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