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The differences between commercial lenders and loan officers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a commercial lender and a loan officer. Additionally, a commercial lender has an average salary of $74,995, which is higher than the $45,817 average annual salary of a loan officer.
The top three skills for a commercial lender include commercial loans, customer relationships and loan applications. The most important skills for a loan officer are customer service, origination, and loan origination.
| Commercial Lender | Loan Officer | |
| Yearly salary | $74,995 | $45,817 |
| Hourly rate | $36.06 | $22.03 |
| Growth rate | 4% | 4% |
| Number of jobs | 27,016 | 63,663 |
| Job satisfaction | - | 4.5 |
| Most common degree | Bachelor's Degree, 75% | Bachelor's Degree, 61% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
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.
Loan officers are responsible for assisting borrowers on the best type of loans to avail and guiding the clients throughout the application process. A loan officer must be highly knowledgeable about different lending products, payment plans, loan regulations, and essential files for fast loan approval. Loan officers also act as the first point of contact, conducting an initial screening of the customers, process loan contracts and appropriate documentation, update account records, and respond to customer's inquiries. A loan officer also has the right to reject loan applicants who do not meet loan qualifications.
Commercial lenders and loan officers have different pay scales, as shown below.
| Commercial Lender | Loan Officer | |
| Average salary | $74,995 | $45,817 |
| Salary range | Between $54,000 And $102,000 | Between $30,000 And $69,000 |
| Highest paying City | San Antonio, TX | New York, NY |
| Highest paying state | Washington | New York |
| Best paying company | IBC Bank | Bangor Savings Bank |
| Best paying industry | Professional | Finance |
There are a few differences between a commercial lender and a loan officer in terms of educational background:
| Commercial Lender | Loan Officer | |
| Most common degree | Bachelor's Degree, 75% | Bachelor's Degree, 61% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between commercial lenders' and loan officers' demographics:
| Commercial Lender | Loan Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 72.7% Female, 27.3% | Male, 55.3% Female, 44.7% |
| 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, 9.0% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.9% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |