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Loss Mitigation Specialist Salary

The average Loss Mitigation Specialist in the United States can expect to rake in roughly $41K annually. Career length is the biggest factor affecting pay for this group, followed by geography. Women make up a slight majority of Loss Mitigation Specialists (54 percent) survey respondents. Most report receiving medical coverage from their employers and a strong majority collect dental insurance. Most Loss Mitigation Specialists report high levels of job satisfaction. The data in this summary comes from the PayScale salary survey.
$32,119 - $63,688
(Median)
32K
41K
52K
64K
MEDIAN: $41,464
10%
50%
75%
90%

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$12.24 - $21.68
(Median)
12
14
17
19
22
MEDIAN: $16.00
10%
25%
50%
75%
90%

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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$22K$44K$66K
Salary
$32,119 - $63,688  
   
Bonus
$0.00 - $12,365  
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).
)
$30,223 - $61,899  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 143
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
$12.24 - $21.68  
   
Overtime
$15.42 - $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 - $12,365  
   
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).
)
$30,223 - $61,899  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 126
United States (change)

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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Loss Mitigation Specialists note just a narrow range of job 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. Employees educated in Loan Processing are typically practiced in Mortgage Loans, too.

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. 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 $43K. Loss Mitigation Specialists see a median salary of $49K after reaching one to two decades on the job. Loss Mitigation Specialists who surpass 20 years on the job report pay that isn't as high as one would expect; the median compensation for this crowd sits around $52K.

Related Job Salaries

Experience Affects Loss Mitigation Specialist Salaries

Late-Career
up arrow 27%

Experienced
up arrow 19%

Mid-Career
up arrow 5%

National Average
$41,000

Entry-Level
up arrow 4%

Skills That Affect Loss Mitigation Specialist Salaries


Mortgage Loans
up arrow 1%

National Average
$41,000

Customer Service
up arrow 4%

Collections
up arrow 6%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 53 votes.

Gender

Female
54 %
Male
46 %

Years of Experience

Less than 1 year
5%
1-4 years
46%
5-9 years
29%
10-19 years
15%
20 years or more
5%

Common Health Benefits

medical benefits Medical: 84% dental benefits Dental: 75%
vision benefits Vision: 67% employee benefits None: 13%