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How exposed to AI is a Loan Officer?

Of the 30 tasks O*NET lists for loan officers, 11 could be done in half the time with a chat window today. 2 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
Commercial BankerCommercial Loan OfficerCorporate Banking OfficerFinancial Aid AdvisorFinancial Aid CounselorFinancial Aid OfficerFinancial CounselorLoan CounselorLoan OfficerMortgage Loan Officer
Reachable today Needs software built first Cannot be sped up
30
tasks rated for this occupation
70%
hold a degree, from a survey of 22
340k
people do this job in the US
6 of 48
least protected in business and finance

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

11
  • 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
  • Handle customer complaints and take appropriate action to resolve them
  • Market bank products to individuals and firms, promoting bank services that may meet customers' needs
  • Set credit policies, credit lines, procedures and standards in conjunction with senior managers
  • Contact applicants or creditors to resolve questions about applications or to assist with completion of paperwork
  • Contact borrowers with delinquent accounts to obtain payment in full or to negotiate repayment plans
  • Counsel clients on personal and family financial problems, such as excessive spending or borrowing of funds
  • Inform individuals and groups about the financial assistance available to college or university students
  • Maintain and review account records, updating and recategorizing them according to status changes
  • Match individuals' needs and eligibility with available financial aid programs to provide informed recommendations

Only with software built on top

17
  • 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
  • Approve loans within specified limits, and refer loan applications outside those limits to management for approval
  • Review loan agreements to ensure that they are complete and accurate according to policy
  • Review and update credit and loan files
  • Obtain and compile copies of loan applicants' credit histories, corporate financial statements, and other financial information
  • Work with clients to identify their financial goals and to find ways of reaching those goals
  • Stay abreast of new types of loans and other financial services and products to better meet customers' needs
  • Analyze potential loan markets and develop referral networks to locate prospects for loans
  • Compute payment schedules
  • Prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action
  • Assist in selection of financial award candidates using electronic databases to certify loan eligibility
  • Authorize or sign mail collection letters
  • Calculate amount of debt and funds available to plan methods of payoff and to estimate time for debt liquidation
  • Establish payment priorities according to credit terms and interest rates to reduce clients' overall costs
  • Review accounts to determine write-offs for collection agencies
  • Review billing for accuracy

Cannot be sped up

2
  • Supervise loan personnel
  • Confer with underwriters to resolve mortgage application problems
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.