Will “Loan Officers” be Replaced By Robots? 🤔

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“Loan Officers” 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

Also Known As…

Tasks for “Loan Officers”

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

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