The average salary for a Late-Career Loss Mitigation Specialist with Mortgage Loans skills is $47,900.
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$0 - $48k
$42k - $63k
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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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Loss Mitigation Specialist
More common (> 20%)
Somewhat common (8 - 20%)
Less common (< 8%)
Loss Mitigation Specialist Job Listings
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 $42,171 based on 27 salaries. A mid-career Loss Mitigation Specialist with 5-9 years of experience earns an average total compensation of $44,990 based on 30 salaries. An experienced Loss Mitigation Specialist with 10-19 years of experience earns an average total compensation of $49,534 based on 24 salaries.
Years of Experience
This data is based on 81 survey responses.
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