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