Loss Mitigation Specialists in the United States take home an average $15.99 per hour. Total cash compensation to Loss Mitigation Specialists bottoms out near $27K and approaches $62K on the high end; the bigger paychecks include bonuses that can occasionally surpass $12K. Geographic location and career length each impact pay for this group, with the former having the largest influence. Women make up a slight majority of Loss Mitigation Specialists (59 percent) survey respondents. Close to one-fourth of professionals in this line of work do not receive benefits; however, a fair number report medical coverage and the larger part claim dental coverage as well. Job satisfaction for Loss Mitigation Specialists is high. The data for this synopsis comes from respondents who took the PayScale salary survey.

$34,490 - $65,320
$34K
$46K
$65K
MEDIAN: $45,633
10%
50%
90%

Add this chart to your site: 640px    300px

$12.05 - $21.92
$12
$16
$22
MEDIAN: $15.99
10%
50%
90%

Add this chart to your site: 640px    300px

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$22K$44K$66K
Salary
$34,490 - $65,320  
   
Bonus
$0.00 - $11,693  
Profit Sharing
$0.00  
Commission
$10,300  
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).
)
$26,946 - $61,809  
Country: United States | Currency: USD | Updated: 18 Jan 2017 | Individuals Reporting: 83
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
$12.05 - $21.92  
   
Overtime
$15.46 - $32.37  
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 - $11,693  
   
Commission
$10,300  
Profit Sharing
$0.00  
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).
)
$26,946 - $61,809  
Country: United States | Currency: USD | Updated: 18 Jan 2017 | Individuals Reporting: 111

Find Out Exactly What You Should Be Paid

United States (change)

Employers: Start Here »

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.

Read More...

Loss Mitigation Specialist Tasks

  • 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.
  • Evaluate foreclosed loans and determine if they were processed according to internal and external requirements.
  • 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.

Loss Mitigation Specialist Job Listings

Search for more jobs:

Pay by Experience Level for Loss Mitigation Specialist

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


For many Loss Mitigation Specialists, more experience generally translates to higher pay. People who have worked for fewer than five years earn around $37K, and folks with five to 10 years of experience see a modestly higher median of $42K. After working for 10 to 20 years, Loss Mitigation Specialists make a median salary of $48K. Survey participants who have worked for more than two decades report bringing in $57K on average.

Loss Mitigation Specialist Reviews

Q: What is it like working as a Loss Mitigation Specialist?

Loss Mitigation Specialist in Montgomery:
"Loss Mit Tech."
Pros: I love helping customers.
Cons: I can't provide favorable outcomes to all customers.

Related Job Salaries

Key Stats for Loss Mitigation Specialist

Gender

Female
59 %
Male
41 %

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 32 votes.
042
Less than 1 year
5%
1-4 years
43%
5-9 years
25%
10-19 years
20%
20 years or more
7%
Location:
Years in Fields/Career:
United States (change)

Experience Affects Loss Mitigation Specialist Salaries

Late-Career
up arrow 40%

Experienced
up arrow 18%

Mid-Career
up arrow 3%

National Average
$41,000

Entry-Level
up arrow 9%

Skills That Affect Loss Mitigation Specialist Salaries



National Average
$41,000

Customer Service
up arrow 3%

Collections
up arrow 6%

Job Satisfaction

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

Gender

Female
59 %
Male
41 %

Years of Experience

Less than 1 year
5%
1-4 years
43%
5-9 years
25%
10-19 years
20%
20 years or more
7%

Common Health Benefits

medical benefits
Medical: 75%
dental benefits
Dental: 69%
vision benefits
Vision: 64%
dental benefits
None: 25%
ADVERTISEMENT