Loan Workout Officers in the United States with more than 10 years of experience in their profession represent just below three-fifths of Loan Workout Officers. Salaries average out to around $77K annually and spread from $44K to $136K per year. Experience level is the biggest factor affecting pay for this group, followed by geography. For the most part, Loan Workout Officers enjoy their work and report high levels of job satisfaction. A strong majority claim medical and dental insurance and the greater part get vision coverage. Male Loan Workout Officers are more prevalent than women among those who took the survey — 67 percent of professionals. The numbers in this rundown were provided by PayScale's salary survey participants.

$47,994 - $123,766
$48K
$77K
$120K
MEDIAN: $77,384
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$50K$100K$150K
Salary
$47,994 - $123,766  
   
Bonus
$1,493 - $49,665  
Profit Sharing
$2,457  
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  
Country: United States | Currency: USD | Updated: 18 Jan 2017 | Individuals Reporting: 35

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United States (change)

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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.

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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.

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Pay by Experience Level for Loan Workout Officer

Median of all compensation (including tips, bonus, and overtime) by years of experience.


Loan Workout Officers who reported more years of relevant experience also reported higher earnings. Relatively untried employees who have less than five years' experience have a median salary of $49K. Those who have been around for five to 10 years can expect to take home more — $69K on average. Between 10 and 20 years, pay surpasses six figures; at this stage, the average professional scores around $100K. Veterans who have surpassed the 20-year mark may make only slightly more than those who are navigating the mid-career stage; the more senior group reports median earnings of around $108K.

Related Job Salaries

Key Stats for Loan Workout Officer

Gender

Female
33 %
Male
67 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 6 votes.
035
Less than 1 year
5%
1-4 years
3%
5-9 years
35%
10-19 years
32%
20 years or more
24%
Location:
Years in Fields/Career:
United States (change)

Experience Affects Loan Workout Officer Salaries

Late-Career
up arrow 39%

Experienced
up arrow 29%

National Average
$77,000

Mid-Career
up arrow 10%

Entry-Level
up arrow 37%

Skills That Affect Loan Workout Officer Salaries

Loan Underwriting
up arrow 23%

National Average
$77,000


Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 6 votes.

Gender

Female
33 %
Male
67 %

Years of Experience

Less than 1 year
5%
1-4 years
3%
5-9 years
35%
10-19 years
32%
20 years or more
24%

Common Health Benefits

medical benefits
Medical: 78%
dental benefits
Dental: 78%
vision benefits
Vision: 59%
dental benefits
None: 15%
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