How to Become a Commercial Loan Originator
A career in commercial lending can be a lucrative job. Many seasoned commercial loan officers make over $100,000 per year. Becoming comfortable and familiar with financial and accounting principles is essential when pursuing a career in commercial lending. Top banks recruit top talent, and setting yourself apart is done through hard work and an expression of your passion for the business.
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Instructions
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How to Become a Commercial Loan Originator
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Get the academic training that will serve your career best. This means enrolling in a four- or two-year institution with a specialization (or major) in finance, accounting or business. These three options will prepare you for the rigorous mathematical scrutiny that must be given to all loan applications. Also, enrolling in communications courses will help develop your people skills--something that will come in handy when it comes time to close deals.
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Obtain a job at a finance company or bank. Getting your foot in the door is the most important part. Most banks will not hire commercial loan originators straight out of college as experience in the business is valued more than academic training. A job as a mortgage processor or loan assistant will best serve you as it gives you hands-on experience with the day-to-day operation of closing commercial loans.
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Express your interest in becoming a commercial loan originator to your employer. Most finance companies and banks have apprenticeship programs where trainees will shadow commercial loan originators and get direct experience in soliciting and closing large loans. Even if you cannot become an apprentice, make professional relationships with the loan originators at your company.
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After you have one to three years of lending experience, apply for commercial loan originator positions. If at all possible, try to remain at the company where you've served for the last few years (or year). Establishing a strong track record with companies will help your overall salary and prove to your bosses that you're worth keeping on board.
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Apply to become a certified banker under the governance of the Institute of Certified Bankers (ICB; see link in Resources section). This certification--while usually only granted with letters of recommendation and many years of service under a candidate's belt--will almost certainly mean a pay raise, and will demonstrate the professionalism and expertise that future clients will seek in a commercial loan originator.
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