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How exposed to AI is a Loan Interviewers and Clerk?

Of the 18 tasks O*NET lists for loan interviewers and clerks, 2 could be done in half the time with a chat window today. 3 cannot be sped up at all. Here is which.

Exposure means published research judged an AI could halve the time a task takes, at the same quality. It does not mean the task stops needing a person. How to read this

Also called
CloserLicensed Loan Officer AssistantLoan AnalystLoan ClerkLoan CloserLoan OriginatorLoan ProcessorMortgage BrokerMortgage Loan ProcessorMortgage Processor
Reachable today Needs software built first Cannot be sped up
18
tasks rated for this occupation
38%
hold a degree, from a survey of 20
239k
people do this job in the US
15 of 51
least protected in office and admin

Every task, and what AI can do with it

These are O*NET's task statements for this occupation, exactly as written, sorted into the three bands by the ratings behind this report. Nothing has been reworded.

Reachable with a chat window today

2
  • Submit loan applications with recommendation for underwriting approval
  • Prepare and type loan applications, closing documents, legal documents, letters, forms, government notices, and checks, using computers

Only with software built on top

13
  • Verify and examine information and accuracy of loan application and closing documents
  • Assemble and compile documents for loan closings, such as title abstracts, insurance forms, loan forms, and tax receipts
  • Record applications for loan and credit, loan information, and disbursements of funds, using computers
  • Contact customers by mail, telephone, or in person concerning acceptance or rejection of applications
  • File and maintain loan records
  • Contact credit bureaus, employers, and other sources to check applicants' credit and personal references
  • Interview loan applicants to obtain personal and financial data and to assist in completing applications
  • Review customer accounts to determine whether payments are made on time and that other loan terms are being followed
  • Calculate, review, and correct errors on interest, principal, payment, and closing costs, using computers or calculators
  • Answer questions and advise customers regarding loans and transactions
  • Present loan and repayment schedules to customers
  • Accept payment on accounts
  • Schedule and conduct closings of mortgage transactions

Cannot be sped up

3
  • Check value of customer collateral to be held as loan security
  • Order property insurance or mortgage insurance policies to ensure protection against loss on mortgaged property
  • Establish credit limits and grant extensions of credit on overdue accounts
What this does not say

This is not a prediction about your job

Nobody surveyed an employer. Tasks are counted equally, so a percentage here is a share of the list rather than a share of your week. And the ratings were made in 2023, which makes every figure a floor rather than a ceiling.

It must never be used to select anyone for redundancy. The full limits are here.

Where to go next

This is the standard task list for the title. The useful next question is which of the tasks you actually do should go near AI, and which should not.

Sort your own tasks Read the full report

Exposure ratings from Eloundou, Manning, Mishkin and Rock, GPTs are GPTs: Labor market impact potential of LLMs, Science 384, 1306–1308, 2024, used under the MIT licence. This page includes information from the O*NET Database by the U.S. Department of Labor, Employment and Training Administration (USDOL/ETA), used under the CC BY 4.0 license. O*NET® is a trademark of USDOL/ETA. People Team AI has modified all or some of this information. USDOL/ETA has not approved, endorsed, or tested these modifications. Employment figures from the US Bureau of Labor Statistics.