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