Education Career Articles

Connect Facebook Connect Twitter Connect Google+ Connect Pinterest Connect Stumbleupon

Commercial Loan Officer Job Description

Job Descriptions December 29, 2013

The loan officer is not a manager, nor does he or she have the responsibilities of a reviewer or workout officer. However, much of the industry is dependent upon this hard worker’s efforts. Loan officers do a great deal of the “selling” of loans, which includes helping clients to qualify, and assembling an application that will be approved. At the same time, neither a manager not an officer can waste the time of the company or the borrower. Understanding the limitations of loans, based on credit and assets, is important.

What Responsibilities Do Loan Officers Have?

Much of your time will be spent researching data from a number of sources, trying to determine whether your client—who obviously wants to be approved—is going to qualify. This is a commercial loan sector, meaning you are working with businesspersons, or entrepreneurs hoping to start a new chapter in life. The ambition is great, but not everyone is going to qualify. The manager can tell you this, but it’s your job to filter out the applications who are going to be excessive risk. Yes, this is a difficult part of the assignment, as you will want to give people a chance that the numbers simply cannot allow.

Business loans are especially complex and require more research than personal loans or even mortgage loans. You ensure that all applications are within specified limits and obtain all necessary information from the applicant through an interview process. You are not merely sizing up the applicant but are analyzing the case, seeing if there is anything you can do to push the approval through. Financial status, credit and collateral are all important factors and will decide feasibility—not your faith in the applicant.

The Work Environment

You might also have to explain additional options to your approved clients, whether they are denied the loan they initially wanted, or if they qualify for other types of loans they hadn’t considered. You as the authority must understand the different terms and make the client aware of them. A potential borrower can only give you so much information so obtaining files from other sources is part of your job. You will be running credit histories, requesting financial statements, and reviewing other non-public documents that require a special protocol.

Much of your time will be spent outside of the office, unlike the manager’s role, since you will be calling on potential businesses proactively looking for new cases. While not all jobs are commission based, some are, or include bonuses based on how many loans you can help approve. It’s common for you to make one half of the one percent figure for the total loan, which is a substantial payday.

If this career choice sounds appealing to you, then it’s time to start thinking about going back to school to educate yourself in an appropriate field, like finance, economy or business administration. Previous work experience in banking is also helpful. Lastly, prepare to become licensed as there is a new law requiring all loan officers to be licensed by the federal government, though this doesn’t invalidate individual state requirements, which may be above the federal standard.

This is rewarding career choice, and it’s not one that’s going to take half a lifetime to begin.

Showing schools in your area

Matching School Ads
5 Program(s) Found
  • Boldly pursue your future in business with an online degree from Post University
  • Degrees at all levels with concentrations in Finance, Marketing, and much more
  • Ranked in the Best Online Bachelors Programs for Veterans by US News & World Report
  • Ranked in the Best Online Bachelor’s Programs by the US News & World Report
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Do you have entrepreneurial visions to advance your career in the business world? Learn about the options available at GCU.
  • Earn a competitive bachelor's or master's degree in the areas of business administration, business analytics, accounting, marketing and more.
  • Many of our business degrees have attained elite accreditation from the Accreditation Council for Business Schools & Programs (ACBSP).
  • GCU nurtures the startup spirit, propelling your entrepreneurial visions on a powerful platform with opportunities to help you thrive.
  • Pursue a next-generation education with an online program or join Grand Canyon University's vibrant and growing campus community in beautiful Phoenix, Arizona.
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
2 Program(s) Found
  • Our online program blends modern business theory with real-world applications
  • SACS accredited with associate's, baccalaureate, & master's degrees & diplomas
  • US News & World Report ranks Online Bachelor’s Programs among top 10%
  • Ranked one of the best for vets business schools by Military Times
  • Qualifying students can take faith in EPCI’s unwavering Fixed Tuition Pledge
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
1 Program(s) Found
  • Design thinking is a powerful process of problem solving that begins with understanding unmet customer needs.
  • From that insight emerges a process for innovation that encompasses concept development, applied creativity, prototyping, and experimentation.
  • Online Courses
  • Are You a Natural Leader or Good with Numbers? Get Educated in the Business Field.
  • Build the Capabilities and Connections to Power Your Future.
  • Business Administration & Management, Accounting, Marketing Degree Programs and More From Top Colleges that Fit Your Needs.
  • Find Schools Online or Near You & Get Info for FREE Today!
  • Online Courses
  • Find Online Schools. 100% Online Accredited Courses
  • Get Matched to Programs In A Few Clicks!
  • Earn an Affordable Degree from Home at your own pace
  • Get College info today. Its Free and Easy!
  • Online Courses

Showing schools in your area

Matching School Ads
5 Program(s) Found
  • Boldly pursue your future in business with an online degree from Post University
  • Degrees at all levels with concentrations in Finance, Marketing, and much more
  • Ranked in the Best Online Bachelors Programs for Veterans by US News & World Report
  • Ranked in the Best Online Bachelor’s Programs by the US News & World Report
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
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
2 Program(s) Found
  • Our online program blends modern business theory with real-world applications
  • SACS accredited with associate's, baccalaureate, & master's degrees & diplomas
  • US News & World Report ranks Online Bachelor’s Programs among top 10%
  • Ranked one of the best for vets business schools by Military Times
  • Qualifying students can take faith in EPCI’s unwavering Fixed Tuition Pledge
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
1 Program(s) Found
  • Design thinking is a powerful process of problem solving that begins with understanding unmet customer needs.
  • From that insight emerges a process for innovation that encompasses concept development, applied creativity, prototyping, and experimentation.
  • Online Courses
  • Find Online Schools. 100% Online Accredited Courses
  • Get Matched to Programs In A Few Clicks!
  • Earn an Affordable Degree from Home at your own pace
  • Get College info today. Its Free and Easy!
  • Online Courses

Login to your account

Can't remember your Password ?

Register for this site!