Education Career Articles

Connect Facebook Connect Twitter Connect Google+ Connect Pinterest Connect Stumbleupon

Commercial Loan Manager Job Description

Job Descriptions December 29, 2013

The commercial loan manager is a senior level member of the loan officer team and can make well over $130,000 per year according to the Certified Compensation Professionals HR report. The manager works his or her way up from a loan officer position, and thus acquires know-how and experience from working in the office under the supervision of a manager. The manager directs a team of loan officers and assumes responsibility for soliciting and all final transactions. He or she works closely with review managers and clerks to verify all information.

What Managers Are Required to Know

Managers are required to know how the loan office works, meaning they have personal experience working with clients (as a loan officer) and understand how to start the loan process, how to gather the needed information, and what is required to approve a loan within a specific limit. The manager can overstep the limit, unlike a loan officer, but remains responsible to the company for this action. He or she also knows what criteria is needed to pass a loan and what the auditors and business owners will need to see, in terms of profitability and risk management.

Because the loan manager has a history working with clients, he/she has empathy for their situation and can make better judgments that protect both potential borrowers and the company that ultimately risks the money. Managers delegate power to loan officers and other office personnel regarding credit searches, assembling an application, interviewing subjects, and researching collateral.

Training loan officers is not your particular call of duty, but it’s definitely within your job description to educate loan officers who are making mistakes or who are falling behind either because of over-qualifying or under-qualifying applications. You mostly work in an office, since loan officers do much of the legwork associated with contacting clients. The loan officers bring the details to you, expecting approval and any notes of criticism. The worst mistake for a manager to make would be to approve a loan without first verifying all the details—taking the word of a subordinate rather than making sure of the contract personally.

Education, Skills and Talents That Come in Handy

This immediately suggests that attention to detail is a prerequisite for this job. Also, the loan officer is expected to have a bachelor’s degree from a reputable school so a manager’s position favors the same, or perhaps even an MBA for the competitive edge. Study a related field such as finance, business, or economy. Build a resume of work experience and make sure to seek licensing through the proper channels. Federal licensing actually requires some hours of verified education, while states maintain the right to add additional hours for continuing education and work experience.

Innate abilities, as well as learned people skills, are also very helpful. Having the capacity to lead others, to inspire a team, and to use your creativity to influence others makes you management material. At the same time, a quality manager has a degree of flexibility and is approachable, not merely setting down rules, but opening his/her mind to ideas from loan officers, clerks, and reviewers.

It’s time to take your career seriously by training for a rewarding managerial career. Attending a trusted university is the first step.

Searching Searching ...

Matching School Ads
1 Program(s) Found
  • Available business concentrations include Accounting, Economics, General Management, Marketing, and Human Resource Management.
  • Ranked among the Best Online MBA and Online Graduate Business Programs in 2016 by U.S. News & World Report.
  • Programmatic accreditation provided by the Accreditation Council for Business Schools and Programs (ACBSP).
  • Regionally accredited by the Southern Association of Colleges and Schools Commission on Colleges (SACSCOC).
  • Online Courses
2 Program(s) Found
ECPI University , Glen Allen
  • Named a Best for Vets school by the Military Times in 2014.
  • Has specialized in student-centered technology, business, criminal justice, health science, and culinary education for over 45 years.
  • Makes it possible for students to earn a bachelor’s degree in 2.5 years or an associate’s in 1.5 years by providing a year-round schedule.
  • Offers externships and clinical experience that help students prepare for life after they graduate.
  • Has 10 campuses across the mid-Atlantic, plus online degree programs.
Good for Working Adults
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
2 Program(s) Found
South University , Glen Allen
  • Program options include Accounting, Business Administration, Leadership, and more.
  • Curriculum focuses on developing leadership, critical thinking, problem-solving, and communication skills.
  • Programmatic accreditation by the Accreditation Council for Business Schools and Programs (ACBSP) at select campuses.
  • Business programs are available at many of the 11 campus locations across the United States.
Good for Working Adults
  • Flexible Scheduling
  • Financial Aid
1 Program(s) Found
  • Campus-based and online business programs include Entertainment Business (BS), Internet Marketing (BS), and Business Intelligence (MS)
  • Students will explore business concepts like marketing, global media management, and business technology and design
  • Courses designed to prepare students for a career in business and Career Development advisors available to all alumni
  • Full Sail offers accelerated programs, so a degree that would normally take four years takes 24 months on average
  • Online Courses

Searching Searching ...

Matching School Ads
1 Program(s) Found
  • Available business concentrations include Accounting, Economics, General Management, Marketing, and Human Resource Management.
  • Ranked among the Best Online MBA and Online Graduate Business Programs in 2016 by U.S. News & World Report.
  • Programmatic accreditation provided by the Accreditation Council for Business Schools and Programs (ACBSP).
  • Regionally accredited by the Southern Association of Colleges and Schools Commission on Colleges (SACSCOC).
  • Online Courses
1 Program(s) Found
  • Campus-based and online business programs include Entertainment Business (BS), Internet Marketing (BS), and Business Intelligence (MS)
  • Students will explore business concepts like marketing, global media management, and business technology and design
  • Courses designed to prepare students for a career in business and Career Development advisors available to all alumni
  • Full Sail offers accelerated programs, so a degree that would normally take four years takes 24 months on average
  • Online Courses

Login to your account

Can't remember your Password ?

Register for this site!