Loan Workout Officer Salary
Loan Workout Officers in the United States tend to be well-versed in their field, and slightly less than three-fifths have more than 10 years of experience. Average salary is expected to be around $77K per year, but may range from $44K to $136K per year. Experience level and the particular city each impact pay for this group, with the former having the largest influence. A fair number report receiving medical and dental coverage from their employers and a majority collect vision insurance. The majority of Loan Workout Officers (67 percent) survey respondents are male. Work is enjoyable for Loan Workout Officers, who typically claim high levels of job satisfaction. The information for this snapshot was generated by responses to the PayScale salary survey.
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|Salary||$47,994 - $123,766|
|Bonus||$1,493 - $49,665|
|Total Pay (|
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).)
|$43,718 - $135,516|
Job Description for Loan Workout Officer
Loan workout officers are responsible for reviewing loan applications and assessing their risks, as well as maximizing the returns on loans to increase revenue. Strong analytical skills are essential in this position to identify risky loan and when not to issue them, and they also manage their own portfolios of assets and must ensure timely payments and returns on these assets.Read More...
Strong communication skills and mathematical skills are important in this position, and aspiring loan workout officers should also have a strong financial background. A master’s degree and at least five years of experience in the field are generally required for this position.
Loan workout officers must always stay up-to-date with all local, state, and federal laws and regulations, and they typically work on their own in an indoor office setting. They must be comfortable sitting and working on a computer for extended periods of time, and experience with Microsoft Office programs is highly beneficial. These officers should also have a working knowledge of bankruptcy procedures and effective time-management skills for success.
Those in this position should have an outgoing personality to work well with a variety of people and resolve clients' concerns in an efficient and satisfactory manner, and they typically work during regular weekly business hours.
Loan Workout Officer Tasks
- Obtain and compile financial information to evaluate loan applications and their risk.
- Generate new clients and referrals through strong relationship building.
- Track and maintain credit and loan data.
- Work directly with clients to review agreements, explain programs, and negotiate loans and terms.
Pay by Experience Level for Loan Workout Officer
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Experience seems to be a major factor in determining the incomes of Loan Workout Officers. Those who have worked for fewer than five years take home a median salary of $49K, and workers with five to 10 years of experience earn a higher $69K on average. Between 10 and 20 years, pay surpasses six figures; at this stage, the average professional scores around $100K. Loan Workout Officers with more than 20 years of experience report incomes that are only modestly higher; the median for these old hands hovers around $108K.
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Key Stats for Loan Workout Officer
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