How to hire a loan workout officer

How to hire a loan workout officer, step by step

Here's a step-by-step loan workout officer hiring guide:

• Step 1: Identify your hiring needs
• Step 2: Create an ideal candidate profile
• Step 3: Make a budget
• Step 4: Write a loan workout officer job description
• Step 5: Post your job
• Step 6: Interview candidates
• Step 7: Send a job offer and onboard your new loan workout officer
• Step 8: Go through the hiring process checklist

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1. Identify your hiring needs

   Before you post your loan workout officer job, you should take the time to determine what type of worker your business needs. While certain jobs definitely require a full-time employee, it's sometimes better to find a loan workout officer for hire on a part-time basis or as a contractor.

   Determine employee vs contractor status

   Is the person you're thinking of hiring a US citizen or green card holder?

   Yes

   No

   A loan workout officer's background is also an important factor in determining whether they'll be a good fit for the position. For example, loan workout officers from different industries or fields will have radically different experiences and will bring different viewpoints to the role. You also need to consider the candidate's previous level of experience to make sure they'll be comfortable with the job's level of seniority.

   Here's a comparison of loan workout officer salaries for various roles:

   Type of Loan Workout Officer	Description	Hourly rate
   Loan Workout Officer	Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses.	$13-36
   Mortgage Consultant	A mortgage consultant is a professional who helps customers and businesses identify the best option for mortgage deals based on their financial resources. To maintain an excellent relationship with clients, mortgage consultants must possess a broad knowledge of the company's products to answer all the clients' queries and concerns... Show more	$11-30
   Closer	The duties of a closer depend on one's line of work or industry of employment. Typically, their responsibilities revolve around liaising with clients to ensure that they understand and adhere to all terms of the agreement, completing all requirements and necessary documents, and maintaining records of all transactions... Show more	$9-19

   Show more

2. Create an ideal candidate profile

   Common skills:

   • Financial Statements
   • Commercial Loans
   • SBA
   • Loan Portfolio
   • Cash Flow
   • Litigation
   • Foreclosure
   • Credit Policy
   • Real Estate Loans
   • Executive Management
   • Problem Loans
   • Asset Quality
   • REO
   • Loan Modifications

   Check all skills

   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.

3. Make a budget

   Including a salary range in your loan workout officer job description is a great way to entice the best and brightest candidates. A loan workout officer salary can vary based on several factors:

   • Location. For example, loan workout officers' average salary in florida is 41% less than in washington.
   • Seniority. Entry-level loan workout officers earn 63% less than senior-level loan workout officers.
   • Certifications. A loan workout officer with a few certifications under their belt will likely demand a higher salary.
   • Company. Working for a prestigious company or an exciting start-up can make a huge difference in a loan workout officer's salary.

   Average loan workout officer salary

   $46,768yearly

   $22.48 hourly rate

   ---

   Entry-level loan workout officer salary

   $28,000 yearly salary

   Updated January 23, 2026

4. Writing a loan workout officer job description

   A loan workout officer job description should include a summary of the role, required skills, and a list of responsibilities. It's also good to include a salary range and the first name of the hiring manager. To help get you started, here's an example of a loan workout officer job description:

   Loan workout officer job description example

   The C&I Associate Workout Officer supports experienced Workout Officers managing a substandard portfolio of C&I loans to minimize credit losses, ensure return matches risk and, where possible, return customers to a satisfactory rating. Our group is focused on a rescue culture to retain as many clients as possible. If you enjoy solving problems and coming up with innovative solutions, this is a great opportunity for you!
   The Associate Workout Officer role includes:
   
   + Working alongside Workout Officers with the aim of becoming a Workout Officer in due course.
   
   + Supporting Workout Officers to devise strategies, negotiate and structure transactions, obtain credit approval and document accordingly.
   
   + Providing support in financial analysis, enterprise value assessment, and maintaining all required internal and external reporting.
   
   Qualifications
   
   Qualifications
   
   + 2 yrs of Commercial Banking Experience.
   
   + Adaptability to a high paced and challenging work environment.
   
   + Ability to prepare well written presentations
   
   + Strong computer skills, primarily Microsoft Office suite based
   
   + Excellent math and analytical skills.
   
   + Excellent communication skills both oral and written.
   
   + Excellent time management skills.
   
