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Commercial Loan Officer Duties and Responsibilities
Commercial loan officers are decision-makers who must apply critical thinking to every application they review. Their daily duties require applying both logic and people skills in order to complete their tasks, which include:
Evaluate Loan Applications Commercial loan officers must carefully examine loan applications and verify financial information provided on the application to determine whether the business applying for the loan is capable of meeting monthly loan payments on time.
Review Credit Information In addition to reviewing loan applications, commercial loan officers must evaluate the credit history of the applicant. This requires finding all possible financial assets belonging to the company and evaluating their worth as it relates to the loan amount being requested.
Approve Loans Once a loan candidate has been assessed, the commercial loan officer will recommend approval or disapproval of the loan application based on the information provided by the business and the data they uncover during the application process.
Supervise Loan Administrators A commercial loan officer is often a supervisory position, which requires managing loan administrators and double-checking their loan paperwork for approval or disapproval of requested loans.
Follow Up on Approved Loans Once a loan has been approved and money given to a commercial client, the loan officer is responsible for making sure that loan payments are made on time. This may require making follow-up phone calls and checking in with borrowers to ensure they are paying off their line of credit. Should loan payments fail to be made regularly, loan officers may need to take action by reporting borrowers to collection agents.
Commercial Loan Officer Skills and QualificationsCommercial loan officers work with numbers, but they also work with people on a daily basis. Financial institutions look for loan officers who have the following experience and skills:
- Mathematics - crunching numbers and going over financial statements is a big part of the commercial loan officer's job, so they need a strong grasp of mathematics
- Customer service - while commercial loan officers make their decisions based on what they see on paper, customer service is still a big part of the job because they often meet with applicants face to face
- Analytical thinking - logic and critical thinking are essential to the commercial loan officer's job because they must apply mathematical formulas to determine whether a company has the ability to pay back a requested loan. This requires putting personal feelings aside and relying on cold, hard numbers in order to make the best decisions for their financial institution
- Leadership skills - because commercial loan officers often supervise loan associates, a background in leadership is very useful for this career path and desired by employers
- Attention to detail - commercial loans involve a lot of paperwork, bank accounts, and data, which means loan officers need to be highly detail-oriented so they can properly analyze all the information without skipping over any financial details
Commercial Loan Officer Education and TrainingMost commercial loan officers need a bachelor's degree in finance. They also receive on-the-job training from the financial institution to familiarize themselves with their employer's computer systems and financial forms. This training may take a few days to a period of several weeks, depending on the financial institution's normal policy.
Commercial Loan Officer Salary and OutlookThe median pay for loan officers is $63,650 per year, according to the Bureau of Labor Statistics. In 2016, there were 318,600 jobs available in this field, and the job outlook through 2026 shows that this career is expected to grow by 11 percent. This is faster than the national average. Commercial loan officers receive health insurance and other job perks, including profit-sharing and bonuses for completing successful loans. Vacation and paid leave are also commonly offered, and some institutions provide additional perks such as stock options, clothing allowances, childcare services, and continuing education reimbursement.
Commercial Loan Officer Helpful Resources
The financial industry is always changing, and commercial loan officers are always learning new technologies and strategies. Stay in the loop with these helpful resources that will keep you advancing in your career:
American Bankers Association - ABA represents bankers and financial institutions of all sizes, offering information about training, news about industry events, and data about new products and technologies in the financial field
Commercial Loan Officer's Handbook: From Basic Concepts to Advanced Techniques - this handbook is full of graphs, charts, and data to help you master the job of being a commercial loan officer, from rudimentary to advanced techniques
SW Graduate School of Banking Foundation - learn how to continue your education in the financial industry by finding training programs, materials, and information about how to advance your career as a commercial loan officer
Commercial Loan Officers Digest - learn all the tips and key elements of commercial lending in this digest, a comprehensive guide to working with loan officers, people requesting loans, and financial institutions
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