Commercial Loan Officer

Paul asks…

Whats the best way for a Commercial Loan Officer to become established?

I work for a mortgage company that primarily gives home loans to families and individuals, but we also broker out Commercial Loans. So, what’s the best way to pick up Commercial Leads?

admin answers:

Become a member of your local chamber of commerce and of course place an ad in your local paper

Linda asks…

I want start out as a commercial loan officer?

I’d like to get into the field. I already have a BA in Business I’m wondering if I should do a training class or two before I submit an application for the position. I live in New York state.

admin answers:

Start applying at banks and lending institutions. Many loan officers work their way into the job after starting at teller and/or personal banker. To be a loan officer, you’ll need to be comfortable with selling. If you’re not a person that can handle sales, then a loan officer is the wrong job for you.

Lizzie asks…

What steps do I need to take to become a commercial loan officer?

admin answers:

An undergrad degree is business/finance is typical…but I have seen many loan officers with different backgrounds. Commercial lending has become a sales position more than anything else. I started out as an analyst – many banks offer management trainee programs where you learn all the different operations of a bank. This is where you learn what a good loan looks like…and more importantly, what a bad loan looks like. The majority of the first year was spent underwriting commercial customers, going on calls with other loan officers and really just learning the biz by shadowing experienced lenders. You must have excellent communication skills and be able to communicate with people at ALL levels within an organization. When you are looking for jobs, look for the term “credit analyst”. This is often the first entry level job to move in that direction. Once you have proven your abilities, you will typically move into a lending role and will have your own portfolio. Get ready to cold call and network your butt off.

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