What am I worth?
Get a free salary report »
What should I pay?
Pay the right way »

Loss Mitigation Specialist Salary

Loss Mitigation Specialists in the United States can expect to earn an average of $42K annually. Career duration is the biggest factor affecting pay for this group, followed by geography. Women make up a slight majority of Loss Mitigation Specialists (55 percent) survey respondents. Most workers in this position report high levels of job satisfaction. Medical benefits are awarded to most, and a strong majority earn dental coverage. This snapshot results from replies to PayScale's salary survey.

$32,318 - $62,779
(Median)
$32K
$42K
$63K
MEDIAN: $41,504
10%
50%
90%

Add this chart to your site: 640px    300px

$12.36 - $21.82
(Median)
$12
$16
$22
MEDIAN: $16.00
10%
50%
90%

Add this chart to your site: 640px    300px

National Salary Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$21K$42K$63K
Salary
$32,318 - $62,779  
   
Bonus
$0.00 - $12,605  
Profit Sharing
$1,100 - $2,750  
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).
)
$29,395 - $60,986  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 151
National Hourly Rate Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$16$32$48
Hourly Rate
$12.36 - $21.82  
   
Overtime
$15.97 - $46.85  
National Annualized Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$32K$64K$96K
Bonus
$0.00 - $12,605  
   
Profit Sharing
$1,100 - $2,750  
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).
)
$29,395 - $60,986  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 139

Find Out Exactly What You Should Be Paid

United States (change)


Comp Managers: Start Here »

Job Description for Loss Mitigation Specialist

  • 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.

Loss Mitigation Specialist Job Listings

Search for more jobs:


Loss Mitigation Specialists who responded to the survey report just a handful of professional skills. Most notably, skills in Loan Processing, Mortgage Loans, Customer Service, and Collections are correlated to pay that is above average. Skills that pay less than market rate include Collections and Customer Service. Loan Processing and Mortgage Loans are also commonly seen together.

Pay by Experience Level for Loss Mitigation Specialist

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


For Loss Mitigation Specialists, experience does not seem to be a major factor in determining pay. People who have worked for fewer than five years bring home $39K on average. Median compensation in the five-to-10 year group, however, is higher at approximately $42K. Loss Mitigation Specialists claiming one to two decades of experience make an estimated median of $49K. Loss Mitigation Specialists who have stuck around for more than two decades see earnings that are only slightly higher than those of folks who have worked for 10 to 20 years; the more senior group makes around $51K on average.

Related Job Salaries

United States (change)

Experience Affects Loss Mitigation Specialist Salaries

Late-Career
up arrow 26%

Experienced
up arrow 20%

Mid-Career
up arrow 4%

National Average
$41,000

Entry-Level
up arrow 5%

Skills That Affect Loss Mitigation Specialist Salaries


Mortgage Loans
up arrow 2%

National Average
$41,000

Customer Service
up arrow 3%

Collections
up arrow 5%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 59 votes.

Gender

Female
55 %
Male
45 %

Years of Experience

Less than 1 year
4%
1-4 years
47%
5-9 years
28%
10-19 years
15%
20 years or more
5%

Common Health Benefits

medical benefits Medical: 83% dental benefits Dental: 75%
vision benefits Vision: 68% employee benefits None: 14%
ADVERTISEMENT