What does a Transaction Processing Officer do?
Commercial loan officers work for credit unions, commercial banks, mortgage companies, and other financial institutions and are the decision-makers who apply critical thinking skills during application review. They examine loan applications and verify all financial information applicants provide to determine whether they can meet their monthly loan payments on time. They recommend approval or disapproval of the loan application based on the applicant’s information and relevant information they uncover during the application process.
Because they are supervisors, commercial loan officers also manage loan administrators and double-check their paperwork for approval or disapproval of a requested loan. Upon acceptance and disbursement of money, loan officers ensure repayments arrive in a timely fashion, which may require follow-up phone calls and outreach to borrowers to ensure they are paying off their line of credit. When payments have defaulted regularly, a loan officer may report the borrower to a collection agent. Commercial loan officers need a bachelor's degree in finance and receive on-the-job training from their employer.
Transaction Processing Officer Salaries
Average Base Pay
Transaction Processing Officer Career Path
Learn how to become a Transaction Processing Officer, what skills and education you need to succeed, and what level of pay to expect at each step on your career path.