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Career Story: Lending Officer For A Commercial Bank

Lending Officer For A Commercial Bank

Job Title: Lead Commercial Lending Representative

Type of Company: A bank which specializes in commercial mortgage lending.

Education: The Computer Processing Institute

Previous Experience: I was an executive secretary for a company that provided commercial credit.

Job Tasks: I work with the lenders who make loans for commercial buildings such as offices, retail centers and residential subdivisions.

After a loan has been approved by our loan committee & board of directors, I help to process the preliminary work: a Flood Determination, for example. The bank's attorney will then complete draft documents that have to be reviewed before the closing is set. If the loan is a construction loan, I participate in the reviewing of budgets, insurance, and taxes. For the closing, I wire funds to the attorney or customer and collect fees. After the loan has closed, I fill out the forms that set the loan up on the bank's commercial loan system. A file for each loan is set up with documents, letter, memos etc. and the attorney's office will send a closing binder with recorded documents for the file.

For construction loans, a budget needs to be set up and each month the borrower will send in a requisition for funds for fees due to the contractors or vendors constructing the building(s).

Customer service for each borrower is very important in my position. Annual letters requesting financial statements that are required from the borrowers are sent, as well as UCC financial statements. Reports are done weekly, monthly, quarterly & annually on loans that are pending and closed.

Best and Worst Parts of the Job: One of the best parts of my job is working with the borrowers on a personal level. Providing customer service to help them in their business is rewarding.

The worst part is all the reports that have to be done during the course of the year.

Job Tips:
1. A knowledge of Excel is very important in doing spreadsheets for construction budgets, etc.

2. Getting along with everyone in the office, both clients and attorneys, is key.

3. Working for a well-established organization with a large portfolio of loans is likely to be more lucrative than working for a start-up.

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