   Education:
   
   + Bachelor's degree required
   
   Hours and Work Schedule: 3 days in the office, 2 remote
   
   Hours per Week: 40
   
   Work Schedule: Monday-Friday
   
   Some job boards have started using jobseeker-reported data to estimate salary ranges for roles. If you apply and qualify for this role, a recruiter will discuss accurate pay guidance.
   
   Why Work for Us
   
   At Citizens, you'll find a customer-centric culture built around helping our customers and giving back to our local communities. When you join our team, you are part of a supportive and collaborative workforce, with access to training and tools to accelerate your potential and maximize your career growth.
   
   Equal Employment Opportunity
   
   Citizens, its parent, subsidiaries, and related companies provide equal employment and advancement opportunities to all colleagues and applicants for employment without regard to age, ancestry, color, citizenship, physical or mental disability or perceived disability, ethnicity, gender, gender identity or expression, genetic information, genetic characteristic, marital or domestic partner status, victim of domestic violence, family status/parenthood, medical condition, military or veteran status, national origin, pregnancy/childbirth/lactation, colleague's or a dependent's reproductive health decision making, race, religion, sex, sexual orientation, or any other category protected by federal, state and/or local laws.
   
   Equal Employment and Opportunity Employer/Disabled/Veteran
   
   Citizens is a brand name of Citizens Bank, N.A. and each of its respective affiliates.

   Copy this example

   

5. Post your job

   To find the right loan workout officer for your business, consider trying out a few different recruiting strategies:

   • Consider internal talent. One of the most important sources of talent for any company is its existing workforce.
   • Ask for referrals. Reach out to friends, family members, and current employees and ask if they know or have worked with loan workout officers they would recommend.
   • Recruit at local colleges. Attend job fairs at local colleges to recruit loan workout officers who meet your education requirements.
   • Social media platforms. LinkedIn, Facebook and Twitter now have more than 3.5 billion users, and you can use social media to reach potential job candidates.

   Post your job online:

   • Post your loan workout officer job on Zippia to find and attract quality loan workout officer candidates.
   • Use niche websites such as efinancialcareers, financialjobsweb.com, careerbank, financial job bank.
   • Post a job on free websites.

6. Interview candidates

   To successfully recruit loan workout officers, your first interview needs to engage with candidates to learn about their interest in the role and experience in the field. You can go into more detail about the company, the role, and the responsibilities during follow-up interviews.

   Remember to include a few questions that allow candidates to expand on their strengths in their own words. Asking about their unique skills might reveal things you'd miss otherwise. At this point, good candidates can move on to the technical interview.

   The right interview questions can help you assess a candidate's hard skills, behavioral intelligence, and soft skills.

7. Send a job offer and onboard your new loan workout officer

   Once you've found the loan workout officer candidate you'd like to hire, it's time to write an offer letter. This should include an explicit job offer that includes the salary and the details of any other perks. Qualified candidates might be looking at multiple positions, so your offer must be competitive if you like the candidate. Also, be prepared for a negotiation stage, as candidates may way want to tweak the details of your initial offer. Once you've settled on these details, you can draft a contract to formalize your agreement.

   It's equally important to follow up with applicants who don't get the job with an email letting them know that the position has been filled.

   To prepare for the new loan workout officer first day, you should share an onboarding schedule with them that covers their first period on the job. You should also quickly complete any necessary paperwork, such as employee action forms and onboarding documents like I-9, benefits enrollment, and federal and state tax forms. Finally, Human Resources must ensure a new employee file is created for internal record keeping.

8. Go through the hiring process checklist

   • Determine employee type (full-time, part-time, contractor, etc.)
   • Submit a job requisition form to the HR department
   • Define job responsibilities and requirements
   • Establish budget and timeline
   • Determine hiring decision makers for the role
   • Write job description
   • Post job on job boards, company website, etc.
   • Promote the job internally
   • Process applications through applicant tracking system
   • Review resumes and cover letters
   • Shortlist candidates for screening
   • Hold phone/virtual interview screening with first round of candidates
   • Conduct in-person interviews with top candidates from first round
   • Score candidates based on weighted criteria (e.g., experience, education, background, cultural fit, skill set, etc.)
   • Conduct background checks on top candidates
   • Check references of top candidates
   • Consult with HR and hiring decision makers on job offer specifics
   • Extend offer to top candidate(s)
   • Receive formal job offer acceptance and signed employment contract
   • Inform other candidates that the position has been filled
   • Set and communicate onboarding schedule to new hire(s)
   • Complete new hire paperwork (i9, benefits enrollment, tax forms, etc.)

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