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The differences between commercial lenders and credit officers can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a commercial lender, becoming a credit officer takes usually requires 1-2 years. Additionally, a credit officer has an average salary of $129,478, which is higher than the $74,995 average annual salary of a commercial lender.
The top three skills for a commercial lender include commercial loans, customer relationships and loan applications. The most important skills for a credit officer are risk management, credit risk, and credit analysis.
| Commercial Lender | Credit Officer | |
| Yearly salary | $74,995 | $129,478 |
| Hourly rate | $36.06 | $62.25 |
| Growth rate | 4% | 17% |
| Number of jobs | 27,016 | 60,323 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 75% | Bachelor's Degree, 69% |
| Average age | 45 | 39 |
| Years of experience | 6 | 2 |
A commercial lender is in charge of handling and processing business loan applications, ensuring accuracy and smooth workflow. Their responsibilities typically revolve around liaising with company representatives to identify their needs, gathering and verifying applications, providing consultations and recommendations, and negotiating contracts and payment arrangements. They must also keep track of all amendments and processes, maintaining records of all transactions. Furthermore, as a commercial lender, it is essential to build positive relationships with clients, all while adhering to the company's policies and regulations.
A credit officer is responsible for evaluating financial documents and account statements to determine the eligibility of an applicant for a loan option. Credit officers communicate with the applicant to discuss the loan process, explain the terms of service, and provide them alternative options that would fit their payment ability and loan needs. They create financial reports and recommend the qualified applicant to the manager for approval. A credit officer should have excellent communication and analytical skills, ensuring that the loan policies adhere to the federal and state regulations.
Commercial lenders and credit officers have different pay scales, as shown below.
| Commercial Lender | Credit Officer | |
| Average salary | $74,995 | $129,478 |
| Salary range | Between $54,000 And $102,000 | Between $85,000 And $196,000 |
| Highest paying City | San Antonio, TX | New York, NY |
| Highest paying state | Washington | New York |
| Best paying company | IBC Bank | Farm Credit System |
| Best paying industry | Professional | Finance |
There are a few differences between a commercial lender and a credit officer in terms of educational background:
| Commercial Lender | Credit Officer | |
| Most common degree | Bachelor's Degree, 75% | Bachelor's Degree, 69% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between commercial lenders' and credit officers' demographics:
| Commercial Lender | Credit Officer | |
| Average age | 45 | 39 |
| Gender ratio | Male, 72.7% Female, 27.3% | Male, 64.4% Female, 35.6% |
| Race ratio | Black or African American, 10.5% Unknown, 4.7% Hispanic or Latino, 13.9% Asian, 5.9% White, 64.5% American Indian and Alaska Native, 0.5% | Black or African American, 8.0% Unknown, 2.7% Hispanic or Latino, 9.7% Asian, 10.7% White, 68.6% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 8% | 11% |