Pay for Loss Mitigation Specialists in the United States sits in the ballpark of $15.83 per hour. Residence and career duration each impact pay for this group, with the former having the largest influence. Job satisfaction is high and work is enjoyable for most Loss Mitigation Specialists. Women Loss Mitigation Specialists who took the survey just slightly outnumber men. Although close to one-fourth lack health benefits of any kind, a fair number do enjoy medical insurance, and more than half get dental coverage, too. Participants in PayScale's salary questionnaire provided the particulars of this report.

$34,586 - $62,767
(Median)
$35K
$44K
$63K
MEDIAN: $44,078
10%
50%
90%

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$12.09 - $20.69
(Median)
$12
$16
$21
MEDIAN: $15.00
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$21K$42K$63K
Salary
$34,586 - $62,767  
   
Bonus
$0.00 - $11,920  
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$27,093 - $58,985  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 78
National Hourly Rate Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$11$22$33
Hourly Rate
$12.09 - $20.69  
   
Overtime
$15.32 - $30.20  
National Annualized Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$22K$44K$66K
Bonus
$0.00 - $11,920  
   
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$27,093 - $58,985  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 108
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Job Description for Loss Mitigation Specialist

Loss mitigation specialists typically work with mortgage holders who are at risk of foreclosure. Many of these specialists have backgrounds in loss mitigation and knowledge of real estate and finance laws, and they are familiar with the loan process in its entirety. They are also experienced in customer service and collections, as strong verbal and written communication skills are essential for this position, and negotiating skills are also beneficial.

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Loss Mitigation Specialist Tasks

  • Perform financial analysis and assess borrowers' financial situation to establish if a borrower can reinstate the mortgage fully or in part.
  • Coordinate with borrowers within investor and vendor guidelines to resolve any delinquencies and evade foreclosure.
  • Evaluate foreclosed loans and determine if they were processed according to internal and external requirements.
  • Assess servicing files to determine if required loss mitigation activities were completed and documented according to internal and external requirements.
  • Manage and maintain loss mitigation documentation files.

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Pay by Experience Level for Loss Mitigation Specialist

Median of all compensation (including tips, bonus, and overtime) by years of experience.


Loss Mitigation Specialists who reported more years of relevant experience also reported higher earnings. Relatively untried employees who have less than five years' experience have a median salary of $37K. Those who have been around for five to 10 years can expect to take home more — $41K on average. For Loss Mitigation Specialists, 10 to 20 years of experience on the job amounts to an average salary of $45K. Loss Mitigation Specialists who have spent more than 20 years on the job report earning a significantly higher median of $56K.

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Experience Affects Loss Mitigation Specialist Salaries

Late-Career
up arrow 41%

Experienced
up arrow 13%

Mid-Career
up arrow 2%

National Average
$40,000

Entry-Level
up arrow 8%

Skills That Affect Loss Mitigation Specialist Salaries



National Average
$40,000

Customer Service
up arrow 1%

Collections
up arrow 4%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 32 votes.

Gender

Female
57 %
Male
43 %

Years of Experience

Less than 1 year
4%
1-4 years
48%
5-9 years
23%
10-19 years
18%
20 years or more
7%

Common Health Benefits

medical benefits
Medical: 75%
dental benefits
Dental: 69%
medical benefits
Vision: 66%
dental benefits
None: 24%
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