Loss Mitigation Specialist Salary

An average Loss Mitigation Specialist in the United States can expect to take home roughly $42K per year. 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. Men are slightly outnumbered by their female counterparts who answered the questionnaire, who make up a slight majority at 54 percent. Job satisfaction is high and work is enjoyable for most Loss Mitigation Specialists. The data for this snapshot was collected from individuals who took PayScale's salary survey.

$32,599 - $62,559

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$12.55 - $21.60

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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$21K$42K$63K
Salary
$32,599 - $62,559  
   
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).
)
$29,653 - $60,188  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 161
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
$12.55 - $21.60  
   
Overtime
$17.26 - $38.52  
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 - $12,255  
   
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).
)
$29,653 - $60,188  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 150
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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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Loss Mitigation Specialists typically list a handful of skills they use on the job. Most notably, skills in Loan Processing, Mortgage Loans, Customer Service, and Collections are correlated to pay that is above average. Skills that seem to negatively impact pay include 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.


Loss Mitigation Specialists do not generally earn higher incomes from more experience in the field. People who have worked for fewer than five years earn around $39K, and folks with five to 10 years of experience see a modestly higher median of $42K. Loss Mitigation Specialists who work for 10 to 20 years in their occupation tend to earn about $49K. In the end, more experience does seem to mean larger paychecks; seasoned Loss Mitigation Specialists with more than 20 years of experience earn a predictably higher median salary of $54K.

Related Job Salaries

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Experience Affects Loss Mitigation Specialist Salaries

Late-Career
up arrow 32%

Experienced
up arrow 20%

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 2%

National Average
$41,000

Customer Service
up arrow 4%

Collections
up arrow 7%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 61 votes.

Gender

Female
54 %
Male
46 %

Years of Experience

Less than 1 year
4%
1-4 years
48%
5-9 years
27%
10-19 years
15%
20 years or more
5%

Common Health Benefits

medical benefits Medical: 82% dental benefits Dental: 75%
vision benefits Vision: 69% employee benefits None: 15%
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