And, according to its algorithm, the mortgage industry is “doomed.”
“In 2013 Carl Benedikt Frey and Michael A. Osborne published a report titled The Future of Employment: How susceptible are jobs to computerisation?
” the about me page of the aptly titled willrobotstakemyjob.com reads. “The authors examine how susceptible jobs are to computerisation, by implementing a novel methodology to estimate the probability of computerisation for 702 detailed occupations, using a Gaussian process classifier.
“We extracted the jobs and the probability of automation from the report and have made it easy to search for your job,” it continues. “We’ve added some additional information from the Bureau of Labor Statistics to provide some additional information about the jobs.”
According to that study, nearly 50% of total jobs in the United States are at risk.
And, when doing a quick search for mortgage related jobs, it seems loan officers (a synonym for mortgage broker, a title that fell out of vogue in the United States following the 2008 recession) are part of that 50%.
The website claims there is a 98% chance loan officer jobs will be replaced by robots in the near future.
The good news is that those jobs are expected to grow by 8% by 2024, so brokers will have a good few years to save for retirement before the robot takeover.
Of course the assessment is silly and simplistic; industry players often point to the advent of bank telling machines – and the fears flouted by the banking industry at the time of the death of face-to-face human tellers – as a similar doomsday proclamation that never came to be a reality.
Mortgages are complicated financial instruments and each client has individual requirements that will always benefit from the subtle – and, indeed, empathetic -- touch of another human being.
Check the website out here