Will “Loan Approver” be Replaced By Robots? 🤔

100 % Chance of Automation

“Loan Approver” 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.

Care to share? Click for Facebook, Twitter, LinkedIn, or XING. 👍

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…

Tasks for “Loan Approver”

Handle customer complaints and take appropriate action to resolve them.
Review and update credit and loan files.
Arrange for maintenance and liquidation of delinquent properties.
Approve loans within specified limits, and refer loan applications outside those limits to management for approval.
Negotiate payment arrangements with customers who have delinquent loans.
Set credit policies, credit lines, procedures and standards in conjunction with senior managers.
Work with clients to identify their financial goals and to find ways of reaching those goals.
Petition courts to transfer titles and deeds of collateral to banks.
Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information.
Stay abreast of new types of loans and other financial services and products to better meet customers' needs.
Interview, hire, and train new employees.
Submit applications to credit analysts for verification and recommendation.
Provide special services such as investment banking for clients with more specialized needs.
Meet with applicants to obtain information for loan applications and to answer questions about the process.
Explain to customers the different types of loans and credit options that are available, as well as the terms of those services.
Analyze potential loan markets and develop referral networks to locate prospects for loans.
Prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action.
Compute payment schedules.
Supervise loan personnel.
Confer with underwriters to aid in resolving mortgage application problems.
Review loan agreements to ensure that they are complete and accurate according to policy.
Market bank products to individuals and firms, promoting bank services that may meet customers' needs.

Related Technology & Tools

Tablet computers
Scanners
Personal computers
Desktop computers
Personal digital assistants PDA
Notebook computers

Moody's KMV Risk Advisor
Dynamic Loanledger
The Mortgage Office Loan Origination
Financial Industry Computer Systems Loan Accountant
Bankers Systems Rembrandt Lending System
Dun and Bradstreet Global DecisionMaker
Experian FraudShield
Click1003 Online Mortgage Application
Fair Isaac Application Risk Model Software
LexisNexis
Indus Lending Solutions
IA Systems StreamLend
Financial Industry Computer Systems Loan Producer
Microsoft Word
Technicost LOS
Moody's KMV Financial Analyst
Delphi Discovery
LA PRO Loan Administrator Pro
Calyx Point
Ellie Mae Contour
Customer information control system CICS
Experian Retention Triggers
Credit underwriting software
IBM Notes
QuikDraw Loan Management System
Moody's KMV Decisions
Bottom Line LoanMaster Loan Servicing
Opportunity management system OMS
Microsoft PowerPoint
Financial Industry Computer Systems Loan Originator
Wolters Kluwer Financial Services ComplianceOne
Equifax Advanced Decisioning
Freddie Mac Loan Prospector
Web browser software
The Mortgage Office Loan Servicing
Amortization loan software
Experian Quest
Moody's KMV Risk Analyst
Microsoft Office
Credit and risk analysis software
1003 Uniform Residential Loan Application
Loan origination software
Equifax Application Engine
Harland Interlinq MortgageWare
Plimus Loan Artist
Fannie Mae Desktop Underwriter
Experian Strategy Management
Experian Credinomics
Fair Isaac Falcon ID
California Infinite LPS
White Clarke North America Credit Adjudication and Lending Management
CGI-AMS CACS Enterprise
Common business oriented language COBOL
FAS Loan Service Plus
Fair Isaac Capstone Decision Manager
Microsoft Outlook
Moody's KMV CreditEdge
RealBenefits Amortization Loan
CGI-AMS BureauLink Enterprise
eOriginal eCore Business Suite
Microsoft Excel
Ellie Mae Genesis
Integra Destiny Loan Origination
Equifax InterConnect
Experian Transact SM
VueCentric MortgageDashboard
CGI-AMS Strata
Experian Detect
Credit fraud detection software
Harland Financial Solutions DecisionPro
eCredit Enterprise
Loan application processing software