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