Will AI replace Loan Interviewers and Clerks?
Estimated risk score: 88 out of 100
Very high replacement risk
Estimate from published task research, not reviewed by a person · how we estimate
Within about 19 points for 4 in 5 of the jobs we checked (69 to 100).
For the occupation as a whole, from ratings of its 18 O*NET tasks published in 2023 and calibrated to our hand scores. A specialty inside it can sit higher or lower.
O*NET-SOC 43-4131.00 · Office and Administrative Support
Tasks rated in 2023 as ones AI could do or speed up
Tasks a GPT-4-class model could do, or do in half the time or less: 15 of its 18 rated tasks; the first 6 are shown. In O*NET’s words.
- Accept payment on accounts.
- Calculate, review, and correct errors on interest, principal, payment, and closing costs, using computers or calculators.
- Prepare and type loan applications, closing documents, legal documents, letters, forms, government notices, and checks, using computers.
- Record applications for loan and credit, loan information, and disbursements of funds, using computers.
- Answer questions and advise customers regarding loans and transactions.
- Assemble and compile documents for loan closings, such as title abstracts, insurance forms, loan forms, and tax receipts.
Tasks rated in 2023 as not sped up by AI
Tasks such a model was rated as not speeding up or taking over: 0 of its 18 rated tasks. In O*NET’s words.
None of its rated tasks.
What the job is
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.
Also called: Mortgage Loan Processor, Licensed Loan Officer Assistant, Loan Clerk, Loan Closer, Post Closer, Loan Assistant, Loan Expeditor, Loan Inspector.
Closest jobs we score by hand
In the same field (Office and Administrative Support). Different jobs, each scored by a person.
Source. This site includes information from the O*NET 30.1 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. USDOL/ETA has not approved, endorsed, or tested these modifications. (O*NET, CC BY 4.0.) Task ratings: Eloundou, Manning, Mishkin and Rock (2023), “GPTs are GPTs: An Early Look at the Labor Market Impact Potential of Large Language Models”, data used under the MIT licence (licence texts). Our change: we averaged the ratings over this occupation’s tasks and calibrated them to our 0–100 scale. It is not a prediction about any one person and not career advice. Disagree? Write to hello@yourstopwashit.com. How we estimate