Loan Workout Officer Salary
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.
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.
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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.
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Key Stats for Loan Workout Officer
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