Education Career Articles

Connect Facebook Connect Twitter Connect Google+ Connect Pinterest Connect Stumbleupon

How to Become a Banking & Commercial Loan Processing Clerk

Career News December 30, 2013

When starting up a business, expanding a business, or embarking on a new business-related project, most people turn to banks to fund their financial needs. According to the U.S. Bureau of Labor Statistics (BLS), a 10% increase in job growth is expected between 2010 and 2020. Job growth means more revenue; more revenue means more opportunities for businesses to grow. The increase of businesses consequently means that more banking and commercial loan processing clerks will be needed.

Education & Experience

To become a commercial loan processor, you do not necessarily need a college degree. Most employers require a high school diploma or its equivalent, but some credit unions and banks do show a preference for candidates with at least an associate’s degree or certified training in business, finances, economics or some other related discipline.

While a college degree is not usually necessary for this position, 0-3 years of experience in the field is often required in combination with education. To gain experience in this field, it is a good idea to try to land entry-level positions within the bank, credit union, or other financial institution as a teller, sales representative, underwriter or loan officer.

Full competency of business loan policies and procedures, as well as working knowledge of laws that govern the Small Business Administration (SBA), Uniformed Standards of Professional Appraisal Practice (USPAP), and the Uniformed Commercial Code (UCC) will definitely benefit the potential candidate in landing the position.

Job Duties

The nature of a commercial loan processor’s role is predominantly to process loans. To do this efficiently, the processor will have to maintain and categorize clients’ files, regularly updating them in a timely fashion.

As a team player, the loan processor will work with partners and borrowers to ensure that all required documentation is received and accurate.

Preparing monthly board reports will be required, as well as creating journal entries to document all loan activity.

Loan processors will have to prepare financial ratios based upon the borrower’s financial statements. A loan processor clerk will need to make sure that all regulatory aspects of escrow impound accounts are adhered to and that required paperwork is completed and processed before the deadline.

Other Necessary Skills

If you desire to become a banking and commercial loan processing clerk, effective communication in writing and speaking is vital. You must be proficient in spreadsheet and word processing software applications and be a self-starter, able to stay on task with little to no supervision. You must have great interpersonal skills, the ability to work under pressure of deadlines, and an excellent eye for detail.

Showing schools in your area

Matching School Ads
5 Program(s) Found
  • Ready to earn your business degree? If you identify with at least one of the statements below, GCU could be a good fit for you!
  • I have worked in the business field for a number of years and want to further my education in order to qualify for promotions, leadership positions, and salary increases.
  • I am graduating from high school and am interested in pursuing a career in a business field, but I first need the skills experience.
  • I am interested in a Bachelor's, Master's or Doctoral degree in my specialized business area of focus.
  • I want flexible course offerings, such as the option of 100% online, evening or campus classes.
  • I need a university that provides quality educational offerings through academic excellence and real-world relevance. Does this sound like you? Apply today!
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
  • Education Connection is a 100% Free College Matching Service used by 50,000 People Daily.
  • Get Matched to the Right Business Administration and Management, Accounting, Healthcare Administration, Marketing and Entrepreneurship Degree Program for YOU.
  • Affordable and Flexible Business Degree Programs from Top Colleges Across the Nation. Both Online And Campus!
  • Just Fill Out a Few Questions and You Can Find Your Perfect Business Degree Program Within Minutes.
  • Start Using our Fast, Free, and Easy Matching Service Right HERE and Right NOW!
  • Online Courses

Showing schools in your area

Matching School Ads
5 Program(s) Found
  • Which career path will you take – Business, Nursing, Education, Psychology? Something else? GCU offers more than 100 majors to get you started!
  • Colangelo College of Business: Features more than 25 programs from the bachelor through the master's level, including several high-demand MBA programs and an accelerated accounting degree.
  • College of Nursing and Health Care Professions: Rich 25-year history providing outstanding health care and nursing degree programs, including an RN to BSN program & master's in nursing degrees.
  • College of Education: Whether you are looking to start or advance your career as a teacher or administrator, GCU offers bachelor’s and master’s in education degrees in key areas.
  • College of Humanities and Social Sciences: Provides a job focused education and features a variety of programs from counseling and psychology to justice studies, history and English literature.
  • Does something else interest you? GCU also offers programs in Doctoral Studies; Theology; Science, Engineering & Technology; and Fine Arts & Production. Speak with an enrollment counselor today!
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
  • Education Connection is a 100% Free College Matching Service used by 50,000 People Daily.
  • Get Matched to the Right Business Administration and Management, Accounting, Healthcare Administration, Marketing and Entrepreneurship Degree Program for YOU.
  • Affordable and Flexible Business Degree Programs from Top Colleges Across the Nation. Both Online And Campus!
  • Just Fill Out a Few Questions and You Can Find Your Perfect Business Degree Program Within Minutes.
  • Start Using our Fast, Free, and Easy Matching Service Right HERE and Right NOW!
  • Online Courses

Login to your account

Can't remember your Password ?

Register for this site!