Commercial loan officers are financial professionals who are responsible for assessing and processing business loan applications at financial institutions. These loan officers must advise clients about their suitable loan and credit options while consulting with managers on credit policies, credit lines, and procedures. They are required to obtain and assess the financial information of applicants that includes their financial statements and credit histories. Commercial loan officers must also collaborate with other financial institutions to set up loan packages for extensive loans.

Take a few minutes to create or upgrade your resume. Browse through our resume examples to identify the best way to word your resume. Then choose from 10+ resume templates to create your Commercial Loan Officer resume.

Commercial Loan Officer Responsibilities

Here are examples of responsibilities from real commercial loan officer resumes representing typical tasks they are likely to perform in their roles.

  • Create and manage mortgage loan department along with commercial consumer, SBA and real estate lending producing additional revenue stream.
  • Manage a multifacete commercial real estate investment firm.
  • Mortgage underwriter for FHA direct endorsement, VA authorize & FNMA delegate programs.
  • Sign and issue payroll checks to contractors hire to complete REO projects.
  • Secure new loans, investment accounts, treasury management products and depository accounts.
  • Compile figures for sales amount prior to selling real estate own (REO).
  • Originate mortgage loans for consumers, open satellite branch to accommodate VA refinance programs.
  • Require knowledge of FHA, VA, USDA, and conforming and non-conforming conventional loan standards.
  • Consult and engage legal counsel to assist in loan collections, loan workout plans, foreclosure of real estate and lawsuits.
  • Issue and evaluate borrower assistance packets to apply appropriate foreclosure prevention according to the investor, insurer, and/or government guidelines.
  • Coordinate and arrange appointments and escrow signings.
  • Processed/Perform preliminary underwriting of FNMA & FHLMC eligible loans.
  • Facilitate financing on start-up and existing businesses through SBA financing.
  • Review all litigation invoice submissions for accuracy and any erroneous billings.
  • Specialize in refinancing VA mortgages for military active duty and veterans.

Commercial Loan Officer Job Description

Perhaps the hardest question to answer when deciding on a career as a commercial loan officer is "should I become a commercial loan officer?" You might find this info to be helpful. When compared to other jobs, commercial loan officer careers are projected to have a growth rate described as "faster than average" at 8% from 2018 through 2028. This is in accordance with the Bureau of Labor Statistics. What's more, is that the projected number of opportunities that are predicted to become available for a commercial loan officer by 2028 is 24,300.

A commercial loan officer annual salary averages $70,876, which breaks down to $34.08 an hour. However, commercial loan officers can earn anywhere from upwards of $50,000 to $100,000 a year. This means that the top-earning commercial loan officers make $52,000 more than the lowest-earning ones.

As is the case with most jobs, it takes work to become a commercial loan officer. Sometimes people change their minds about their career after working in the profession. That's why we looked into some other professions that might help you find your next opportunity. These professions include a mortgage banker, senior credit analyst, mortgage consultant, and closer.

Learn More About Commercial Loan Officer Job Descriptions
Find Better Talent in Less Time
Post a Job on Zippia and take the best from over 7 million monthly job seekers.

Commercial Loan Officer Jobs You Might Like

5 Commercial Loan Officer Resume Examples

Commercial Loan Officer Skills and Personality Traits

We calculated that 9% of Commercial Loan Officers are proficient in Customer Service, Loan Portfolio, and Financial Statements. They’re also known for soft skills such as Initiative, Interpersonal skills, and Detail oriented.

We break down the percentage of Commercial Loan Officers that have these skills listed on their resume here:

  • Customer Service, 9%

    Ensured exceptional customer service by maintaining thorough knowledge of lending programs, policies, procedures and regulatory requirements.

  • Loan Portfolio, 8%

    Administered Commercial Loan Credit Department with responsibility for evaluating quality of commercial loan portfolio of all business and real-estate loans.

  • Financial Statements, 6%

    Performed financial analysis using the Financial Statements provided by the business entities and other related business data to determine cash flow.

  • Business Development, 6%

    Acquired and serviced commercial/business loans, commercial real estate loans and bank services in accordance with individually established business development goals.

  • Commercial Loans, 4%

    Shared responsibility for insuring profitability, efficiency and effectiveness of commercial loans through processing transactions and maintaining account relationships

  • Bank Products, 4%

    Developed and maintained relationships with customers and identified cross-sell opportunities of bank products and services.

Choose From 10+ Customizable Commercial Loan Officer Resume templates

Build a professional Commercial Loan Officer resume in minutes. Browse through our resume examples to identify the best way to word your resume. Then choose from 10+ resume templates to create your Commercial Loan Officer resume.

