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Become A Business Banking Officer

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Working As A Business Banking Officer

  • Getting Information
  • Establishing and Maintaining Interpersonal Relationships
  • Making Decisions and Solving Problems
  • Interacting With Computers
  • Processing Information
  • Mostly Sitting

  • Make Decisions

  • Repetitive

  • $109,004

    Average Salary

What Does A Business Banking Officer Do

Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses. 

Duties

Loan officers typically do the following:

  • Contact companies or people to ask if they need a loan
  • Meet with loan applicants to gather personal information and answer questions
  • Explain different types of loans and the terms of each one to applicants
  • Obtain, verify, and analyze the applicant’s financial information, such as the credit rating and income level
  • Review loan agreements to ensure that they comply with federal and state regulations
  • Approve loan applications or refer them to management for a decision

Loan officers use a process called underwriting to assess whether applicants qualify for loans. After collecting and verifying all the required financial documents, the loan officer evaluates the information they obtain to determine the applicant’s need for a loan and ability to pay back the loan. Most firms use underwriting software, which produces a recommendation for the loan based on the applicant’s financial status. After the underwriting software produces a recommendation, loan officers review the output of the software and consider any additional information to make a final decision.

The work of loan officers has sizable customer-service and sales components. Loan officers often answer questions and guide customers through the application process. In addition, many loan officers must market the products and services of their lending institution and actively solicit new business. 

The following are common types of loan officers:

Commercial loan officers specialize in loans to businesses, which often use the loans to buy supplies and upgrade or expand operations. Commercial loans frequently are larger and more complicated than other types of loans. Because companies have such complex financial situations and statements, commercial loans usually require human judgment in addition to the analysis by underwriting software. Furthermore, some commercial loans are so large that no single bank will provide the entire amount requested. In such cases, loan officers may have to work with multiple banks to put together a package of loans. 

Consumer loan officers specialize in loans to people. Consumers take out loans for many reasons, such as buying a car or paying college tuition. For some simple consumer loans, the underwriting process is fully automated. However, the loan officer is still needed to guide applicants through the process and to handle cases with unusual circumstances. Some institutions—usually small banks and credit unions—do not use underwriting software and instead rely on loan officers to complete the underwriting process manually.

Mortgage loan officers specialize in loans used to buy real estate (property and buildings), which are called mortgage loans. Mortgage loan officers work on loans for both residential and commercial properties. Often, mortgage loan officers must seek out clients, which requires developing relationships with real estate companies and other sources that can refer prospective applicants. 

Within these three fields, some loan officers specialize in a particular part of the loan process:

Loan collection officers contact borrowers who fail to make their loan payments on time. They work with borrowers to help them find a way to keep paying off the loan. If the borrower continues to miss payments, loan officers start the process of taking away what the borrower used to secure the loan (called “collateral”)—often a home or car—and selling it to repay the loan. 

Loan underwriters specialize in evaluating whether a client is creditworthy. They collect, verify, and evaluate the client’s financial information provided on their loan applications and then use loan underwriting software to produce recommendations.

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How To Become A Business Banking Officer

Most loan officers need a bachelor’s degree and receive on-the-job training. Mortgage loan officers must be licensed.

Education

Loan officers typically need a bachelor’s degree, usually in a field such as business or finance. Because commercial loan officers analyze the finances of businesses applying for credit, they need to understand general business accounting, including how to read financial statements.  

Some loan officers may be able to enter the occupation without a bachelor’s degree if they have related work experience, such as experience in sales, customer service, or banking. 

Training

Once hired, loan officers usually receive some on-the-job training. This may be a combination of formal, company-sponsored training and informal training during the first few months on the job.

Licenses, Certifications, and Registrations

Mortgage loan officers must have a Mortgage Loan Originator (MLO) license. To become licensed, they must complete at least 20 hours of coursework, pass an exam, and submit to background and credit checks. Licenses must be renewed annually, and individual states may have additional requirements.

