Commercial Loan Officer job description template
If you are hiring for this role, start here. This free template is our detailed definition of the position, with everything you need to find and hire the right person. Copy it, add your own requirements, and post it.
What is a Commercial Loan Officer?
Commercial Loan Officers are financial professionals who mainly work with businesses to assess their financial needs and approve loan applications.
They collect and evaluate financial information, such as statements, credit history, incomes, etc, recommend suitable loan options, and process commercial loans in accordance with bank guidelines.
Commercial Loan Officers help clients with loan applications, closing statements, and other documentation, determine the completeness and accuracy of documentation, and negotiate loan terms, conditions, and payment methods.
They also tend to clients’ requests and concerns, identify and resolve issues with loan information, and maintain reports on procedures and client files.
The top Commercial Loan Officer skills.
Five things separate a strong hire from a résumé that reads well. Use these as your scorecard criteria.
The job description, ready to post.
Copy it as written, or edit it until it sounds like your company. Both work.
We are hiring a Commercial Loan Officer for our financial department. In this position, you will communicate with clients to determine their loan needs, collect and evaluate financial information, such as income, credit history, and assets, and review and process loan applications in accordance with bank guidelines. You will recommend suitable loan options to clients, plan financial solutions, and assist clients with loan applications, closing statements, and other documentation.
Furthermore, you will assess loan applications and other documentation to ensure their accuracy and completeness, present financial products and services to clients, and negotiate loan terms, conditions, and payment methods. You will also be responsible for documenting procedures, maintaining client files, and identifying and resolving issues with financial documentation.
To be successful in this position, you need to have strong financial knowledge, as well as outstanding analytical, communication, attention to detail, and organizational skills.
Duties and responsibilities
- Meet with clients to determine and understand their loan needs
- Recommend suitable loan and credit options and develop plans for financing solutions
- Collect and assess clients’ financial information, such as financial statements, credit history, income, assets, etc
- Assist clients with loan applications, closing statements, and other paperwork
- Review and process commercial loans in accordance with bank guidelines
- Evaluate loan applications and other documentation to ensure completeness and accuracy
- Negotiate loan terms, conditions, and payment methods
- Present and sell bank products and services to clients
- Consult with other employees about loan policies, standards, and procedures
- Document procedures and maintain accurate client files
- Tend to clients’ requests, questions, and concerns timely
- Identify and resolve problems with loan information promptly
- Attend training sessions and meetings and remain updated on new industry trends and procedures
Requirements
- Bachelor’s degree in finance, economics, accounting, business, or a related field
- Minimum 3 years of experience in commercial lending and bank environment
- Extensive knowledge of loan policies, procedures, and guidelines
- Experience in reviewing and analyzing financial documentation
- Exceptional communication and negotiation skills
- Strong attention to detail
- Customer service
- Organization
Take the template with you
Copy it straight into your job board or ATS, or have it emailed to you with the interview questions for this role.
Degree first, then the certification.
Primarily, Commercial Loan Officers need a Bachelor’s degree in finance, economics, accounting, business, or a related field.
In addition to formal education, most employees require their Commercial Loan Officers to acquire professional training or certification in commercial lending, credit analysis, or risk management.
Certification credentials, such as the Commercial Lending Certificate of Certified Credit Professional demonstrate candidates’ expertise and experience with the financial industry.
Certified Credit Professional
Demonstrates expertise in credit management and commercial lending.
Credit Institute of CanadaSample interview questions for a Commercial Loan Officer.
Once you have gathered the applications, work through these in order. Twelve questions across four areas, enough to tell your shortlist apart.
- What can you tell us about yourself?
- Why did you decide to become a Commercial Loan Officer?
- What skills are you most proud of?
- Can you briefly tell us about your formal education?
- Why do you want to work in this bank in particular?
- What makes you distinctively better for this position than other candidates?
- How do you manage loan processing, administrative, and customer service tasks?
- What strategies do you use to manage risks in loan portfolios?
- How do you stay updated on industry best practices and changes in loan processes and procedures?
- How do you determine the key components of a loan application and decide whether to approve or deny it?
- What methods do you use to effectively analyze and evaluate financial documentation?
- How do you mitigate primary risks associated with commercial lending?
How much to pay when hiring.
Annual pay by percentile. Where you land depends on the size of the cycle they will own, and the 25th percentile is usually where a first analyst hire sits.
Hourly equivalents run from $11 at the 10th percentile to $62 at the 90th.
Candidates may apply under a different name.
Post the title your industry uses and keep the rest of the description. These three roles overlap enough that the same posting usually reaches all of them.
Three titles, one description.
Search behavior varies by industry, so the same job is advertised under several names. If you are unsure which one your candidates search for, run two titles and see which fills.
Loan Officer Assistant
A Loan Officer Assistant is a professional who supports loan officers in processing and managing loan applications.
$48,682 medianFrequently asked questions.
What do Commercial Loan Officers do?
Commercial Loan Officers are responsible for reviewing, analyzing, and processing loan applications from their clients.
They collect and evaluate clients’ financial information, determine the accuracy and completeness of financial documentation, and maintain client files.
Where do Commercial Loan Officers work?
Commercial Loan Officers work in various financial institutions, such as banks, credit unions, mortgage companies, commercial finance companies, etc.
Who do Commercial Loan Officers report to?
Commercial Loan Officers typically report to a Commercial Lending Manager, Credit Manager, or Chief Landing Officer.
What skills should Commercial Loan Officers have?
Commercial Loan Officers should have outstanding communication, analytical, customer service, attention to detail, and organizational skills.
Other job description templates.
Same format, same free, same median pay data. Browse the full library if the role you are hiring for is not here.
Loan Officer Assistant
A Loan Officer Assistant is a professional who supports loan officers in processing and managing loan applications.
$48,682 medianLoan Processor
A Loan Processor is a professional who handles the administrative tasks involved in preparing and managing loan applications.
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