Loss Mitigation Specialist Salary

Loss Mitigation Specialists in the United States can expect to earn an average of $16.39 per hour. Geographic location is the biggest factor affecting pay for this group, followed by years of experience. Among folks in this role, job satisfaction levels approximately match the national average. More than half of Loss Mitigation Specialists (60 percent) survey participants are women. Health benefits are not claimed by all — somewhere between a fifth and a fourth lack any form of coverage — but a strong majority have medical insurance, and the greater part have dental, too. The information for this snapshot was generated by responses to the PayScale salary survey.

$33,130 - $67,305
$33K
$44K
$67K
MEDIAN: $43,671
10%
50%
90%

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$12.11 - $22.42
$12
$16
$22
MEDIAN: $16.29
10%
50%
90%

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$0$67K
Salary $33,130 - $67,305
Bonus $0.00 - $14,460
Profit Sharing $1,017
Commission $9,759
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).
)
$27,842 - $61,915
  • Country: United States
  • Currency: USD
  • Updated: 17 Jan 2018
  • Individuals Reporting: 182
Hourly Data $0$33
Hourly Rate $12.11 - $22.42
Overtime $16.80 - $33.41
Annual Data $0$61K
Bonus $0.00 - $14,460
Commission $9,759
Profit Sharing $1,017
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).
)
$27,842 - $61,915
  • Country: United States
  • Currency: USD
  • Updated: 17 Jan 2018
  • Individuals Reporting: 211

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

  • 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.

Common Career Paths for Loss Mitigation Specialist


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Loss Mitigation Specialist Job Listings

Pay by Experience Level for Loss Mitigation Specialist

Pay by Experience for a Loss Mitigation Specialist has a positive trend. An entry-level Loss Mitigation Specialist with less than 5 years of experience can expect to earn an average total compensation of $38,000 based on 108 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Loss Mitigation Specialist with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $43,000 based on 70 salaries. An experienced Loss Mitigation Specialist which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $48,000 based on 39 salaries. A Loss Mitigation Specialist with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $58,000 based on 13 salaries.

Loss Mitigation Specialist Reviews

Q: What is it like working as a Loss Mitigation Specialist?

Loss Mitigation Specialist in Montgomery:
"Loss Mit Tech."
Pros: I love helping customers.
Cons: I can't provide favorable outcomes to all customers.

Related Job Salaries

Key Stats for Loss Mitigation Specialist

Gender

Female
54 %
Male
46 %

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 65 votes.
Less than 1 year
4%
1-4 years
44%
5-9 years
28%
10-19 years
18%
20 years or more
7%

Experience Affects Loss Mitigation Specialist Salaries

Late-Career
▲40%

▲18%

▲5%

National Average
$41,000

▼8%

Skills That Affect Loss Mitigation Specialist Salaries



National Average
$41,000

Customer Service
▼4%

Collections
▼7%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 65 votes.

Gender

Female
54 %
Male
46 %

Years of Experience

Less than 1 year
4%
1-4 years
44%
5-9 years
28%
10-19 years
18%
20 years or more
7%

Common Health Benefits

medical benefits
Medical: 78%
dental benefits
Dental: 69%
vision benefits
Vision: 64%
no benefits
None: 19%