How to Become a Chief Lending Officer
Step 1: Understand the job description and responsibilities of a Chief Lending Officer
What does a Chief Lending Officer do?
A Chief Lending Officer leads and directs the organization's overall lending operations, policies, and loan portfolio management. Defines the vision for short-term and long-term loan production, growth, and service objectives. Being a Chief Lending Officer develops the strategy, tactics, and performance goals required to achieve targeted financial results. Creates relationships with key stakeholders, including regulators, examiners, and other external partners. Additionally, Chief Lending Officer establishes policies and procedures that comply with state and federal regulations. Builds a high-performance lending team with coaching and professional development. Requires a bachelor's degree. Typically reports to top management. The Chief Lending Officer manages a business unit, division, or corporate function with major organizational impact. Establishes overall direction and strategic initiatives for the given major function or line of business. Has acquired the business acumen and leadership experience to become a top function or division head.
Lending is serious business and companies are willing to pay top dollar for experienced and educated officers who can help with the lending industry.
When employers look for a lending officer, they want someone with proven experience, a solid education, and leadership potential.
Managers are also expected to lead and direct loan officers, developing their skills.
While the officers do the work, you are in charge of screening loan requests, mentoring staff, and overseeing client calls.
Although the loan officer helps borrowers submit claims, the chief officer critiques the credit presentation.
Step 2: Learn best tips to become a Chief Lending Officer
Best tips for those who want to become a Chief Lending Officer
Here are some tips to become a Chief Lending Officer.
Step 3: View best colleges and universities for Chief Lending Officer
Best colleges and universities for Chief Lending Officer
- Florida Southern College
- Colby College
- Dartmouth College
- University of Notre Dame
- Western Washington University
- Canisius College
Step 4: Think about whether is it worth to be a Chief Lending Officer
Is being a Chief Lending Officer Worth it?
Candidates must have a minimum of 7-10 years of lending management experience; or 3-5 years of senior lending management experience.
Reporting to the CEO, this position will be part of the Senior Management team and will be responsible for achieving member service and growth targets across all aspects of the credit union’s lending functions.
Bachelors degree in Business, Finance, or related fields, or equivalent work experience along with 10 years of progressive management experience in lending (including commercial lending experience), including five years at an executive level executing strategic plans required, MBA preferred.
In his most recent role as executive vice president and chief retail officer, Mitchell had oversight for branch performance, staffing and service and sales delivery for more than 190 locations across seven states.
Prepares various forms and reports; provides information as requested by the Chief Lending Officer.
Step 5: Prepare relevant skills for being a Chief Lending Officer
What skills do you need to be a Chief Lending Officer?
A manager is often judged based on the success of their team and those working below them, as such, many skills are needed. Success in this role depends on a critical ability in the following: Loan Origination, Lending Regulatory Compliance, Loan Portfolio Management, Lending Operations. Experience in the following is fundamental to this role: Loan Software. Skills may vary from job-to-job, but these skills are the ones most commonly associated with this role.
Lending is serious business and companies are willing to pay top dollar for experienced and educated officers who can help with the lending industry.
When employers look for a lending officer, they want someone with proven experience, a solid education, and leadership potential.
Managers are also expected to lead and direct loan officers, developing their skills.
Some employers do require applicants to have knowledge of lending regulations in both state and federal levels.
Minimum of 6 years of lending experience, to include experience with consumer, mortgage, and commercial lending.
Step 6: View average salary for Chief Lending Officer
How much does a Chief Lending Officer make?
The average salary range for a Chief Lending Officer is from $191,760 to $277,336. The salary will change depending on your location, job level, experience, education, and skills.
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Average salary for Chief Lending Officer jobs
Step 7: Find relevant Chief Lending Officer jobs, and apply.
Looking for Chief Lending Officer jobs?
Here are some Chief Lending Officer jobs in the United States.