How to Become a Commercial Loan Officer
Know what the duties of a commercial loan officer are., Graduate with a bachelor's degree in finance, business, economics or something related. , Gain experience in the banking industry or sales before embarking on a commercial loan officer career...
Step-by-Step Guide
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Step 1: Know what the duties of a commercial loan officer are.
Unlike other banking careers, the commercial loan officer often works outside of the office, calling on potential businesses.
Loan officers help commercial clients through the loan application process.
In addition to gathering information, this process may include addressing potential lending problems.
Commercial loan officers who work for mortgage brokers may also process the loan.
A commercial loan officer is often paid on commission, usually 1/2 of 1 percent of the amount of the loan. -
Step 2: Graduate with a bachelor's degree in finance
, Useful skills include doing financial statements, business accounting and cash flow analysis. , Federal licensing requires 20 hours of education in lending, passing an examination and successfully undergoing a background check.
Individual states may have additional licensing requirements for loan officers.
Loan officers must meet continuing education requirements to continue licensure. , For example, the Bank Administration Institute of the American Bankers Association offers a Loan Review Certificate program.
Private business schools are another resource. ,, Loan officers often have to attend social functions as a representative of the bank.
This is a good way to make contacts with future clients. , As loan officers often work in the field, they need to rely on laptops and cell phones to obtain current information and to maintain contact with their employer and potential clients. , Commercial real estate agencies are also a good resource for the commercial loan officer. , Be available to answer questions and help with the loan application. , Verify application information.
Check a borrower's credit history with underwriting software, but understand that most commercial loans require additional financial information.
Consult with bank managers to determine whether a loan should be granted. -
Step 3: business
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Step 4: economics or something related.
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Step 5: Gain experience in the banking industry or sales before embarking on a commercial loan officer career.
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Step 6: Obtain a license
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Step 7: a fairly recent federal requirement
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Step 8: if you will also be operating as a mortgage loan officer.
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Step 9: Check with a banking association for available lending education programs and continuing education.
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Step 10: Prepare yourself for on-the-job training as a commercial loan officer.
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Step 11: Work well with others by using appropriate communication and social skills.
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Step 12: Demonstrate an above average skill level with computers and technology
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Step 13: including financial software.
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Step 14: Contact businesses about lending needs.
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Step 15: Meet with potential borrowers to obtain preliminary information regarding loan needs and their ability to repay loans.
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Step 16: Analyze loan applications to determine whether the business is a good loan risk.
Detailed Guide
Unlike other banking careers, the commercial loan officer often works outside of the office, calling on potential businesses.
Loan officers help commercial clients through the loan application process.
In addition to gathering information, this process may include addressing potential lending problems.
Commercial loan officers who work for mortgage brokers may also process the loan.
A commercial loan officer is often paid on commission, usually 1/2 of 1 percent of the amount of the loan.
, Useful skills include doing financial statements, business accounting and cash flow analysis. , Federal licensing requires 20 hours of education in lending, passing an examination and successfully undergoing a background check.
Individual states may have additional licensing requirements for loan officers.
Loan officers must meet continuing education requirements to continue licensure. , For example, the Bank Administration Institute of the American Bankers Association offers a Loan Review Certificate program.
Private business schools are another resource. ,, Loan officers often have to attend social functions as a representative of the bank.
This is a good way to make contacts with future clients. , As loan officers often work in the field, they need to rely on laptops and cell phones to obtain current information and to maintain contact with their employer and potential clients. , Commercial real estate agencies are also a good resource for the commercial loan officer. , Be available to answer questions and help with the loan application. , Verify application information.
Check a borrower's credit history with underwriting software, but understand that most commercial loans require additional financial information.
Consult with bank managers to determine whether a loan should be granted.
About the Author
Jean Barnes
Experienced content creator specializing in hobbies guides and tutorials.
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