Loss Mitigation Specialist Salary

Loss Mitigation Specialists in the United States take home an average $42K annually. Location is the biggest factor affecting pay for this group, followed by years of experience. The majority of workers are highly satisfied with their job. Women make up a slight majority of Loss Mitigation Specialists (57 percent) survey respondents. Medical benefits are awarded to most, and a strong majority earn dental coverage. The information for this snapshot was generated by responses to the PayScale salary survey.

$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

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.

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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.

Loss Mitigation Specialist Job Listings

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Professional skills reported by Loss Mitigation Specialists are few in number. 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.


Loss Mitigation Specialists with more experience do not necessarily bring home bigger paychecks. In fact, experience in this field tends to impact compensation minimally. 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 with one to two decades of relevant experience report an average salary of approximately $48K. Veterans who have surpassed the 20-year mark may make only slightly more than those who are navigating the mid-career stage; the more senior group reports median earnings of around $51K.

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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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