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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

  • $52,941

    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 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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Commercial Loan Officer Career Paths

Commercial Loan Officer
Finance Analyst Finance Manager Personal Banker
Bank Manager
5 Yearsyrs
Senior Loan Officer Account Executive Personal Banker
Banking Center Manager
5 Yearsyrs
Business Relationship Manager Account Manager Relationship Manager
Business Development Officer
7 Yearsyrs
Business Development Officer Banking Center Manager Business Banker
Business Relationship Manager
9 Yearsyrs
Asset Manager Senior Analyst Risk Manager
Chief Risk Officer
10 Yearsyrs
Credit Officer Credit Manager
Credit And Collection Manager
7 Yearsyrs
Commercial Lending Vice President Executive Vice President Credit Officer
Credit Director
11 Yearsyrs
Credit Officer Underwriter Senior Credit Analyst
Credit Manager
5 Yearsyrs
Vice President And Manager Managing Director Operations Vice President
Executive Vice President Of Operations
13 Yearsyrs
Senior Loan Officer Sales Manager Personal Banker
Finance Center Manager
6 Yearsyrs
Finance Analyst Operations Manager Underwriter
Lending Services Manager
7 Yearsyrs
Assistant Vice President Office Manager Branch Manager
Manager, Assistant Vice President
7 Yearsyrs
Vice President And Manager Finance Advisor Relationship Manager
Senior Relationship Manager
10 Yearsyrs
Asset Manager Portfolio Manager Underwriter
Underwriting Director
9 Yearsyrs
Business Relationship Manager Relationship Manager Underwriter
Underwriting Manager
8 Yearsyrs
Vice President, Business Development Manager, Assistant Vice President
Vice President & Sales Manager
9 Yearsyrs
Assistant Vice President Manager, Assistant Vice President
Vice President And Manager
10 Yearsyrs
Vice President, Business Development Vice President And Manager
Vice President And Portfolio Manager
10 Yearsyrs
Commercial Lending Vice President Vice President And Manager
Vice President Operation Manager
10 Yearsyrs
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Average Length of Employment
Credit Officer 3.6 years
Commercial Banker 3.5 years
Commercial Lender 3.4 years
Loan Administrator 3.4 years
Loan Officer 3.0 years
Loan Analyst 2.4 years
Top Careers Before Commercial Loan Officer
Loan Officer 11.8%
Teller 2.8%
Top Careers After Commercial Loan Officer
President 4.4%
Consultant 3.6%
Owner 3.2%

Do you work as a Commercial Loan Officer?

Commercial Loan Officer Demographics

Gender

Male

71.8%

Female

25.3%

Unknown

2.9%
Ethnicity

White

62.6%

Hispanic or Latino

14.3%

Black or African American

10.2%

Asian

8.3%

Unknown

4.6%
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Foreign Languages Spoken

Spanish

50.0%

French

8.1%

Mandarin

6.8%

Portuguese

4.1%

Chinese

4.1%

Urdu

2.7%

Cantonese

2.7%

Arabic

2.7%

Italian

2.7%

Russian

2.7%

Turkish

1.4%

Vietnamese

1.4%

German

1.4%

Dakota

1.4%

Hebrew

1.4%

Azerbaijani

1.4%

Japanese

1.4%

Romanian

1.4%

Marathi

1.4%

Hindi

1.4%
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Commercial Loan Officer Education

Schools

University of Phoenix

13.9%

University of Utah

8.2%

Arizona State University

7.4%

University of Iowa

4.9%

San Diego State University

4.9%

DePaul University

4.9%

University of Arkansas, Fayetteville

4.9%

Northeastern University

4.9%

New York University

4.1%

Michigan State University

4.1%

Boise State University

4.1%

University of Maine

4.1%

Pontifical Catholic University of Puerto Rico

4.1%

Saint Mary's University

4.1%

University of Idaho

4.1%

Central Michigan University

4.1%

National University

3.3%

Wayne State University

3.3%

University of Nebraska at Omaha

3.3%

Brigham Young University

3.3%
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Majors

Business

34.8%

Finance

25.5%

Accounting

9.5%

Economics

4.7%

Management

4.2%

Marketing

3.2%

Real Estate

2.5%

Political Science

2.5%

Law

2.0%

Agricultural Business

1.5%

Business Economics

1.2%

Communication

1.2%

Human Resources Management

1.2%

Education

1.0%

Psychology

1.0%

General Education, Specific Areas

1.0%

Elementary Education

0.9%

International Relations

0.9%

International Business

0.7%

Legal Support Services

0.7%
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Degrees

Bachelors

46.9%

Masters

26.8%

Other

15.7%

Associate

4.2%

Certificate

2.8%

Doctorate

2.1%

Diploma

1.1%

License

0.3%
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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

Job type you want
Full Time
Part Time
Internship
Temporary

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/Account Executive 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 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 Applications
  2. Financial Statements
  3. New Clients
You can check out examples of real life uses of top skills on resumes here:
  • Authorized and processed loan applications throughout the Kansas City Metropolitan area
  • Provided written financial reports on existing customer financial statements, financial ratio analysis, risk assessment and recommendations.
  • Stayed up to date on the products competitors are offering in order to retain current clients and develop new clients.
  • Provided loan portfolio management and business development leadership; marketed the programs to financial institutions and small businesses.
  • Facilitated financing on start-up and existing businesses through SBA financing.

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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)

Top Commercial Loan Officer Employers

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Jobs From Top Commercial Loan Officer Employers

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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