Loan workout officer vs loan officer

The differences between loan workout officers and loan 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 a loan officer. Additionally, a loan workout officer has an average salary of $46,768, which is higher than the $45,817 average annual salary of a loan officer.

The top three skills for a loan workout officer include financial statements, commercial loans and SBA. The most important skills for a loan officer are customer service, origination, and loan origination.

Loan workout officer vs loan officer overview

	Loan Workout Officer	Loan Officer
Yearly salary	$46,768	$45,817
Hourly rate	$22.48	$22.03
Growth rate	4%	4%
Number of jobs	61,309	63,663
Job satisfaction	4	4.5
Most common degree	Bachelor's Degree, 68%	Bachelor's Degree, 61%
Average age	45	45
Years of experience	6	6

Loan workout officer vs loan officer salary

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

	Loan Workout Officer	Loan Officer
Average salary	$46,768	$45,817
Salary range	Between $28,000 And $75,000	Between $30,000 And $69,000
Highest paying City	-	New York, NY
Highest paying state	-	New York
Best paying company	-	Bangor Savings Bank
Best paying industry	-	Finance

Differences between loan workout officer and loan officer education

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

	Loan Workout Officer	Loan Officer
Most common degree	Bachelor's Degree, 68%	Bachelor's Degree, 61%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Loan workout officer vs loan officer demographics

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

	Loan Workout Officer	Loan Officer
Average age	45	45
Gender ratio	Male, 72.9% Female, 27.1%	Male, 55.3% Female, 44.7%
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, 9.0% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.9% American Indian and Alaska Native, 0.5%
LGBT Percentage	8%	8%

Differences between loan workout officer and loan 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.

Loan officer example responsibilities.

Manage a multifacete commercial real estate investment firm.
Supervise and manage the processing staff and also underwrite conventional loans for correspondent lenders.
Follow up leads for refinance loans gather all applications and necessary paperwork to qualify applicants from origination to close of escrow.
Analyze available resources to determine suitable mortgage products (FHA, FNMA/FHLC) to meet clients' purchasing or refinancing goals.
Originate and process various loan products including government, conventional, portfolio, construction, USDA mortgages, home equity line/loans.
Originate FHA, VA, conventional, jumbo, and USDA loans, according to specific lender guidelines in broker environment.

Loan workout officer vs loan officer skills

Common loan workout officer skills

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

Common loan officer skills

Customer Service, 17%
Origination, 13%
Loan Origination, 5%
FHA, 5%
NMLS, 5%
Loan Products, 4%