Loan Workout Officer Salary in New Bedford, MA

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How much does a Loan Workout Officer make?

As of December 01, 2024, the average annual pay of Loan Workout Officer in New Bedford, MA is $100,833. While Salary.com is seeing that Loan Workout Officer salary in New Bedford, MA can go up to $135,292 or down to $69,791, but most earn between $84,585 and $118,870. Salary.com shows the average base salary (core compensation), as well as the average total cash compensation for the job of Loan Workout Officer in the United States.

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Salary range for a Loan Workout Officer
$84,585 to $118,870
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What is a Loan Workout Officer?

A Loan Workout Officer is responsible for managing and negotiating the restructuring of delinquent or non-performing loans. They work with borrowers to develop and implement workout plans that will help them bring their loans back into good standing. This may involve modifying loan terms, extending repayment periods, or finding alternative solutions to help borrowers meet their financial obligations. Loan Workout Officers also work closely with internal teams and external partners to assess the financial health of borrowers and develop strategies to minimize losses for the lending institution. Additionally, they may be involved in monitoring and reporting on the progress of workout plans and making recommendations for further action if necessary. Strong communication, negotiation, and analytical skills are essential for success in this role.

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Loan Workout Officer Salary By Experience Levels in New Bedford, MA

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RELEVANT JOB EXPERIENCE

Length of experience is a pay differentiator. Those with greater experience may have an advantage in negotiating salary. For those with less experience, other factors such as education or special skills could impact your pay. Please visit Professional Salary Report for more details.

Loan Workout Officer Salary By Level of Education in New Bedford, MA

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LEVEL OF EDUCATION

Depending on the job, educational levels may have a significant impact on pay levels. Be informed and understand how things like education and certifications can help to increase potential earnings for the career you are interested in. Please visit Professional Salary Report for more details.

Average Salary Range for Loan Workout Officer in New Bedford, MA

Average Base Salary

Core compensation

 
 
 
84585
118870
100833

Average Total Cash Compensation

Includes base and annual incentives

 
 
 
91344
134940
110426
What is the average salary for Loan Workout Officer in 2024?
These charts show the average base salary (core compensation), as well as the average total cash compensation for the job of Loan Workout Officer in New Bedford, MA. The base salary for Loan Workout Officer ranges from $84,585 to $118,870 with the average base salary of $100,833. The total cash compensation, which includes base, and annual incentives, can vary anywhere from $91,344 to $134,940 with the average total cash compensation of $110,426.

View Average Salary for Loan Workout Officer as table

Average Salary Average Salary Range
Base Salary $100,833 $84,585 - $118,870
Bonus $9,593 $6,759 - $16,070
Total Pay $110,426 $91,344 - $134,940
* Base Salary represents gross income before taxes and deductions. It does not include additional pay such as benefits, bonuses, profit sharing or commissions.
* Total Pay combines base salary, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job.

Loan Workout Officer Salary Near New Bedford, MA

CITY, STATE AVERAGE SALARY RANGE COMPARE TO New Bedford, MA
CITY, STATE Fall River, MA AVERAGE SALARY RANGE $84,984 - $119,431 COMPARE TO New Bedford, MA
CITY, STATE Tiverton, RI AVERAGE SALARY RANGE $84,904 - $119,319 COMPARE TO New Bedford, MA
CITY, STATE Taunton, MA AVERAGE SALARY RANGE $87,141 - $122,462 COMPARE TO New Bedford, MA
CITY, STATE Newport, RI AVERAGE SALARY RANGE $84,569 - $118,848 COMPARE TO New Bedford, MA
CITY, STATE East Providence, RI AVERAGE SALARY RANGE $84,105 - $118,196 COMPARE TO New Bedford, MA
CITY, STATE Plymouth, MA AVERAGE SALARY RANGE $86,306 - $121,289 COMPARE TO New Bedford, MA
See salaries for Loan Workout Officer in locations close to New Bedford, MA. Pay for the same job may vary based on the location and on the location and on other factors such as the size of company, the industry, and other local conditions.

View Salary for Similar Jobs to Loan Workout Officer in New Bedford, MA

See Additional Similar Jobs
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JOB TITLE LOCATION MINIMUM SALARY MAXIMUM SALARY
JOB TITLE Entry Loan Workout Officer LOCATION New Bedford, MA MINIMUM SALARY $68,800 MAXIMUM SALARY $91,000
JOB TITLE Intermediate Loan Workout Officer LOCATION New Bedford, MA MINIMUM SALARY $83,200 MAXIMUM SALARY $117,300
JOB TITLE Senior Loan Workout Officer LOCATION New Bedford, MA MINIMUM SALARY $131,000 MAXIMUM SALARY $168,260
JOB TITLE Loan Workout Officer III LOCATION New Bedford, MA MINIMUM SALARY $130,998 MAXIMUM SALARY $168,250
JOB TITLE Loan Workout Officer II LOCATION New Bedford, MA MINIMUM SALARY $83,117 MAXIMUM SALARY $117,279
JOB TITLE Loan Workout Officer I LOCATION New Bedford, MA MINIMUM SALARY $68,741 MAXIMUM SALARY $90,972
The Loan Workout Officer job could be listed using titles that are not exactly the same, but actually are for the same or very similar job. Here are some job titles in New Bedford, MA that might be a good fit for the type of job and salary you are looking for.

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84585
118870

 

About New Bedford, Massachusetts    New Bedford is a city in Bristol County, Massachusetts, United States. As of the 2010 census, the city had a total population of 95,072, making it the....More

New Bedford, Massachusetts  area prices were up 1.6% from a year ago

Loan Workout Officer Salary in popular cities: Boston, Worcester, Springfield

Learn more about: Compensation Packages, Employee Flight Risk, Gender Pay Gap, Job Openings for This Role