Several banking associations, including the American Bankers Association and the Mortgage Bankers Association, as well as a number of schools, offer courses, training programs, or certifications for loan officers. Although not required, certification shows dedication and expertise and thus may enhance a candidate’s employment opportunities. 

Important Qualities

Decisionmaking skills. Loan officers must assess an applicant’s financial information and decide whether to award the applicant a loan. 

Detail oriented. Each piece of information on an application can have a major effect on the profitability of a loan, meaning that loan officers must pay attention to detail.

Initiative. Loan officers need to seek out new clients. They often act as salespeople, promoting their lending institution and contacting firms to determine their need for a loan.

Interpersonal skills. Because loan officers work with people, they must be able to guide customers through the application process and answer their questions.

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Business Banking Officer Jobs

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Business Banking Officer Career Paths

Business Banking Officer
Relationship Manager Business Developer Personal Banker
Bank Manager
5 Yearsyrs
Commercial Lending Vice President Regional Vice President Business Development Officer
Banking Center Manager
5 Yearsyrs
General Manager Sales Consultant Retail Sales Consultant
Business Account Manager
6 Yearsyrs
Business Banker Business Relationship Manager Relationship Manager
Business Development Officer
7 Yearsyrs
Vice President, Business Development Manager, Assistant Vice President Commercial Loan Officer
Business Relationship Manager
9 Yearsyrs
Commercial Loan Officer Credit Officer Credit Manager
Credit Director
11 Yearsyrs
Commercial Loan Officer Senior Loan Officer Personal Banker
Finance Center Manager
6 Yearsyrs
Vice President And Manager President/Chief Executive Officer Sales Consultant
Finance/Sales Manager
6 Yearsyrs
Relationship Manager Underwriter Consumer Loan Underwriter
Lending Services Manager
7 Yearsyrs
Assistant Vice President Office Manager Branch Manager
Manager, Assistant Vice President
7 Yearsyrs
Commercial Lending Vice President President/Chief Executive Officer Real Estate Broker
Real Estate Management Specialist
7 Yearsyrs
Vice President And Manager Finance Advisor
Relationship Manager
6 Yearsyrs
Business Relationship Manager Relationship Manager
Senior Relationship Manager
10 Yearsyrs
Vice President, Business Development Co-Founder Senior Account Manager
Senior Sales Executive
8 Yearsyrs
Business Banker Relationship Manager Senior Underwriter
Underwriting Director
9 Yearsyrs
Business Relationship Manager Vice President And Manager Director Of Sales
Vice President & Sales Manager
9 Yearsyrs
Assistant Vice President Manager, Assistant Vice President
Vice President And Manager
10 Yearsyrs
Manager, Assistant Vice President Vice President & Sales Manager Vice President And Manager
Vice President And Portfolio Manager
10 Yearsyrs
Manager, Assistant Vice President Vice President And Manager
Vice President Operation Manager
10 Yearsyrs
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Do you work as a Business Banking Officer?

Business Banking Officer Demographics

Gender

Male

57.7%

Female

40.7%

Unknown

1.6%
Ethnicity

White

59.7%

Hispanic or Latino

14.3%

Asian

10.7%

Black or African American

10.3%

Unknown

5.0%
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Foreign Languages Spoken

Spanish

34.9%

Japanese

11.6%

French

11.6%

Chinese

4.7%

German

4.7%

Portuguese

2.3%

Vietnamese

2.3%

Filipino

2.3%

Turkish

2.3%

Hebrew

2.3%

Cantonese

2.3%

Mandarin

2.3%

Carrier

2.3%

Hindi

2.3%

Russian

2.3%

Arabic

2.3%

Thai

2.3%

Korean

2.3%

Italian

2.3%
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Business Banking Officer Education

