How much does a Loan Workout Officer III make in Michigan? The average Loan Workout Officer III salary in Michigan is $136,977 as of March 26, 2024, but the range typically falls between $119,884 and $153,981. Salary ranges can vary widely depending on the city and many other important factors, including education, certifications, additional skills, the number of years you have spent in your profession.

Loan Workout Officer III Salaries by Percentile
Percentile Salary Location Last Updated
10th Percentile Loan Workout Officer III Salary $104,321 MI March 26, 2024
25th Percentile Loan Workout Officer III Salary $119,884 MI March 26, 2024
50th Percentile Loan Workout Officer III Salary $136,977 MI March 26, 2024
75th Percentile Loan Workout Officer III Salary $153,981 MI March 26, 2024
90th Percentile Loan Workout Officer III Salary $169,461 MI March 26, 2024
25% $119,884 10% $104,321 90% $169,461 75% $153,981 $136,977 50%(Median) Didn’t find job title? Click
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What skills does a Loan Workout Officer III need?

Each competency has five to ten behavioral assertions that can be observed, each with a corresponding performance level (from one to five) that is required for a particular job.

1.

Analysis: Analysis is the process of considering something carefully or using statistical methods in order to understand it or explain it.

2.

Promotion: Developing and implementing promotional activities to attract and increase the awareness of customers in buying products.

3.

BI: Business intelligence (BI) is a technology-driven process for analyzing data and delivering actionable information that helps executives, managers and workers make informed business decisions.

Analysis 8.64%
Promotion 2.47%
BI 1.23%
Others 87.66%

Job Description for Loan Workout Officer III

Loan Workout Officer III restructures loans; works with lending personnel and borrowers to better secure collateral and/or assets of the borrower and to facilitate collection. Works with the largest and highest complexity loans. Being a Loan Workout Officer III analyzes financial data and provides required reporting. May specialize in a particular loan type or industry. Additionally, Loan Workout Officer III may guide and mentor junior team members. Typically requires a bachelor's degree. Typically reports to a manager or head of a unit/department. The Loan Workout Officer III contributes to moderately complex aspects of a project. Work is generally independent and collaborative in nature. To be a Loan Workout Officer III typically requires 4 to 7 years of related experience. (Copyright 2024 Salary.com)... View full job description

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Job Openings for Loan Workout Officer III in Michigan

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Location Avg. Salary Date Updated
Location Taylor, MI Avg. Salary $139,614 Date Updated March 26, 2024
Location Acme, MI Avg. Salary $130,593 Date Updated March 26, 2024
Location Ada, MI Avg. Salary $134,618 Date Updated March 26, 2024
Location Addison, MI Avg. Salary $139,475 Date Updated March 26, 2024
Location Adrian, MI Avg. Salary $137,394 Date Updated March 26, 2024
Location Afton, MI Avg. Salary $128,928 Date Updated March 26, 2024
Location Ahmeek, MI Avg. Salary $131,981 Date Updated March 26, 2024
Location Akron, MI Avg. Salary $129,067 Date Updated March 26, 2024
Location Alanson, MI Avg. Salary $128,928 Date Updated March 26, 2024
Location Alba, MI Avg. Salary $128,928 Date Updated March 26, 2024

Career Path for Loan Workout Officer III

A career path is a sequence of jobs that leads to your short- and long-term career goals. Some follow a linear career path within one field, while others change fields periodically to achieve career or personal goals.

For Loan Workout Officer III, the first career path typically progresses to Commercial Loan Workout Officer IV.

Additionally, the second career path typically starts with a Banking & Commercial Loan Workout Manager position, and then progresses to Loan Workout Manager.

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Loan Workout Officer III Salary in Michigan
Loan Workout Officer III Salary Graph, Regional Distribution and Summary