Find out the top 10 core skills you need to master as a commercial loan reviewer and what hard skills you need to know to succeed in this job.
A commercial loan reviewer analyzes and assesses the forwarded information by commercial applicants to ensure that it complies with the state legislations and the lending company's policy. He/she specializes only on commercial customers.
Other duties include reviewing portfolio focusing on various factors such as quality of asset, commercial loan type, risk, and size, ensuring that the information provided is compliant with the quality standards and keeps records of the review process. They also find errors in loans and validate rating system and also makes sure that lending processes are fair but still maintaining a profit-based strategy. Lastly, he/she may be involved in the review of appraisal files and other legal records.
Core Skills Required to be a Commercial Loan Reviewer
Core skills describe a set of non-technical abilities, knowledge, and understanding that form the basis for successful participation in the workplace. Core skills enable employees to efficiently and professionally navigate the world of work and interact with others, as well as adapt and think critically to solve problems.
Core skills are often tagged onto job descriptions to find or attract employees with specific essential core values that enable the company to remain competitive, build relationships, and improve productivity.
A commercial loan reviewer should master the following 10 core skills to fulfill her job properly.
Cooperation with colleagues:
Cooperation is the process of working with groups or teams for a common mutual benefit as opposed to working in competition or for selfish ambition.
A Commercial Loan Reviewer should learn the art of creating a mutually beneficial exchange among the employees that dwells much on cooperation for the same mutual benefit with adequate resources for all to use rather than creating a spirit of competition.
Handling Stress:
Handling Stress is the skill to balance the requirements of the job and your abilities or available resources in performing it.
A Commercial Loan Reviewer needs to creatively learn how to schedule work according to the abilities of different individuals to ensure a balance that will not put an unsustainable level of pressure on the employees and cause them to accumulate work related stress.
Realistic Goal Setting:
Realistic Goal Setting is the skill to hone in the specific actions that we need to perform to accomplish everything we aspire to live.
A Commercial Loan Reviewer should invest his time in planning and set both short and long-term goals that stretch and initiates the growth in every employee causing each to perform at his level best bringing in real benefit to their life and the business as well.
Results Orientation:
Results Orientation is knowing and focusing on outstanding results and working hard to achieve them because they are significant.
A Commercial Loan Reviewer must understand and make it clear to the employees how important results are and the competitive and results driven market that the company is facing while encouraging them to remain focused on the results that every project bears without fail.
Self-Discipline and Sense of Duty:
Self-Discipline and Sense of Duty is an active effort which helps in developing set ways for your thoughts, actions, and habits empowering your to stick to your decisions.
A Commercial Loan Reviewer needs to learn the secret of fostering the development of self-discipline amongst the employees by clearly defining the expectations, staying in sync with the work related events and propagate result yielding ideas that employees suggest.
Financial Management:
Financial Management is the skill of learning how to handle accounting, finance, and organizational management through providing daily data on the operations that take place every day.
A Commercial Loan Reviewer ought to be highly effective in planning and organization, controlling and management of the financial resources to achieve the company's organizational objectives that are laid down to see the growth of the enterprise.
Business Trend Awareness:
Business Trend Awareness is the capacity to be conscious of the changing ways in which the companies are developing in the marketplace.
A Commercial Loan Reviewer should have the required knowledge of new business trends that he can instigate or follow and the understanding of how they are impacting the business decisions which will eventually bring success to the employees as well as the enterprise
Diversity Awareness:
Diversity Awareness is the understanding that people are different and unique in their particular way and respecting their uniqueness.
A Commercial Loan Reviewer ought to successfully identify the various types of diversity presented in his company to be able to benefit from these individual differences in the hope of improving the success of his team and encourage the team members to become aware of these qualities and use them appropriately.
Scheduling:
Scheduling is creating daily workflow charts that the employees are supposed to follow when working and submitting their projects.
A Commercial Loan Reviewer must be dedicated to establishing and maintaining the schedule using either manual or technology methods to ensure it is always updated according to the tasks, the employees responsible or the time allocated to each task without fail or delay.
Technical Skills:
Technical Skills are the abilities and knowledge mostly related to mechanical, IT, scientific and mathematical needed to perform specific tasks in the workplace.
A Commercial Loan Reviewer ought to hire employees with particular talents and expertise that helps them perform certain duties and jobs that other skills like soft skills cannot perform to grow both the business and the employee and bring in productivity.
Hard Skills Required to be a Commercial Loan Reviewer
Hard skills are job-specific skill sets, or expertise, that are teachable and whose presence can be tested through exams. While core skills are more difficult to quantify and less tangible, hard skills are quantifiable and more defined.
Hard skills are usually listed on an applicant's resume to help recruiters know the applicant's qualifications for the applied position. A recruiter, therefore, needs to review the applicant's resume and education to find out if he/she has the knowledge necessary to get the job done.
A commercial loan reviewer should have a good command of the following hard skills to succeed in her job.