The average pay for a Chief Lending Officer is $26.66 per hour.
The average pay for a Chief Lending Officer is $132,039 per year.
|Salary||$74,743 - $186,661|
|Bonus||$4,992 - $35,622|
|Profit Sharing||$0.00 - $17,232|
|Total Pay (|
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).)
|$71,492 - $209,958|
The role of a chief lending officer is to determine and dictate the lending practices of the financial institution for which they work. They will dictate and coordinate all of the company's lending activities, ensure that they are in compliance with all state and federal regulations, and draft and develop strategies and new ways to streamline the company's lending operations. They will also study all loan portfolios, such as mortgages, business loans, personal loans, and more, and determine ways to expand into new markets while still strengthening the current customer base.Read More...
The chief lending officer may either oversee or be a part of a team which works with the company's lending. If he/she is a team leader, they must ensure that the staff are following given mandates and following through on the growth of loan products.
A minimum of a Bachelor's degree is generally required for this position, and some companies may prefer a Master’s degree. Those who have a strong background in finance-related disciplines and prior work experience will have the best employment opportunities. Chief lending officers often have extensive prior experience, generally between five and twelve years.
The working hours are regular, though this is not set in stone; some companies may require chief lending officers to work overtime hours, especially if there are important deadlines to be met. (Copyright 2019 PayScale.com)
- Supervise the work and loan portfolios of staff members.
- Manage a bank's loan portfolio, ensure long term profit growth, and minimize risk.
- Develop and enforce a bank's procedures for granting loans such as mortgages and credit cards to customers.
- Ensure loan policies comply with bank and government regulations.
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