Loss Mitigation Specialist Salary

Median pay for Loss Mitigation Specialists in the United States is around $42K per year. Career length and the particular city each impact pay for this group, with the former having the largest influence. Job satisfaction is high and work is enjoyable for most Loss Mitigation Specialists. Medical benefits are awarded to a large number, and a fair number earn dental coverage. Men are slightly outnumbered by their female counterparts who answered the questionnaire, who make up a slight majority at 54 percent. The data for this snapshot was collected from individuals who took PayScale's salary survey.

$32,514 - $62,767
(Median)
$33K
$42K
$63K
MEDIAN: $41,793
10%
50%
90%

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$12.50 - $21.66
(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$21K$42K$63K
Salary
$32,514 - $62,767  
   
Bonus
$0.00 - $12,255  
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).
)
$29,712 - $60,436  
Country: United States | Currency: USD | Updated: 2 Jul 2015 | Individuals Reporting: 157
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$13$26$39
Hourly Rate
$12.50 - $21.66  
   
Overtime
$17.26 - $38.52  
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$26K$52K$78K
Bonus
$0.00 - $12,255  
   
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).
)
$29,712 - $60,436  
Country: United States | Currency: USD | Updated: 2 Jul 2015 | Individuals Reporting: 147
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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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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. At the other end of the pay range are skills like Collections and Customer Service. Mortgage Loans is a skill commonly found among those who know Loan Processing.

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, more experience in the field does not usually mean bigger paychecks. In this position, someone who has worked for fewer than five years can expect a median salary of $39K. The median for people with five to 10 years of experience is only a little bit higher at $42K. On average, Loss Mitigation Specialists make $49K following one to two decades on the job. Survey participants who have spent more than 20 years on the job report a predictably higher median income of $54K, demonstrating that compensation is roughly commensurate with experience in the end.

Related Job Salaries

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Experience Affects Loss Mitigation Specialist Salaries

Late-Career
up arrow 32%

Experienced
up arrow 19%

Mid-Career
up arrow 3%

National Average
$41,000

Entry-Level
up arrow 5%

Skills That Affect Loss Mitigation Specialist Salaries


Mortgage Loans
up arrow 3%

National Average
$41,000

Customer Service
up arrow 4%

Collections
up arrow 7%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 60 votes.

Gender

Female
54 %
Male
46 %

Years of Experience

Less than 1 year
4%
1-4 years
48%
5-9 years
28%
10-19 years
15%
20 years or more
6%

Common Health Benefits

medical benefits Medical: 82% dental benefits Dental: 75%
vision benefits Vision: 68% employee benefits None: 15%
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