Commercial Loan Officer Resume
Commercial Loan Officer Resume
Commercial Loan Officer Resume
Commercial Loan Officer Resume
Commercial Loan Officer Resume
Commercial Loan Officer Resume
Commercial Loan Officer Resume
Commercial Loan Officer Resume
Commercial Loan Officer Resume
Commercial Loan Officer Resume
Commercial Loan Officer Resume
Commercial Loan Officer Resume
Commercial Loan Officer Resume
Commercial Loan Officer Resume
Commercial Loan Officer Resume
Commercial Loan Officer Resume

Most commercial loan officers list "customer service," "loan portfolio," and "financial statements" as skills on their resumes. We go into more details on the most important commercial loan officer responsibilities here:

  • Initiative can be considered to be the most important personality trait for a commercial loan officer to have. According to a commercial loan officer resume, "loan officers need to seek out new clients" commercial loan officers are able to use initiative in the following example we gathered from a resume: "spearheaded initiatives that positioned the institution's sba program as "preferred lender" in industry. "
  • While it may not be the most important skill, we found that many commercial loan officer duties rely on interpersonal skills. This example from a commercial loan officer explains why: "because loan officers work with people, they must be able to guide customers through the application process and answer their questions." This resume example is just one of many ways commercial loan officers are able to utilize interpersonal skills: "acquired refined and exceptional interpersonal and rapport-building skills with an emphasis on forging strong business relationships. "
  • Detail oriented is also an important skill for commercial loan officers to have. This example of how commercial loan officers use this skill comes from a commercial loan officer resume, "each piece of information on an application can have a major effect on the profitability of a loan, so loan officers must pay attention to detail." Read this excerpt from a resume to understand how vital it is to their everyday roles and responsibilities, "performed financial and credit analysis of accounts with detailed review of financial statements. "
  • See the full list of commercial loan officer skills.

    We've found that 75.6% of commercial loan officers have earned a bachelor's degree. Furthermore, 13.1% earned their master's degrees before becoming a commercial loan officer. While it's true that most commercial loan officers have a college degree, it's generally possible to become one with only a high school degree. In fact, one out of every nine commercial loan officers did not spend the extra money to attend college.

    The commercial loan officers who went onto college to earn a more in-depth education generally studied business and finance, while a small population of commercial loan officers studied accounting and economics.

    Once you're ready to become a commercial loan officer, you should explore the companies that typically hire commercial loan officers. According to commercial loan officer resumes that we searched through, commercial loan officers are hired the most by GPAC, Management Recruiters International(MRI), and Unity Bank. Currently, GPAC has 106 commercial loan officer job openings, while there are 21 at Management Recruiters International(MRI) and 14 at Unity Bank.

    If you're interested in companies where commercial loan officers make the most money, you'll want to apply for positions at Glacier Ban, University of Kentucky Federal Credit Union, and TD Bank. We found that at Glacier Ban, the average commercial loan officer salary is $83,361. Whereas at University of Kentucky Federal Credit Union, commercial loan officers earn roughly $82,211. And at TD Bank, they make an average salary of $81,097.

    View more details on commercial loan officer salaries across the United States.

    If you earned a degree from the top 100 educational institutions in the United States, you might want to take a look at Bank of America, Wells Fargo, and JPMorgan Chase & Co. These three companies have hired a significant number of commercial loan officers from these institutions.

    The three companies that hire the most prestigious commercial loan officers are:

    Build a professional resume in minutes.

    Our AI resume builder helps you write a compelling and relevant resume for the jobs you want. See 10+ resume templates and create your resume here.

    resume document icon

    Don't Have A Professional Resume?

    What Mortgage Bankers Do

    A Mortgage Banker is specialized in offering financing to buy homes or refinance previous mortgages. They work as part of a banks loan department.

    In this section, we compare the average commercial loan officer annual salary with that of a mortgage banker. Typically, mortgage bankers earn a $43,545 lower salary than commercial loan officers earn annually.

    While their salaries may differ, one common ground between commercial loan officers and mortgage bankers are a few of the skills required in each craft. In both careers, employees bring forth skills like customer service, financial statements, and business development.

    As far as similarities go, this is where it ends because a commercial loan officer responsibility requires skills such as "loan portfolio," "loan documentation," "bank policies," and "sba." Whereas a mortgage banker is skilled in "nmls," "federal regulations," "credit data," and "residential mortgage loans." So if you're looking for what truly separates the two careers, you've found it.

