Loan Workout Officer Salary

Loan Workout Officers in the United States can expect wages of $73K annually on average. Experience level is the biggest factor affecting pay for this group, followed by geography. A strong majority get medical and dental insurance, and a majority get vision plans, too. Male Loan Workout Officers who responded to the survey are more common than women; more than half (68 percent) are men. Most workers in this position report high levels of job satisfaction. This overview is based on answers to PayScale's salary questionnaire.

$48,823 - $118,449
$49K
$73K
$120K
MEDIAN: $73,185
10%
50%
90%

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$0$132K
Salary $48,823 - $118,449
Bonus $1,497 - $49,316
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).
)
$45,563 - $132,217
  • Country: United States
  • Currency: USD
  • Updated: 11 Jul 2017
  • Individuals Reporting: 37

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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.

Loan Workout Officer Job Listings

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.

Related Job Salaries

Key Stats for Loan Workout Officer

Gender

Female
32 %
Male
68 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 7 votes.
Less than 1 year
5%
1-4 years
3%
5-9 years
34%
10-19 years
29%
20 years or more
29%
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Location:
Years in Fields/Career:
United States (change)

Experience Affects Loan Workout Officer Salaries

Late-Career
▲40%

Experienced
▲31%

National Average
$77,000

Mid-Career
▼9%

Entry-Level
▼37%

Skills That Affect Loan Workout Officer Salaries

Loan Underwriting
▲25%

National Average
$77,000


Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 7 votes.

Gender

Female
32 %
Male
68 %

Years of Experience

Less than 1 year
5%
1-4 years
3%
5-9 years
34%
10-19 years
29%
20 years or more
29%

Common Health Benefits

medical benefits
Medical: 75%
dental benefits
Dental: 79%
vision benefits
Vision: 61%
no benefits
None: 18%
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