How Does a Commercial Loan Officer Spend a Workday?

The Commercial Loan Officer

Becoming a commercial loan officer is not an overnight project. Most lenders won't hire a commercial loan officer without having at least three to five years of commercial banking experience and a college degree. The fact is a loan officer has to be a salesperson, communicator and practically an accountant rolled into one. He must study commercial loan products inside and out. He has to know how to do credit analysis and understand underwriting. To do this job successfully, a person must not be shy because networking functions are a must. Skills for handling people and high pressure situations are used daily in this profession. A day in the life of a commercial loan officer is a busy day.

Mornings and Afternoons

A loan officer typically uses the mornings to check on existing files. He can see what needs to be done to further complete the file and put it on the list for the day. This is normally when department meetings are held. He can go over new loan products, policies and do some team brainstorming on some of the harder loans. Next, a loan officer does some computer work, typically performing credit analysis on new customers and conducting research on what loans fit certain customers and why. He needs to be able to show a customer what advantages a program will have over another lender's and how this loan can help fill her needs. Some mornings are spent in seminars. Because this is a fast changing business, keeping up with the current trends and products means being more successful.

Late Afternoon and Evenings

A commercial lender sometimes visits past customers to give them information on new products and sees if they have any new financial needs. He may go to an office or right to a job site. He makes frequent calls back to the office to check on ongoing files and messages. A good loan officer will go and pick up needed paperwork from accountants or secretaries of a customer he is trying to get approved for a new loan. Most of the late afternoon is spent on the road. No loan officer is successful sitting at a desk. Evening is spent on the phone making appointments for the next day and attending network functions. These functions could be commercial Realtor functions, Rotary functions or any other meeting or party that could relate to the business. This is how a loan officer builds relationships and gets new business.