Schools

University of Phoenix

17.5%

University of Cincinnati

6.3%

University of Pittsburgh -

5.0%

Northeastern University

5.0%

University of Rhode Island

5.0%

Auburn University

5.0%

Baker College

5.0%

George Mason University

5.0%

Southern New Hampshire University

5.0%

University of Nevada - Reno

3.8%

Arizona State University

3.8%

Rosemont College

3.8%

Boston University

3.8%

University of Colorado at Boulder

3.8%

Indiana University Bloomington

3.8%

State University of New York Buffalo

3.8%

University of Montana

3.8%

Central Michigan University

3.8%

Strayer University

3.8%

Brenau University

3.8%
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Majors

Business

40.6%

Finance

14.8%

Accounting

8.9%

Marketing

7.5%

Management

5.5%

Economics

2.3%

Liberal Arts

2.3%

Criminal Justice

2.1%

Project Management

1.8%

Political Science

1.8%

Communication

1.6%

Psychology

1.6%

Legal Research And Advanced Professional Studies

1.4%

Biology

1.4%

Computer Science

1.1%

General Studies

1.1%

Legal Support Services

1.1%

Information Technology

1.1%

Graphic Design

0.9%

Human Resources Management

0.9%
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Degrees

Bachelors

46.3%

Masters

26.4%

Other

17.3%

Associate

4.6%

Certificate

3.0%

Doctorate

1.1%

Diploma

0.7%

License

0.5%
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Real Business Banking Officer Salaries

Job Title Company Location Start Date Salary
Business Officer KEIO Academy of New York NY Jan 10, 2016 $110,000
Business Officer KEIO Academy of New York NY Sep 04, 2015 $110,000
Business Officer KEIO Academy of New York NY Sep 18, 2015 $110,000
Business Officer KEIO Academy of New York NY Oct 01, 2013 $110,000
Business Officer KEIO Academy of New York NY Oct 01, 2010 $95,000
Business Officer KEIO Academy of New York NY Oct 01, 2009 $95,000
Business Officer J&J Irvine Campus Inc. Irvine, CA Mar 09, 2015 $89,690
Business Relationship Officer Theme Soft, Inc. Dallas, TX Sep 05, 2014 $61,000
Business Relationship Officer Theme Soft, Inc. Dallas, TX May 09, 2014 $61,000
Officer, Intermediate FIN. Anly-FIN. Business SUP Countrywide Home Loans, Inc. Thousand Oaks, CA Apr 05, 2010 $55,800 -
$75,800
Business Officer The Univ. of Ala. at Birmingham (UAB) Birmingham, AL Jun 01, 2015 $53,563
Business Officer Industrial and Commercial Bank of China (U.S.A.) N.A. Alhambra, CA Oct 08, 2016 $48,402
Business Officer Industrial and Commercial Bank of China (U.S.A.) N.A. Hacienda Heights, CA Oct 08, 2016 $48,402

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Top Skills for A Business Banking Officer

  1. Financial Statements
  2. Loan Applications
  3. Bank Products
You can check out examples of real life uses of top skills on resumes here:
  • Analyzed customer's financial statements to determine credit worthiness.
  • Managed credit decision process for all loan applications generated.
  • Interview & hire branch employees, educate & train employees on service & selling bank products.
  • Compiled findings and made recommendations based on financial statements of small business customers.
  • Performed credit and financial analysis on loan reviews within Commercial and Business Development Groups for new and existing credit facilities.

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Top 10 Best States for Business Banking Officers

  1. North Dakota
  2. New York
  3. New Hampshire
  4. New Jersey
  5. Ohio
  6. Florida
  7. Kansas
  8. Nebraska
  9. Iowa
  10. Minnesota
  • (29 jobs)
  • (263 jobs)
  • (25 jobs)
  • (158 jobs)
  • (212 jobs)
  • (270 jobs)
  • (33 jobs)
  • (15 jobs)
  • (74 jobs)
  • (73 jobs)

Top Business Banking Officer Employers

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