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Commercial Loan Workout Officer Job Description

Job Descriptions December 29, 2013

A commercial loan workout officer operates in a similar capacity to a traditional loan officer, specializing in business loans. However, the primary difference is that the workout officer restructures loans for clients, helping borrowers to secure better deals for assets and collateral. The job is not a management position but works directly under the commercial loan manager. The job may be separate from the loan officer or may consist of related duties.

Though they still leave more complex loan issues to the manager and reviewer, loan workout officers focus on securing better collateral deals,. The workers of this industry, according to the Certified Compensation Professionals HR analysis report, make an average of $44,857.

What Are the Major Duties of Commercial Loan Workout Officers?

The commercial loan workout officer has the exclusive responsibility of resolving all workouts, including interviewing borrowers and requesting more information for the screening process. As a workout officer, you can request credit reports, reference checks, or even background checks in order to build a quality application. You determine viability and have all of these tools at your disposal. However, you will collaborate with credit analysts and managers to produce the best results. You may also have to consult with interviewers and creditors to ask additional questions about a client’s application.

Among your individual responsibilities are forbearance requests, negotiation of the structure, or other remedies that can help make the contract easier or more advantageous. This immediately suggests the need to study loan theory and finance, including technical aspects of the loan such as the rate of interest, penalty fees, repayment contracts and liquidation rights. After overseeing the application process, you will resubmit your modified forbearance requests for approval and will speak to the Special Assets Committee. In addition to verifying the accuracy of documents, you will also confer with the managing director to strategize new approaches to improve workouts on a one-to-one basis.

Starting Your Career with Higher Learning

This is not a managerial post, but the qualifications are slightly above that of a loan officer. You use your social skills to communicate with lending personnel as well as borrowers, with the intent to acquire superior collateral. Considering that you’re not at the management level yet, you will mostly work with mid size loans though, in time, you can work your way up to more complex transactions.

You should not conclude that it’s going to be easy. Even at the mid-level position, it is recommended you earn your bachelor’s degree. Work experience is also a valuable commodity to your employer, and four or more years in a related field would probably put you in contention. Becoming familiar with the loan industry and studying the company’s policies and systems already in place will prepare you for the journey ahead. In the meantime, cultivate your creative skills and leadership and organizational strategies. This is a job for someone that wants to help people succeed, but who understands the bottom line; someone who can be trusted as a worker of good business sense.

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2 Program(s) Found
  • Named a Best for Vets school by the Military Times in 2014.
  • Has specialized in student-centered technology, business, criminal justice, health science, and culinary education for over 45 years.
  • Makes it possible for students to earn a bachelor’s degree in 2.5 years or an associate’s in 1.5 years by providing a year-round schedule.
  • Offers externships and clinical experience that help students prepare for life after they graduate.
  • Has 10 campuses across the mid-Atlantic, plus online degree programs.
Good for Working Adults
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
1 Program(s) Found
  • Available business concentrations include Accounting, Economics, General Management, Marketing, and Human Resource Management.
  • Ranked among the Best Online MBA and Online Graduate Business Programs in 2016 by U.S. News & World Report.
  • Programmatic accreditation provided by the Accreditation Council for Business Schools and Programs (ACBSP).
  • Regionally accredited by the Southern Association of Colleges and Schools Commission on Colleges (SACSCOC).
  • Online Courses
5 Program(s) Found
  • Average class size is 25, allowing for more one-on-one time with instructors.
  • Has a 97% employment rate among available graduates.
  • All  graduates receive Lifetime Employment  Assistance—free and forever.
  • Michigan's largest independent college.
  • Most instructors are working professionals in the fields they teach.
  • Programs are continuously updated to ensure classes are career-relevant and in sync with what's needed in the industry
Show more [+]
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
1 Program(s) Found
  • Campus-based and online business programs include Entertainment Business (BS), Internet Marketing (BS), and Business Intelligence (MS)
  • Students will explore business concepts like marketing, global media management, and business technology and design
  • Courses designed to prepare students for a career in business and Career Development advisors available to all alumni
  • Full Sail offers accelerated programs, so a degree that would normally take four years takes 24 months on average
  • Online Courses

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