The average salary for a Loss Mitigation Specialist with Mortgage Loans skills is $45,698.
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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. Loss mitigation specialists contact mortga…Read more
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.
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Popular Skills for Loss Mitigation Specialist
Oral / Verbal Communication
Skills in Loan Processing, Oral / Verbal Communication and Bill Collections are correlated to pay that is above average. Skills that pay less than market rate include Negotiation and Customer Service.
Pay by Experience Level for Loss Mitigation Specialist
An early career Loss Mitigation Specialist with 1-4 years of experience earns an average total compensation (includes tips, bonus, and overtime pay) of $43,963 based on 26 salaries. A mid-career Loss Mitigation Specialist with 5-9 years of experience earns an average total compensation of $46,224 based on 32 salaries. An experienced Loss Mitigation Specialist with 10-19 years of experience earns an average total compensation of $49,057 based on 24 salaries. In their late career (20 years and higher), employees earn an average total compensation of $47,500.
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