How to Become a Commercial Loan Workout Officer

Step 1: Understand the job description and responsibilities of a Commercial Loan Workout Officer

What does a Commercial Loan Workout Officer do?

A Commercial Loan Workout Officer restructures problem loans for commercial clients. Negotiates with lending personnel and commercial borrowers to better secure collateral and/or assets of the borrower. Being a Commercial Loan Workout Officer works with loans of moderate size and complexity. Typically requires a bachelor's degree. Additionally, Commercial Loan Workout Officer typically reports to a manager or head of a unit/department. The Commercial Loan Workout Officer gains exposure to some of the complex tasks within the job function. Occasionally directed in several aspects of the work. To be a Commercial Loan Workout Officer typically requires 2 to 4 years of related experience.

People's Opinions on Commercial Loan Workout Officer responsibilities

A commercial loan workout officer operates in a similar capacity to a traditional loan officer, specializing in business loans.

01/26/2020: Amarillo, TX

However, the primary difference is that the workout officer restructures loans for clients, helping borrowers to secure better deals for assets and collateral.

12/13/2019: Newark, NJ

The job is not a management position but works directly under the commercial loan manager.

11/28/2019: Rochester, MN

The job may be separate from the loan officer or may consist of related duties.

01/21/2020: Pittsfield, MA

Though they still leave more complex loan issues to the manager and reviewer, loan workout officers focus on securing better collateral deals.

01/12/2020: San Jose, CA

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Step 2: Learn best tips to become a Commercial Loan Workout Officer

Best tips for those who want to become a Commercial Loan Workout Officer

Here are some tips to become a Commercial Loan Workout Officer.

Step 3: View best colleges and universities for Commercial Loan Workout Officer

Best colleges and universities for Commercial Loan Workout Officer

Florida Southern College
Colby College
Dartmouth College
University of Notre Dame
Western Washington University
Canisius College

Step 4: Think about whether is it worth to be a Commercial Loan Workout Officer

Is being a Commercial Loan Workout Officer Worth it?

People's Opinions on lifestyles

Provides residential and commercial loan workout and credit administration services.

01/24/2020: Mesa, AZ

A commercial loan workout officer operates in a similar capacity to a traditional loan officer, specializing in business loans.

12/20/2019: Santa Rosa, CA

However, the primary difference is that the workout officer restructures loans for clients, helping borrowers to secure better deals for assets and collateral.

01/15/2020: Parkersburg, WV

The job is not a management position but works directly under the commercial loan manager.

02/24/2020: Santa Barbara, CA

Though they still leave more complex loan issues to the manager and reviewer, loan workout officers focus on securing better collateral deals.

03/03/2020: Champaign, IL

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Step 5: Prepare relevant skills for being a Commercial Loan Workout Officer

What skills do you need to be a Commercial Loan Workout Officer?

Management often looks to professional level roles for execution on their visions and goals, as such some specific skills are required. The workload of this role requires knowledge of: Debt Restructuring, Loss Mitigation, Negotiation. Sometimes for this role, knowledge of the following is helpful: Banking Software, Loan Software. If you highlight these skills during your interview process, you will be more likely to land the job!

People's Opinions on Commercial Loan Workout Officer skills

A commercial loan workout officer operates in a similar capacity to a traditional loan officer, specializing in business loans.

01/13/2020: Des Moines, IA

Must have at least 7-9 years’ experience in a commercial workout or commercial banking environment.

01/30/2020: Modesto, CA

Must have experience in loan workout and collection activities.

02/07/2020: Madison, WI

Commercial loan workout, liquidation, and collection experience a must.

02/08/2020: Eugene, OR

Four or more years of Portfolio Manager experience in managing commercial loan accounts, preferably SBA loans.

02/19/2020: Wilmington, NC

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Step 6: View average salary for Commercial Loan Workout Officer

How much does a Commercial Loan Workout Officer make?

The average salary range for a Commercial Loan Workout Officer is from $78,923 to $107,740. The salary will change depending on your location, job level, experience, education, and skills.

Salary range for a Commercial Loan Workout Officer

$78,923 to $107,740