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Loss Mitigation Specialist Salary

Earnings for Loss Mitigation Specialists in the United States come in at around $42K per year on average. Experience level and the particular city each impact pay for this group, with the former having the largest influence. A large number report receiving medical coverage from their employers and a fair number collect dental insurance. 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. The information for this rundown comes from respondents who completed PayScale's salary questionnaire.

$32,100 - $63,321
(Median)
$32K
$42K
$63K
MEDIAN: $41,595
10%
50%
90%

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$12.32 - $21.86
(Median)
$12
$16
$22
MEDIAN: $16.00
10%
50%
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
$32,100 - $63,321  
   
Bonus
$0.00 - $12,723  
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).
)
$29,351 - $61,516  
Country: United States | Currency: USD | Updated: 31 Mar 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
$12.32 - $21.86  
   
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 - $12,723  
   
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).
)
$29,351 - $61,516  
Country: United States | Currency: USD | Updated: 31 Mar 2015 | Individuals Reporting: 137

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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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Survey takers who work as Loss Mitigation Specialists typically report just a few professional skills. 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. Loan Processing and Mortgage Loans are correlating skills — those who know the former usually know the latter.

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. Relatively untried employees who have fewer than five years of experience earn around $39K on average. People who have worked for five to 10 years can expect a higher median salary of $42K. Loss Mitigation Specialists claiming one to two decades of experience make an estimated median of $49K. People who have worked for more than 20 years report a median income of $51K, which is barely higher than the median for folks with 10 to 20 years of experience.

Related Job Salaries

United States (change)

Experience Affects Loss Mitigation Specialist Salaries

Late-Career
up arrow 26%

Experienced
up arrow 19%

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 1%

National Average
$41,000

Customer Service
up arrow 3%

Collections
up arrow 5%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 57 votes.

Gender

Female
55 %
Male
45 %

Years of Experience

Less than 1 year
5%
1-4 years
47%
5-9 years
29%
10-19 years
15%
20 years or more
5%

Common Health Benefits

medical benefits Medical: 83% dental benefits Dental: 75%
vision benefits Vision: 67% employee benefits None: 14%