Banks make money by giving loans and collecting interest from those loans. For this reason, it is in a banks best interest to renegotiate loans that are in, or near, default status. These negotiations are typically handled by loan workout officers, and it is a Banking & Commercial Loan Workout Manager’s responsibility to supervise these officers.
Duties and Responsibilities
There are four different levels of loan workout officers. They vary from loan workout officer 1 to loan workout officer 4, with the loan workout officer 4 earning a substantially higher salary than the entry level loan workout officer. A Banking & Commercial Loan Workout Manager oversees these officers and ensures they perform their jobs properly.
Performing such a crucial role for banks and other financial institutions may seem strenuous, but Banking & Commercial Loan Workout Managers are well compensated. Although their salaries can vary greatly, depending on experience and education level, the national average salary for a Banking & Commercial Loan Workout Manager is around $131,000 annually, according to salary.com.
These salaries can vary significantly by region. In certain areas of the country, Banking & Commercial Loan Workout Managers earn higher than the national average. According to Militaryhire.com, Banking & Commercial Loan Workout Managers in the northeast and California earn more than the national average, while those in Tennessee and North Georgia earn less than the national average.
Most banks and credit unions require their Banking & Commercial Loan Workout Managers to have a degree from a 4 year university, and at least 5 years of experience in the field of finances. Most Banking & Commercial Loan Workout Managers start off as loan workout officers and work their way up through the ranks. By doing this, they become familiar with the daily challenges that their subordinates face.
The ideal candidate will also have solid math and communication skills. As more banks conduct business online, the demand for Banking & Commercial Loan Workout Managers with computer skills will increase. Being bilingual isn’t a requirement, but it could give a potential candidate the deciding edge over another.
A Banking & Commercial Loan Workout Manager certainly has a challenging job. Fortunately, they earn a six figure salary and have banker’s hours. The road to becoming a Banking & Commercial Loan Workout Manager can be daunting, but helping individuals and companies keep their loans in excellent standing is a rewarding career.