Loss Mitigation Specialist Salary
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.
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 specialists contact mortgage holders who have defaulted by between one and two months to discuss repayment options, payment plans, and other solutions in order to prevent foreclosure or bankruptcy. Banks and mortgage holders stand to lose thousands of dollars if they move forward with foreclosure proceedings, so loss mitigation specialists communicate with both the bank and mortgage holder to try to reach an agreeable plan which benefits both sides. They are also responsible for financial analyses and managing and maintaining files and documents.
Those in this position generally evaluate borrowers' financial situations to determine whether the borrower can reinstate all or part of his/her mortgage. They must review foreclosed loan files to determine if required loss mitigation actions were completed and documented according to both internal and external requirements, and also evaluate foreclosed loans to ensure they were processed correctly according to the same requirements. This position is typically held by bankers, attorneys, paralegals, real estate agents, and brokers.
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.