What Does a Commercial Loan Officer Do?

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.

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.

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.

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%.