Loss Mitigation Specialist Salary

Median pay for Loss Mitigation Specialists in the United States is around $42K per year. Geographic location and experience level each impact pay for this group, with the former having the largest influence. For the most part, Loss Mitigation Specialists enjoy their work and report high levels of job satisfaction. A large number enjoy medical while a fair number get dental coverage. Vision coverage is also available to a majority. Women make up a slight majority of Loss Mitigation Specialists (57 percent) survey respondents. This report is based on answers to PayScale's salary questionnaire.

$32,788 - $63,116
(Median)
$33K
$42K
$63K
MEDIAN: $42,054
10%
50%
90%

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$12.82 - $21.61
(Median)
$13
$16
$22
MEDIAN: $16.00
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$22K$44K$66K
Salary
$32,788 - $63,116  
   
Bonus
$0.00 - $12,152  
Profit Sharing
$2,457  
Commission
$2,550  
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).
)
$29,359 - $60,355  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 170
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$13$26$39
Hourly Rate
$12.82 - $21.61  
   
Overtime
$17.42 - $38.91  
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$26K$52K$78K
Bonus
$0.00 - $12,152  
   
Commission
$2,550  
Profit Sharing
$2,457  
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).
)
$29,359 - $60,355  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 170
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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

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Just a handful of professional skills are reported by Loss Mitigation Specialists who took the survey. Most notably, skills in Loan Processing, Mortgage Loans, Customer Service, and Collections are correlated to pay that is above average. Skills that are correlated to lower pay, on the other hand, include Collections and Customer Service. Those with knowledge of Loan Processing tend to be skilled in Mortgage Loans as well.

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, extensive experience does not lead to significantly more money. The average inexperienced worker earns $39K, and someone who has worked for five to 10 years can expect a bigger median salary of $42K. On average, Loss Mitigation Specialists make $48K following one to two decades on the job. More than 20 years of experience mean a somewhat bigger median paycheck of $51K, but it's not much more than what less experienced people make.

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Experience Affects Loss Mitigation Specialist Salaries

Late-Career
up arrow 26%

Experienced
up arrow 17%

Mid-Career
up arrow 3%

National Average
$41,000

Entry-Level
up arrow 4%

Skills That Affect Loss Mitigation Specialist Salaries


Mortgage Loans
up arrow 2%

National Average
$41,000

Customer Service
up arrow 4%

Collections
up arrow 6%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 67 votes.

Gender

Female
57 %
Male
43 %

Years of Experience

Less than 1 year
4%
1-4 years
46%
5-9 years
28%
10-19 years
16%
20 years or more
6%

Common Health Benefits

medical benefits
Medical: 82%
dental benefits
Dental: 74%
medical benefits
Vision: 67%
dental benefits
None: 15%
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