Qualifications of a Commercial Loan Workout Officer

A large number of foreclosure notices are filed every day and there seems to be no immediate end to this. When the real estate market was in jeopardy a few years back, many properties were foreclosed and many more are still facing foreclosure. Handling these cases for lending firms and banks is a commercial loan workout officer who sifts through pages of documents reviewing a client’s mortgage payment history and the application for a loan modification.In the United States, the average salary of such an officer is a little bit over $40,000. Some firms, though, offer as much as $60,000 to $80,000 which could include bonuses for meeting set targets like getting a high collection efficiency rate. The basic task of the officer has a lot to do with the real property accounts of the firm. The officer reviews the sale of foreclosed properties and negotiate with the borrower the terms and conditions of loan applications. A person with a college degree in business administration, finance, and other related fields can apply for the job. Usually, firms that are looking for these people are also looking into the years of experience of the individual especially in real estate properties. The more experience you have, the higher the compensation package that you can demand.The officer should also possess good interpersonal skills because he talks with the clients. He needs to reach out to the borrower and must know how to negotiate a deal. He has to understand the real situation behind the application so that he can come up with a reasonable loan modification plan that can benefit the his firm and the borrower. Whether or not the commercial property should be foreclosed, it is up to the officer to come up with suggestions on how to dispose of the property or how to efficiently collect from delinquent accounts.