Will “Mortgage Broker” be Replaced By Robots? 🤔

100 % Chance of Automation

“Mortgage Broker” 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 Broker”

Work with clients to identify their financial goals and to find ways of reaching those goals.
Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
Interview, hire, and train new employees.
Meet with applicants to obtain information for loan applications and to answer questions about the process.
Confer with underwriters to aid in resolving mortgage application problems.
Handle customer complaints and take appropriate action to resolve them.
Negotiate payment arrangements with customers who have delinquent loans.
Submit applications to credit analysts for verification and recommendation.
Supervise loan personnel.
Review and update credit and loan files.
Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
Compute payment schedules.
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.
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.
Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
Review loan agreements to ensure that they are complete and accurate according to policy.
Arrange for maintenance and liquidation of delinquent properties.
Petition courts to transfer titles and deeds of collateral to banks.
Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
Provide special services such as investment banking for clients with more specialized needs.
Analyze potential loan markets and develop referral networks to locate prospects for loans.

Related Technology & Tools

Desktop computers
Notebook computers
Tablet computers
Scanners
Personal digital assistants PDA
Personal computers

Harland Financial Solutions DecisionPro
Wolters Kluwer Financial Services ComplianceOne
Loan origination software
Ellie Mae Contour
Amortization loan software
Equifax Application Engine
Microsoft Office
Delphi Discovery
IBM Notes
Microsoft Word
Harland Interlinq MortgageWare
Calyx Point
Microsoft PowerPoint
eOriginal eCore Business Suite
Fair Isaac Application Risk Model Software
Experian Credinomics
Customer information control system CICS
Fair Isaac Capstone Decision Manager
LexisNexis
FAS Loan Service Plus
Credit fraud detection software
Bankers Systems Rembrandt Lending System
VueCentric MortgageDashboard
Financial Industry Computer Systems Loan Originator
QuikDraw Loan Management System
Financial Industry Computer Systems Loan Producer
Moody's KMV Risk Advisor
eCredit Enterprise
Freddie Mac Loan Prospector
Experian Quest
IA Systems StreamLend
Dun and Bradstreet Global DecisionMaker
Equifax Advanced Decisioning
Microsoft Outlook
Dynamic Loanledger
Moody's KMV Risk Analyst
California Infinite LPS
Fair Isaac Falcon ID
Credit and risk analysis software
Moody's KMV Financial Analyst
Common business oriented language COBOL
Experian Retention Triggers
Click1003 Online Mortgage Application
Moody's KMV Decisions
1003 Uniform Residential Loan Application
LA PRO Loan Administrator Pro
Bottom Line LoanMaster Loan Servicing
CGI-AMS BureauLink Enterprise
CGI-AMS Strata
Experian Detect
Opportunity management system OMS
Plimus Loan Artist
Credit underwriting software
Indus Lending Solutions
Integra Destiny Loan Origination
Technicost LOS
CGI-AMS CACS Enterprise
White Clarke North America Credit Adjudication and Lending Management
RealBenefits Amortization Loan
Financial Industry Computer Systems Loan Accountant
Moody's KMV CreditEdge
The Mortgage Office Loan Servicing
Experian Strategy Management
Web browser software
The Mortgage Office Loan Origination
Ellie Mae Genesis
Experian FraudShield
Equifax InterConnect
Fannie Mae Desktop Underwriter
Loan application processing software
Microsoft Excel
Experian Transact SM