Do you love people, enjoy the idea of helping others, and have a mathematical mind? Then, it’s time to think about an entry-level position in commercial loans. Commercial loans are highly complex, as the lending company is studying the application closely, trying to figure out how the contract might be profitable. This is where a commercial business development officer comes in. The title is certainly complex, but what he or she does is simply sell commercial loan services to possible borrowers.
The development officer focuses on creating a relationship with the client, taking the initial steps and developing a loan relationship. He or she works closely with the manager in closing the process. However, much of the relationship is defined and nurtured in the beginning.
The Duties of Loan Officers
Even though these professionals specifically work with commercial loans and in development (as opposed to closing) they may actually perform a number of the same tasks as traditional loan officers. For instance, loan development officers put the application together, and approve loans within specified limits, in order to deliver it to the manager for final approval and processing. The officer can also use discretion in deciding when to approach the manager in case of loans outside specified limits.
The loan officer meets with the applicants and takes the burden of the project, since the first part is gathering material, answering questions, and helping to prepare borrowers for the process ahead. Helping borrowers become approved in credit, not to mention analyzing other factors such as financial status and property appraisals is another major step, since high risk consumers may not be feasible borrowers. In addition to explaining individual plans, the terms the company creates must be explained and reviewed.
Where the Career Field Differs
One reason this is a unique career field is because it exclusively involves commercial loans, which are scrutinized by banks and lending companies for profitability potential. It’s your job to review and update loan files, but you also have to produce. Obviously, the introduction is the most important part of the process, which is why these workers focus on the development, as opposed to closing. They may handle the entire process or they may even receive help from the manager or another “closing” salesperson.
Education is paramount, and most employers will require a bachelor’s degree. Work experience is also vital even though this is not a managerial position. Rather, three years or more of field experience usually helps new trainees to be hired. Skills that are essential to this career field are good judgment, charisma, conversational and listening skills and flexibility in mind. However, conversational skills cannot replace fundamental accounting knowledge. Learning more about practices and policies is a smart move, as it could help you to fit in with the company culture, showing you to be a step above the rest who are only willing to learn—not to demonstrate their skills in advance.
This is a golden opportunity to enter a mid-level career position, without investing heavy time or work experience. You can contact the college of your choosing regarding your options and start planning for your future today.