Will AI replace Loan Officers?
Estimated risk score: 80 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 (61 to 99).
For the occupation as a whole, from ratings of its 30 O*NET tasks published in 2023 and calibrated to our hand scores. A specialty inside it can sit higher or lower.
O*NET-SOC 13-2072.00 · Business and Financial Operations
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: 19 of its 30 rated tasks; the first 6 are shown. In O*NET’s words.
- Compute payment schedules.
- Review loan agreements to ensure that they are complete and accurate according to policy.
- Authorize or sign mail collection letters.
- Prepare reports to send to customers whose accounts are delinquent, and forward irreconcilable accounts for collector action.
- Review billing for accuracy.
- Analyze applicants' financial status, credit, and property evaluations to determine feasibility of granting loans.
Tasks rated in 2023 as not sped up by AI
Tasks such a model was rated as not speeding up or taking over: 1 of its 30 rated tasks. In O*NET’s words.
- Supervise loan personnel.
What the job is
Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and payment methods. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, loan underwriters, and payday loan officers.
Also called: Loan Counselor, Commercial Loan Officer, Lender, Underwriter, Bank Officer, Loan Adviser, Loan Auditor, Loan Approver.
Closest jobs we score by hand
In the same field (Business and Financial Operations). 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