The average salary for a Loan Officer, Commercial at Bank of America Corp. (BOFA) is $79,248.
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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. 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 in…Read more
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.
Popular Employer Salaries for Loan Officer, Commercial
The top respondents for the job title Loan Officer, Commercial are from the companies Foothill Federal Credit Union, Park National Bank and Bank of The Ozarks. Reported salaries are highest at Foothill Federal Credit Union where the average pay is $82,424. Other companies that offer high salaries for this role include Bank of The Ozarks, earning around $75,000. Park National Bank pays the lowest at around $54,055. Farm Credit also pays on the lower end of the scale, paying $60,009.
Loan Officer, Commercial Job Listings
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Popular Skills for Loan Officer, Commercial
Skills in Commercial Loans are correlated to pay that is above average. Skills that pay less than market rate include Financial Analysis and Portfolio Management.
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