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.

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 “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