to locate prospects for loans.
- 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.
- Meet with applicants to obtain information for loan applications and to answer questions about the process.
- Prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action.
- Supervise loan personnel.
- Petition courts to transfer titles and deeds of collateral to banks.
- Handle customer complaints and take appropriate action to resolve them.
- 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.
- Provide special services such as investment banking for clients with more specialized needs.
- Negotiate payment arrangements with customers who have delinquent loans.
- 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.
- Confer with underwriters to aid in resolving mortgage application problems.
- Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
- Compute payment schedules.
- Work with clients to identify their financial goals and to find ways of reaching those goals.
Related Technology & Tools
- Personal computers
- Notebook computers
- Desktop computers
- Personal digital assistants PDA
- Tablet computers
- Scanners
- Moody's KMV Risk Analyst
- Experian Retention Triggers
- RealBenefits Amortization Loan
- Experian Quest
- Amortization loan software
- California Infinite LPS
- White Clarke North America Credit Adjudication and Lending Management
- Harland Financial Solutions DecisionPro
- Click1003 Online Mortgage Application
- IBM Notes
- Experian Transact SM
- Experian Credinomics
- 1003 Uniform Residential Loan Application
- Dun and Bradstreet Global DecisionMaker
- Ellie Mae Contour
- Microsoft Excel
- Fair Isaac Application Risk Model Software
- Moody's KMV Financial Analyst
- Technicost LOS
- Microsoft PowerPoint
- Microsoft Word
- Credit fraud detection software
- Bankers Systems Rembrandt Lending System
- Fair Isaac Capstone Decision Manager
- Experian FraudShield
- Dynamic Loanledger
- QuikDraw Loan Management System
- CGI-AMS CACS Enterprise
- CGI-AMS BureauLink Enterprise
- Experian Strategy Management
- The Mortgage Office Loan Origination
- Financial Industry Computer Systems Loan Producer
- IA Systems StreamLend
- Freddie Mac Loan Prospector
- LA PRO Loan Administrator Pro
- FAS Loan Service Plus
- Financial Industry Computer Systems Loan Originator
- Indus Lending Solutions
- Bottom Line LoanMaster Loan Servicing
- Delphi Discovery
- The Mortgage Office Loan Servicing
- Plimus Loan Artist
- Integra Destiny Loan Origination
- Credit and risk analysis software
- Moody's KMV CreditEdge
- Equifax InterConnect
- CGI-AMS Strata
- Web browser software
- Fair Isaac Falcon ID
- Moody's KMV Decisions
- Microsoft Outlook
- Fannie Mae Desktop Underwriter
- Loan origination software
- eOriginal eCore Business Suite
- Experian Detect
- Financial Industry Computer Systems Loan Accountant
- Ellie Mae Genesis
- Microsoft Office
- Equifax Advanced Decisioning
- Calyx Point
- Harland Interlinq MortgageWare
- eCredit Enterprise
- Common business oriented language COBOL
- Opportunity management system OMS
- Credit underwriting software
- Wolters Kluwer Financial Services ComplianceOne
- Loan application processing software
- Equifax Application Engine
- VueCentric MortgageDashboard
- LexisNexis
- Customer information control system CICS
- Moody's KMV Risk Advisor