Loan workout officer vs mortgage banker

The differences between loan workout officers and mortgage bankers 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 mortgage banker. Additionally, a loan workout officer has an average salary of $46,768, which is higher than the $27,331 average annual salary of a mortgage banker.

The top three skills for a loan workout officer include financial statements, commercial loans and SBA. The most important skills for a mortgage banker are customer service, NMLS, and federal regulations.

Loan workout officer vs mortgage banker overview

	Loan Workout Officer	Mortgage Banker
Yearly salary	$46,768	$27,331
Hourly rate	$22.48	$13.14
Growth rate	4%	4%
Number of jobs	61,309	24,297
Job satisfaction	4	-
Most common degree	Bachelor's Degree, 68%	Bachelor's Degree, 72%
Average age	45	45
Years of experience	6	6

Loan workout officer vs mortgage banker salary

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

	Loan Workout Officer	Mortgage Banker
Average salary	$46,768	$27,331
Salary range	Between $28,000 And $75,000	Between $9,000 And $78,000
Highest paying City	-	-
Highest paying state	-	-
Best paying company	-	-
Best paying industry	-	-

Differences between loan workout officer and mortgage banker education

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

	Loan Workout Officer	Mortgage Banker
Most common degree	Bachelor's Degree, 68%	Bachelor's Degree, 72%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Loan workout officer vs mortgage banker demographics

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

	Loan Workout Officer	Mortgage Banker
Average age	45	45
Gender ratio	Male, 72.9% Female, 27.1%	Male, 71.7% Female, 28.3%
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, 9.5% Unknown, 4.7% Hispanic or Latino, 15.7% Asian, 6.5% White, 63.2% American Indian and Alaska Native, 0.5%
LGBT Percentage	8%	8%

Differences between loan workout officer and mortgage banker 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.

Mortgage banker example responsibilities.

Coach new Jr. HMC's, lead team Jr. meetings and activities.
Establish residential and commercial lending relationships, telephone loan origination of conventional and non-conventional mortgage products to include VA/FHA options.
Register with NMLS to sell mortgage products
Initiate the stabilization of client relationships and leverage cross-selling and promotional opportunities.
Gain valuable knowledge about USDA loans
Specialize in 203K and FNMA HomePath.

Loan workout officer vs mortgage banker skills

Common loan workout officer skills

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

Common mortgage banker skills

Customer Service, 24%
NMLS, 6%
Federal Regulations, 5%
Bank Products, 5%
Loan Programs, 5%
Origination, 4%