Interview loan applicants to elicit information; investigate applicants' backgrounds and verify references; prepare loan request papers; and forward findings, reports, and documents to appraisal department. Review loan papers to ensure completeness, and complete transactions between loan establishment, borrowers, and sellers upon approval of loan.
U.S. Workers
173,100
Median Salary
$48,950
10-Year Growth
-2.3%
Annual Openings
13,300
Typical entry: High school diploma or equivalent
18 of 18 tasks have some AI capability
Exposure Trend
This score reflects estimated AI technical capability for tasks in this occupation. It does not predict employment changes, and it does not account for company-specific constraints, regulation, or adoption barriers.
Assemble and compile documents for loan closings, such as title abstracts, insurance forms, loan forms, and tax receipts.
AI: Fully automatable - Compiling and populating closing packages from templates and data sources is a structured task that automation and document-generation systems can perform end-to-end.
Record applications for loan and credit, loan information, and disbursements of funds, using computers.
AI: Fully automatable - Data entry and computerized recording of applications, loan details, and disbursements are highly routine and can be fully automated with RPA and database integrations.
Submit loan applications with recommendation for underwriting approval.
AI: Fully automatable - Automated underwriting systems already assess risk and submit applications with recommendations, so AI can prepare, score, and forward applications for approval in many contexts.
File and maintain loan records.
AI: Fully automatable - Filing and maintaining loan records is a document-management and metadata task that can be fully automated with existing DMS and classification/archival tools.
Prepare and type loan applications, closing documents, legal documents, letters, forms, government notices, and checks, using computers.
AI: Fully automatable - Document generation and typing from templates and data sources is routine and fully automatable with current RPA and document-generation systems.
Review customer accounts to determine whether payments are made on time and that other loan terms are being followed.
AI: Fully automatable - Automated account-monitoring systems and rules/ML models can reliably detect on-time payments and contractual compliance and trigger actions without constant human input.
Calculate, review, and correct errors on interest, principal, payment, and closing costs, using computers or calculators.
AI: Fully automatable - Computations for interest, principal, payments, and closing costs are deterministic and fully automatable with existing software and validation checks.
Present loan and repayment schedules to customers.
AI: Fully automatable - Generating and presenting loan and repayment schedules (amortization tables, scenarios) is a deterministic, fully automatable task with current software.
Accept payment on accounts.
AI: Fully automatable - Accepting and processing payments is routinely automated via payment gateways and secure systems, with AI able to orchestrate and validate transactions as of 2025.
Verify and examine information and accuracy of loan application and closing documents.
AI: Partial - AI can validate fields, cross-check databases and flag inconsistencies, but final verification and legal/judgment calls on documents still need human oversight.
Contact customers by mail, telephone, or in person concerning acceptance or rejection of applications.
AI: Partial - AI can handle communications by mail, email, and automated voice/phone systems, but it cannot perform genuine in-person contact and complex interpersonal interactions without humans.
Contact credit bureaus, employers, and other sources to check applicants' credit and personal references.
AI: Partial - AI can automate outreach via APIs and generate requests to credit bureaus and employers, but identity/consent verification, nonstandard sources, and regulatory/contractual access limits mean human oversight is still often required as of 2025.
Check value of customer collateral to be held as loan security.
AI: Partial - AI can estimate collateral value using AVMs, comps, and image analysis, but physical inspections, local condition judgments, and exceptions still require human appraisers or inspectors in many cases.
Interview loan applicants to obtain personal and financial data and to assist in completing applications.
AI: Partial - Conversational AI can collect applicant personal and financial data and populate applications, but identity verification, complex judgement, and handling unusual cases still need human intervention.
Order property insurance or mortgage insurance policies to ensure protection against loss on mortgaged property.
AI: Partial - AI can automate policy ordering through insurer integrations and workflows, but variations in insurer requirements, underwriting exceptions, and compliance checks often require human review.
Answer questions and advise customers regarding loans and transactions.
AI: Partial - AI can answer routine loan questions and provide information, but providing regulated financial advice, negotiating exceptions, and handling complex or sensitive cases typically require licensed humans or oversight.
Schedule and conduct closings of mortgage transactions.
AI: Partial - AI can automate scheduling, prepare closing documents, and support virtual closings but cannot fully replace required human/legal notarization, judgement calls, and resolution of complex closing issues.
Establish credit limits and grant extensions of credit on overdue accounts.
AI: Partial - AI-driven underwriting can set credit limits and recommend extensions algorithmically, but human oversight is still needed for exceptions, negotiations, and regulatory/legal discretion on overdue accounts.