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