Loan Workout Officer Salary

Earnings for Loan Workout Officers in the United States come in at around $72K per year on average. Experience level and the particular city each impact pay for this group, with the former having the largest influence. In this profession, a fair number enjoy medical and dental coverage, and a majority have vision insurance, as well. Most people who answered the questionnaire are men; 68 percent of Loan Workout Officers are male. Job satisfaction is high and work is enjoyable for most Loan Workout Officers. This report is based on answers to PayScale's salary questionnaire.

$47,994 - $123,766
$48K
$73K
$120K
MEDIAN: $73,178
10%
50%
90%

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$0$140K
Salary $47,994 - $123,766
Bonus $1,452 - $40,000
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).
)
$45,913 - $140,937
  • Country: United States
  • Currency: USD
  • Updated: 21 Sep 2017
  • Individuals Reporting: 35

Find Out Exactly What You Should Be Paid

United States (change)

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
35 %
Male
65 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 7 votes.
Less than 1 year
6%
1-4 years
3%
5-9 years
31%
10-19 years
33%
20 years or more
28%
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Location:
Years in Fields/Career:
United States (change)

Experience Affects Loan Workout Officer Salaries

Late-Career
▲42%

Experienced
▲32%

National Average
$76,000

Mid-Career
▼8%

Entry-Level
▼36%

Skills That Affect Loan Workout Officer Salaries

Loan Underwriting
▲26%


National Average
$76,000

Job Satisfaction

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

Gender

Female
35 %
Male
65 %

Years of Experience

Less than 1 year
6%
1-4 years
3%
5-9 years
31%
10-19 years
33%
20 years or more
28%

Common Health Benefits

medical benefits
Medical: 75%
dental benefits
Dental: 79%
vision benefits
Vision: 64%
no benefits
None: 18%
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