Loan workout officer vs escrow officer

The differences between loan workout officers and escrow officers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a loan workout officer and an escrow officer. Additionally, an escrow officer has an average salary of $50,270, which is higher than the $46,768 average annual salary of a loan workout officer.

The top three skills for a loan workout officer include financial statements, commercial loans and SBA. The most important skills for an escrow officer are customer service, HOA, and title insurance.

Loan workout officer vs escrow officer overview

	Loan Workout Officer	Escrow Officer
Yearly salary	$46,768	$50,270
Hourly rate	$22.48	$24.17
Growth rate	4%	4%
Number of jobs	61,309	62,077
Job satisfaction	4	-
Most common degree	Bachelor's Degree, 68%	Bachelor's Degree, 47%
Average age	45	45
Years of experience	6	6

Loan workout officer vs escrow officer salary

Loan workout officers and escrow officers have different pay scales, as shown below.

	Loan Workout Officer	Escrow Officer
Average salary	$46,768	$50,270
Salary range	Between $28,000 And $75,000	Between $36,000 And $70,000
Highest paying City	-	Walnut Creek, CA
Highest paying state	-	New Mexico
Best paying company	-	Fidelity National Financial
Best paying industry	-	Finance

Differences between loan workout officer and escrow officer education

There are a few differences between a loan workout officer and an escrow officer in terms of educational background:

	Loan Workout Officer	Escrow Officer
Most common degree	Bachelor's Degree, 68%	Bachelor's Degree, 47%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Loan workout officer vs escrow officer demographics

Here are the differences between loan workout officers' and escrow officers' demographics:

	Loan Workout Officer	Escrow Officer
Average age	45	45
Gender ratio	Male, 72.9% Female, 27.1%	Male, 14.9% Female, 85.1%
Race ratio	Black or African American, 8.6% Unknown, 4.7% Hispanic or Latino, 16.6% Asian, 6.5% White, 63.2% American Indian and Alaska Native, 0.5%	Black or African American, 8.8% Unknown, 4.6% Hispanic or Latino, 16.0% Asian, 6.2% White, 64.0% American Indian and Alaska Native, 0.5%
LGBT Percentage	8%	8%

Differences between loan workout officer and escrow officer duties and responsibilities

Loan workout officer example 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.

Escrow officer example responsibilities.

Manage escrow department for title insurance company.
Perform closing for a variety of real estate escrows types, including but not limit to REO resale and resale escrows.
Operate multi-line phone system and perform basic office procedures.
Prepare closing documents, close escrow, TRID CD, clear title.
Order conveyance deeds and other pertinent documents from outside vendors.
Prepare documents to be record with county and return to mortgage company for conveyance.

Loan workout officer vs escrow officer skills

Common loan workout officer skills

Financial Statements, 18%
Commercial Loans, 9%
SBA, 9%
Loan Portfolio, 8%
Cash Flow, 7%
Litigation, 7%

Common escrow officer skills

Customer Service, 23%
HOA, 6%
Title Insurance, 6%
Notary, 5%
Develop Client Relationships, 5%
Real Estate Transactions, 5%