Loan Officer, Commercial Salary
The average salary for a Loan Officer, Commercial is $69,182 per year. Experience has a moderate effect on pay for this job. A skill in Sales is associated with high pay for this job.
Job Description for Loan Officer, Commercial
A commercial loan officer works with current business clients and individuals looking to start small businesses. Much of the loan officer's duties entail maintaining and administering these loan accounts for the bank, following standard procedures and protocols.Read More...
A commercial loan officer is typically expected to help generate new business and accounts as well, however. For the loan officer, that means networking and making sure that the loan and credit services of the bank are publicized and involved in any bidding processes. In addition, many financial institutions offer a variety of insurance products for organizations that take out commercial loans, and the loan officer is expected to promote these products to clients. Individuals in this profession typically work during regular business hours in a banking institution. However, due to the need to actively attract new commercial clients, many loan officers may hold receptions and question-and-answer sessions for prospective clients outside of their bank.
Many banks prefer a person for this position who possesses a bachelor’s degree in business, accounting, or a related field; however, some financial institutions will allow for practical experience in lieu of formal education. A commercial loan officer must also possess the technical knowledge of how to underwrite credit applications. Additionally, he or she must possess outstanding office and administrative skills and be organized.
Loan Officer, Commercial Tasks
- Develop, maintain, and grow the commercial loan portfolio of private loan companies, government agencies, and non-profit organizations.
- Solicit new business by developing marketing strategies.
- Oversee handling of advances, payments, and wire transfers.
- Negotiate credit terms, and prepare credit analysis and repayment plan for approvals.
- Interview, consult, accept, analyze credit of, and perform credit reviews of potential borrowers.
Loan Officer, Commercial Job Listings
Search for more jobs:
Popular Skills for Loan Officer, Commercial
Pay by Experience Level for Loan Officer, Commercial
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Pay Difference by Location
Related Job Salaries
Key Stats for Loan Officer, Commercial
Rated 5 out of 5
based on 67 votes.