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