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.

$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: 25 Mar 2017 | Individuals Reporting: 35
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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.


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.

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.
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
▲39%

Experienced
▲29%

National Average
$77,000

Mid-Career
▼10%

Entry-Level
▼37%

Skills That Affect Loan Workout Officer Salaries

Loan Underwriting
▲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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