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Average Loss Mitigation Specialist Hourly Pay

$17.19
Avg. Hourly RateShow Salary
$3,750
Bonus
$10,113
Commission
$1,700
Profit Sharing
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The average hourly pay for a Loss Mitigation Specialist is $17.19.
10%
$13.26
MEDIAN
$17.19
90%
$22.19
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Hourly Rate
$13 - $22
Bonus
$50 - $14,483
Profit Sharing
$900 - $8,109
Commission
$8,139 - $19,653
Total Pay
$29,904 - $62,502
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What Do Loss Mitigation Specialists Do?

Loss Mitigation Specialist Tasks
  • 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.
  • Evaluate foreclosed loans and determine if they were processed according to internal and external requirements.
  • 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.

Job Satisfaction for Loss Mitigation Specialist

3.6 out of 5
(70)
Highly Satisfied
3Reviews

Popular Employer Salaries for Loss Mitigation Specialist

The top respondents for the job title Loss Mitigation Specialist are from the companies Paul Davis Restoration, Inc., Servpro Industries, Inc. and U.S. Bank. Reported salaries are highest at Freddie Mac where the average pay is $33.75. Other companies that offer high salaries for this role include Wells Fargo Home Mortgage, earning around $20.14. Servpro Industries, Inc. pays the lowest at around $12.29. Paul Davis Restoration, Inc. also pays on the lower end of the scale, paying $16.16.

Career Paths

Explore the most common career paths for Loss Mitigation Specialist. Thickness and color of lines indicates popularity of movement from one job to the next. Visit our career path planner to research other job paths.
Loss Mitigation Specialist
More common (> 20%)
Somewhat common (8 - 20%)
Less common (< 8%)

Loss Mitigation Specialist Job Listings

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What Are Popular Skills for Loss Mitigation Specialists?

Skills in Mortgage Loans, Customer Service and Negotiation are correlated to pay that is above average. Skills that pay less than market rate include Bill Collections and Oral / Verbal Communication.

What is the Pay by Experience Level for Loss Mitigation Specialists?

An entry-level Loss Mitigation Specialist with less than 1 year experience can expect to earn an average total compensation (includes tips, bonus, and overtime pay) of $15.19 based on 15 salaries. An early career Loss Mitigation Specialist with 1-4 years of experience earns an average total compensation of $16.67 based on 123 salaries. A mid-career Loss Mitigation Specialist with 5-9 years of experience earns an average total compensation of $18.43 based on 95 salaries. An experienced Loss Mitigation Specialist with 10-19 years of experience earns an average total compensation of $19.54 based on 65 salaries. In their late career (20 years and higher), employees earn an average total compensation of $19.
Employees with Loss Mitigation Specialist in their job title in Jacksonville, Florida earn an average of 28.0% more than the national average. These job titles also find higher than average salaries in Cincinnati, Ohio (21.1% more) and Dallas, Texas (16.3% more). The lowest salaries can be found in Denver, Colorado (12.7% less) and Oklahoma City, Oklahoma (0.8% less).

Years of Experience

This data is based on 316 survey responses.
Entry Level
4.7%
Early Career
38.9%
Mid Career
30.1%
Experienced
20.6%
Late Career
5.7%