The average hourly pay for a Loss Mitigation Specialist is $17.19.
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What Do Loss Mitigation Specialists Do?
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
- 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
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.
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Loss Mitigation Specialist
Quality Control (QC) Associate
Somewhat common (8 - 20%)
Loss Mitigation Specialist Job Listings
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.
Pay Difference by Location
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.