Loan workout officer vs loan originator

The differences between loan workout officers and loan originators 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 originator. Additionally, a loan workout officer has an average salary of $46,768, which is higher than the $41,291 average annual salary of a loan originator.

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

Loan workout officer vs loan originator overview

	Loan Workout Officer	Loan Originator
Yearly salary	$46,768	$41,291
Hourly rate	$22.48	$19.85
Growth rate	4%	4%
Number of jobs	61,309	10,716
Job satisfaction	4	-
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 originator salary

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

	Loan Workout Officer	Loan Originator
Average salary	$46,768	$41,291
Salary range	Between $28,000 And $75,000	Between $28,000 And $60,000
Highest paying City	-	New York, NY
Highest paying state	-	South Dakota
Best paying company	-	Centennial Bank
Best paying industry	-	Transportation

Differences between loan workout officer and loan originator education

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

	Loan Workout Officer	Loan Originator
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 originator demographics

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

	Loan Workout Officer	Loan Originator
Average age	45	45
Gender ratio	Male, 72.9% Female, 27.1%	Male, 54.0% Female, 46.0%
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, 9.2% Unknown, 4.6% Hispanic or Latino, 16.1% Asian, 6.4% White, 63.2% American Indian and Alaska Native, 0.5%
LGBT Percentage	8%	8%

Differences between loan workout officer and loan originator 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 originator example responsibilities.

Supervise and manage the processing staff and also underwrite conventional loans for correspondent lenders.
Complete yearly the NMLS continuing education requirements.
Direct lender with FNMA while maintaining all loan servicing.
Increase revenues and product awareness by cross-selling service lines and packages.
Complete a rigorous training program and have obtained 25 NMLS state licensing requirements to be a loan originator.
Review FHA case number assignments, mortgage credit rejects and refinances authorizations to determine qualification.

Loan workout officer vs loan originator skills

Common loan workout officer skills

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

Common loan originator skills

Customer Service, 18%
Origination, 9%
FHA, 6%
Va, 6%
Phone Calls, 6%
Excellent Interpersonal, 5%