What is a loan workout officer and how to become one

Key steps to become a loan workout officer

1. Explore loan workout officer education requirements

   Most common loan workout officer degrees

   Bachelor's

   68.2 %

   Master's

   16.8 %

   Associate

   10.3 %

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2. Start to develop specific loan workout officer skills

   Skills	Percentages
   Financial Statements	18.08%
   Commercial Loans	9.21%
   SBA	8.69%
   Loan Portfolio	8.14%
   Cash Flow	7.27%

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3. Complete relevant loan workout officer training and internships

   Accountants spend an average of 6-12 months on post-employment, on-the-job training. New loan workout officers learn the skills and techniques required for their job and employer during this time. The chart below shows how long it takes to gain competency as a loan workout officer based on U.S. Bureau of Labor Statistics data and data from real loan workout officer resumes.

4. Research loan workout officer duties and responsibilities

   • Supervise and manage the processing staff and also underwrite conventional loans for correspondent lenders.
   • Structure SBA repurchase packages with accurate liquidation and litigation financial plans.
   • Interact closely with the surveillance utilization and review team to audit medical record documentation in accordance with Medicaid regulations and guidelines.
   • Process trailing documents for initial and final GNMA certifications.

5. Apply for loan workout officer jobs

   Now it's time to start searching for a loan workout officer job. Consider the tips below for a successful job search:

   1. Browse job boards for relevant postings
   2. Consult your professional network
   3. Reach out to companies you're interested in working for directly
   4. Watch out for job scams