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Become A Commercial Loan Officer

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Working As A Commercial Loan Officer

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

  • Make Decisions

  • Repetitive

  • $65,000

    Average Salary

What Does A Commercial Loan 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 Commercial Loan 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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Commercial Loan Officer Career Paths

Commercial Loan Officer
Branch Manager General Manager Account Manager
Director, Inside Sales
6 Yearsyrs
Branch Manager General Manager Vice President
Group Vice President
9 Yearsyrs
Branch Manager Area Manager Sales Manager
Branch Sales Manager
6 Yearsyrs
Senior Credit Analyst Credit Manager
Credit And Collection Manager
7 Yearsyrs
Senior Credit Analyst Assistant Vice President
Commercial Lending Vice President
11 Yearsyrs
Senior Credit Analyst Assistant Vice President Vice President And Manager
Vice President Operation Manager
10 Yearsyrs
Relationship Manager Vice President
Vice President And Portfolio Manager
10 Yearsyrs
Relationship Manager Assistant Vice President
Administration Vice President
6 Yearsyrs
Relationship Manager Product Manager Regional Sales Manager
Vice President & Sales Manager
9 Yearsyrs
Assistant Branch Manager Banking Center Manager
Finance Center Manager
6 Yearsyrs
Assistant Branch Manager Business Development Officer
Business Relationship Manager
9 Yearsyrs
Assistant Branch Manager Production Manager Processing Manager
Underwriting Manager
8 Yearsyrs
Business Development Officer Business Relationship Manager
Senior Relationship Manager
9 Yearsyrs
Vice President, Business Development Sales Manager Branch Sales Manager
Banking Center Manager
5 Yearsyrs
Senior Loan Officer Branch Sales Manager Banking Center Manager
Bank Manager
5 Yearsyrs
Vice President, Business Development National Account Manager Branch Sales Manager
Business Development Officer
7 Yearsyrs
Senior Loan Officer Senior Loan Processor Senior Underwriter
Lending Services Manager
8 Yearsyrs
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Do you work as a Commercial Loan Officer?

Help others decide if this is a good career for them

Average Length of Employment
Commercial Lender 3.8 years
Loan Broker 3.6 years
Credit Officer 3.6 years
Commercial Banker 3.5 years
Loan Administrator 3.5 years
Loan Manager 3.3 years
Loan Officer 3.1 years
Loan Analyst 2.4 years
Loan Consultant 2.3 years
Top Careers Before Commercial Loan Officer
Loan Officer 12.4%
Teller 3.5%
Top Careers After Commercial Loan Officer
President 4.0%
Owner 3.2%
Consultant 3.1%

Do you work as a Commercial Loan Officer?

Average Yearly Salary
$65,000
View Detailed Salary Report
$35,000
Min 10%
$65,000
Median 50%
$65,000
Median 50%
$65,000
Median 50%
$65,000
Median 50%
$65,000
Median 50%
$65,000
Median 50%
$65,000
Median 50%
$120,000
Max 90%
Best Paying Company
Idaho Central Credit Union
Highest Paying City
Norwalk, CT
Highest Paying State
Alaska
Avg Experience Level
4.1 years
How much does a Commercial Loan Officer make at top companies?
The national average salary for a Commercial Loan Officer in the United States is $65,823 per year or $32 per hour. Those in the bottom 10 percent make under $35,000 a year, and the top 10 percent make over $120,000.

Real Commercial Loan Officer Salaries

Job Title Company Location Start Date Salary
Commercial Officer Intertrust Netherlands B.V. New York, NY Sep 13, 2012 $145,000
Commercial Syndications Officer HSBC Bank USA, N.A. New York, NY Aug 05, 2015 $110,000
Commercial Officer Intertrust Netherlands B.V. New York, NY Sep 24, 2011 $98,000
VP, Commercial Loan Officer Cathay Bank Rosemead, CA Sep 30, 2010 $85,000
Commercialization Officer Cleveland Clinic Cleveland, OH Oct 06, 2011 $80,000
Commercial Loan Officer Hanin Federal Credit Union Santa Clara, CA Sep 16, 2016 $72,000
Commercial Loan Officer Triple Eight Properties Inc. Encinitas, CA Dec 27, 2016 $71,240
Bilingual Commercial Loan Officer CIB Financial Services, LLC Aurora, CO Jun 01, 2010 $60,398
Commercial Documentation Officer HSBC Bank USA, N.A. Depew, NY Sep 21, 2012 $59,460
Commercial Loan Officer Shinhan Bank America New York, NY Apr 24, 2015 $57,873
Commercial Loan Officer Shinhan Bank America New York, NY Nov 01, 2014 $57,873
Commercial Loan Officer Collegiate Peaks Bank Denver, CO Feb 28, 2011 $56,888
Commercial Loan Officer Collegiate Peaks Bank Denver, CO Mar 07, 2011 $56,888
Commercial Loan Officer Shinhan Bank America, Inc. Los Angeles, CA Dec 23, 2013 $50,088
Commercial Loan Officer Shinhan Bank America, Inc. Los Angeles, CA Sep 22, 2015 $49,920
Commercial Loan Officer Hanin Federal Credit Union Garden Grove, CA Sep 15, 2016 $48,585
Commercial Loan Officer Hanin Federal Credit Union Santa Clara, CA Sep 15, 2015 $48,001
Commercial Loan Officer Hanin Federal Credit Union Los Angeles, CA Sep 15, 2016 $48,000
Commercial Loan Officer Shinhan Bank America Los Angeles, CA Sep 01, 2015 $46,686
Commercial Loan Officer Shinhan Bank America Los Angeles, CA Jan 08, 2016 $46,665
Commercial Loan Officer Velocity Commercial Capital, LLC Westlake Village, CA Sep 08, 2015 $46,530
Commercial Loan Officer Shinhan Bank America, Inc. Los Angeles, CA Mar 23, 2016 $46,530
Commercial Loan Officer/Account Executive Velocity Commercial Capital, LLC Westlake Village, CA Sep 08, 2015 $46,530
Commercial Loan Officer Hanin Federal Credit Union Santa Clara, CA Sep 15, 2016 $46,144
Commercial Loan Officer Hanin Federal Credit Union Santa Clara, CA Jan 07, 2016 $45,989
Commercial Loan Officer Shinhan Bank America, Inc. Los Angeles, CA Sep 15, 2013 $45,517
Commercial Loan Officer Shinhan Bank America Los Angeles, CA Sep 26, 2012 $44,077
Commercial Loan Officer International Bank of Chicago Chicago, IL Sep 24, 2015 $43,618

