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