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Automation Squad

Role

AI for Loan Processors

Robert MacKelfresh

By Robert MacKelfresh

Founder, Automation Squad

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.

Loan Interviewers and Clerks · O*NET 43-4131.00 · Job Zone 3 · sourced from the U.S. Department of Labor occupation database

Automation coverage

9 of 18tools on this list have an AI solution available today

Counted by matching the tools this occupation is documented as using against a corpus of 226,452 AI products, MCP servers, skills and connectors. Where a tool has no match, we say so rather than inventing one.

AI you can use for this job

21 matched to the tools loan interviewers and clerks use. Showing 21.

The tools this job actually uses

18 documented for this occupation. Showing 18, hot technologies first. A filled dot means an AI solution exists for it.

  • Microsoft Accesshot
  • Microsoft Excelhot
  • Microsoft Office softwarehot
  • Microsoft Outlookhot
  • Microsoft PowerPointhot
  • Microsoft Windowshot
  • Microsoft Wordhot
  • Automated financial software
  • Automated underwriting software
  • Credit reporting software
  • Encompass software
  • Fannie Mae Desktop Underwriter
  • Lending software systems
  • Loan tracking software
  • Microsoft Dynamics
  • Rockport Integrated Excel Underwriting
  • Software AG Underwriting Solution
  • Web browser software

What this job involves

18 documented tasks, most important first. Showing 18.

  1. Verify and examine information and accuracy of loan application and closing documents.
  2. Assemble and compile documents for loan closings, such as title abstracts, insurance forms, loan forms, and tax receipts.
  3. Record applications for loan and credit, loan information, and disbursements of funds, using computers.
  4. Submit loan applications with recommendation for underwriting approval.
  5. Contact customers by mail, telephone, or in person concerning acceptance or rejection of applications.
  6. File and maintain loan records.
  7. Contact credit bureaus, employers, and other sources to check applicants' credit and personal references.
  8. Check value of customer collateral to be held as loan security.
  9. Interview loan applicants to obtain personal and financial data and to assist in completing applications.
  10. Prepare and type loan applications, closing documents, legal documents, letters, forms, government notices, and checks, using computers.
  11. Review customer accounts to determine whether payments are made on time and that other loan terms are being followed.
  12. Calculate, review, and correct errors on interest, principal, payment, and closing costs, using computers or calculators.
  13. Order property insurance or mortgage insurance policies to ensure protection against loss on mortgaged property.
  14. Answer questions and advise customers regarding loans and transactions.
  15. Present loan and repayment schedules to customers.
  16. Accept payment on accounts.
  17. Schedule and conduct closings of mortgage transactions.
  18. Establish credit limits and grant extensions of credit on overdue accounts.
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