Facilitate business loan applications.
What does a Commercial Loan Processor do?
A Commercial Loan Processor gathers information from businesses wishing to borrow money and assists them in the process of obtaining a loan. Commercial Loan Processors work for banks, credit unions, or other lending institutions and work with a Commercial Loan Officer and an Underwriter, who have other roles in the process.
Companies borrow money for many reasons including starting a business, expansion of employees and infrastructure, launching a new product line, buying equipment or property, or refinancing an existing loan. When a business submits a loan application, you – the Commercial Loan Processor – review credit reports, income, assets, and liabilities to determine whether the business is likely to repay the loan. If property is involved, you review maps, environmental reports, title reports, and appraisals.
Software helps you crunch the numbers, but you need a good head for accounting and economics to understand the bigger picture. If the numbers show the company is profiting a million dollars a month, yet they wish to borrow money to cover payroll, you ask questions, request additional financial statements, and evaluate the missing pieces before sending the application on to the underwriting department, who further evaluate the business’s credit worthiness.
The many aspects of this job require your people, communication, and computer skills in order to maintain organized customer files. To stay on top of all the paperwork, you need strong organizational and multi-tasking skills.