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