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Top Skills for A Commercial Loan Officer

  1. Loan Portfolio
  2. Financial Statements
  3. Real Estate
You can check out examples of real life uses of top skills on resumes here:
  • Administered Commercial Loan Credit Department with responsibility for evaluating quality of commercial loan portfolio of all business and real-estate loans.
  • Performed financial analysis using the Financial Statements provided by the business entities and other related business data to determine cash flow.
  • Interview applicants and recommend approval of customer applications for commercial real estate loans.
  • Authorized and processed loan applications throughout the Kansas City Metropolitan area
  • Audit loan documentation to ensure compliance with government regulations while ensuring completeness and timely filing of applications.

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Top 10 Best States for Commercial Loan Officers

  1. North Dakota
  2. New York
  3. Kansas
  4. New Jersey
  5. Florida
  6. Connecticut
  7. Minnesota
  8. Nebraska
  9. New Hampshire
  10. Maine
  • (19 jobs)
  • (187 jobs)
  • (33 jobs)
  • (130 jobs)
  • (238 jobs)
  • (41 jobs)
  • (79 jobs)
  • (12 jobs)
  • (11 jobs)
  • (22 jobs)

Commercial Loan Officer Resume Examples And Tips

The average resume reviewer spends between 5 to 7 seconds looking at a single resume, which leaves the average job applier with roughly six seconds to make a killer first impression. Thanks to this, a single typo or error on your resume can disqualify you right out of the gate. At Zippia, we went through over 2,105 Commercial Loan Officer resumes and compiled some information about how best to optimize them. Here are some suggestions based on what we found, divided by the individual sections of the resume itself.

Learn How To Create A Top Notch Commercial Loan Officer Resume

View Resume Examples

Commercial Loan Officer Demographics

Gender

Male

67.2%

Female

24.4%

Unknown

8.4%
Ethnicity

White

62.7%

Hispanic or Latino

14.2%

Black or African American

10.4%

Asian

8.2%

Unknown

4.5%
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Foreign Languages Spoken

Spanish

47.1%

French

9.2%

Mandarin

6.9%

Korean

4.6%

Russian

4.6%

Portuguese

4.6%

Chinese

3.4%

Cantonese

2.3%

Urdu

2.3%

Italian

2.3%

Arabic

2.3%

Turkish

1.1%

Romanian

1.1%

Hindi

1.1%

Azerbaijani

1.1%

Indonesian

1.1%

Vietnamese

1.1%

Marathi

1.1%

Tamil

1.1%

German

1.1%
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Commercial Loan Officer Education

Schools

University of Phoenix

15.7%

Arizona State University

8.3%

University of Utah

6.0%

University of Washington

6.0%

Brigham Young University

5.1%

DePaul University

5.1%

Georgia State University

4.6%

University of Kansas

4.6%

San Diego State University

4.1%

Indiana University Bloomington

4.1%

Michigan State University

3.7%

New York University

3.7%

Northwestern University

3.7%

Regis University

3.7%

Babson College

3.7%

University of Texas at Austin

3.7%

University of Georgia

3.7%

University of Arkansas, Fayetteville

3.7%

Florida State University

3.7%

National University

3.2%
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Majors

Business

36.4%

Finance

24.4%

Accounting

10.9%

Management

4.6%

Economics

4.2%

Marketing

3.1%

Real Estate

2.3%

Political Science

2.1%

Law

1.7%

Education

1.3%

Business Economics

1.3%

Agricultural Business

1.2%

Communication

1.1%

Psychology

1.0%

General Education, Specific Areas

0.9%

Human Resources Management

0.8%

International Business

0.7%

History

0.7%

Liberal Arts

0.6%

Legal Support Services

0.6%
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Degrees

Bachelors

47.3%

Masters

26.7%

Other

15.6%

Associate

4.2%

Certificate

2.9%

Doctorate

1.8%

Diploma

1.0%

License

0.5%
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Top Commercial Loan Officer Employers

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Commercial Loan Officer Videos

A Day in the Life - Loan Officer

Commercial Banking Jobs and Career Resources

Commercial Loan Officer, Career Video from drkit.org

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