Effective June 17, 2022, a U.S. commercial Loan Officer has a salary of $92,442 per year as provided by law. The hourly wage can be approximately $44.44.
A commercial loan officer is an employee of a financial institution responsible for assisting businesses with which the bank has agreements. The purpose is to provide them with the necessary funds for their growth or expansion.
Salary
As mentioned before, commercial loan officers have a salary of $92,442. However, it also depends on the entity they work with. The average remains at $62,377; some can generate up to $93,000 annually.
The commercial officer with the lowest salary earns an average of $41,000 per year. The variation in salaries changes according to the officer’s experience and the city where they are located. Barnstable Town, MA, Sunnyvale, Santa Cruz, and CA are the cities with the highest salaries. Salaries may be as follows:
|
City |
annual | Monthly Payment | Weekly pay |
Hourly wage |
| Ciudad de Barnstable, MA | $109,387 | $9,116 | $2,104 | $52.59 |
| Sunnyvale, CA | $109,244 | $9,104 | $2,101 | $52.52 |
| Santa Cruz, California | $106,710 | $8,892 | $2,052 | $51.30 |
| Santa Rosa, California | $106,543 | $8,879 | $2,049 | $51.22 |
| Manhattan, Nueva York | $105,553 | $8,796 | $2,030 | $50,75 |
| Cambridge, MA | $102,671 | $8,556 | $1,974 | $49.36 |
| Arlington, VA | $101,582 | $8,465 | $1,954 | $48.84 |
| San Mateo, California | $101,098 | $8,425 | $1,944 | $48.60 |
| Ciudad de Nueva York, Nueva York | $100,951 | $8,413 | $1,941 | $48.53 |
| Williston, Dakota del Norte | $100,770 | $8,397 | $1,938 | $48.45 |
What is a commercial loan officer?
When you need capital to invest in your business, you almost always have to talk to a commercial loan officer. They are part of the bank’s staff and verify whether you qualify for loans.
In addition, they are the workers in charge of advising you on loan packages and helping you with your loan repayment plans once you have them. They are responsible for investigating your credit before approving any loan.
Companies are usually careful not to get on the bad side of commercial loan officers because they often initiate foreclosure proceedings when they cannot make loan payments.
The responsibilities of a commercial loan officer
For some people, the salary of a commercial loan officer is higher than you would think; however, their duties are more than you would imagine. As we have said, they typically work with financial institutions.
They are responsible for making decisions and applying critical thinking during the review of important documents on the financial status of loan applicants. Experts must examine each application and verify that they have the right profile to receive the economic benefit.
The professionals are the ones who evaluate whether a company can meet the loan payments or not; in addition, they can take legal action against companies that do not comply.