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.
|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
- Track and maintain credit and loan data.
- Work directly with clients to review agreements, explain programs, and negotiate loans and terms.
- Obtain and compile financial information to evaluate loan applications and their risk.
- Generate new clients and referrals through strong relationship building.
Pay by Experience Level for Loan Workout Officer
Pay by Experience for a Loan Workout Officer has a positive trend. An entry-level Loan Workout Officer with less than 5 years of experience can expect to earn an average total compensation of $49,000 based on 21 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Loan Workout Officer with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $69,000 based on 19 salaries. An experienced Loan Workout Officer which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $100,000 based on 18 salaries. A Loan Workout Officer with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $108,000 based on 9 salaries.
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Key Stats for Loan Workout Officer
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