    Mortgage bankers tend to reach lower levels of education than commercial loan officers. In fact, mortgage bankers are 5.9% less likely to graduate with a Master's Degree and 0.0% more likely to have a Doctoral Degree.

    What Are The Duties Of a Senior Credit Analyst?

    A senior credit analyst is responsible for reviewing the loan applications of an individual and organization, determining their eligibility by evaluating their credit scores and financial history. Senior credit analysts assess the applicant's capability to pay according to terms and conditions and loan payment plans. They submit recommendation reports of qualified applicants for further investigation and have them submit additional documents as needed. A senior credit analyst decides on credit limits and may provide the applicants' loan and credit alternatives, requiring them to have excellent knowledge of the financial industry and loan options.

    The next role we're going to look at is the senior credit analyst profession. Typically, this position earns a higher pay. In fact, they earn a $15,488 higher salary than commercial loan officers per year.

    A similarity between the two careers of commercial loan officers and senior credit analysts are a few of the skills associated with both roles. We used resumes from both professions to find that both use skills like "customer service," "loan portfolio," and "commercial loans. "

    In addition to the difference in salary, there are some other key differences that are worth noting. For example, commercial loan officer responsibilities are more likely to require skills like "financial statements," "business development," "bank products," and "loan documentation." Meanwhile, a senior credit analyst might be skilled in areas such as "real estate," "risk management," "excellent interpersonal," and "credit limits." These differences highlight just how different the day-to-day in each role looks.

    It's been discovered that senior credit analysts earn higher salaries compared to commercial loan officers, but we wanted to find out where senior credit analysts earned the most pay. The answer? The finance industry. The average salary in the industry is $90,023. Additionally, commercial loan officers earn the highest paychecks in the finance with an average salary of $54,859.

    In general, senior credit analysts study at similar levels of education than commercial loan officers. They're 0.2% less likely to obtain a Master's Degree while being 0.0% less likely to earn a Doctoral Degree.

    How a Mortgage Consultant Compares

    A mortgage consultant is a professional who helps customers and businesses identify the best option for mortgage deals based on their financial resources. To maintain an excellent relationship with clients, mortgage consultants must possess a broad knowledge of the company's products to answer all the clients' queries and concerns. They help clients gather and analyze documents that are required for loan approval and create accurate mortgage information. They also develop relationships with banks and real estate agents to help promote bank mortgages for clients.

    Let's now take a look at the mortgage consultant profession. On average, these workers make lower salaries than commercial loan officers with a $31,942 difference per year.

    While looking through the resumes of several commercial loan officers and mortgage consultants we discovered that both professions have similar skills. These similarities include skills such as "customer service," "business development," and "commercial loans," but they differ when it comes to other required skills.

    As mentioned, these two careers differ between other skills that are required for performing the work exceedingly well. For example, gathering from commercial loan officers resumes, they are more likely to have skills like "loan portfolio," "financial statements," "loan documentation," and "bank policies." But a mortgage consultant might have skills like "nmls," "financial services," "loan products," and "credit history."

    Interestingly enough, mortgage consultants earn the most pay in the finance industry, where they command an average salary of $36,576. As mentioned previously, commercial loan officers highest annual salary comes from the finance industry with an average salary of $54,859.

    When it comes to education, mortgage consultants tend to earn lower education levels than commercial loan officers. In fact, they're 6.6% less likely to earn a Master's Degree, and 0.1% less likely to graduate with a Doctoral Degree.

    Description Of a Closer

    The duties of a closer depend on one's line of work or industry of employment. Typically, their responsibilities revolve around liaising with clients to ensure that they understand and adhere to all terms of the agreement, completing all requirements and necessary documents, and maintaining records of all transactions. A closer must also monitor the regular payments of clients to ensure their compliance with the agreement, answer any inquiries, perform follow-up calls, and address any issues or concerns, resolving them promptly and efficiently.

    Closers tend to earn a lower pay than commercial loan officers by about $41,585 per year.

    While their salaries may vary, commercial loan officers and closers both use similar skills to perform their jobs. Resumes from both professions include skills like "customer service," "bank secrecy act," and "loan packages. "

    Each job requires different skills like "loan portfolio," "financial statements," "business development," and "commercial loans," which might show up on a commercial loan officer resume. Whereas closer might include skills like "cleanliness," "punctuality," "dependability," and "food orders."

    The average resume of closers showed that they earn lower levels of education to commercial loan officers. So much so that the likelihood of them earning a Master's Degree is 10.1% less. Additionally, they're less likely to earn a Doctoral Degree by 0.0%.