The average salary for an Experienced Loss Mitigation Specialist is $50,871.
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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.
Loss Mitigation Specialist Job Listings
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Popular Skills for Loss Mitigation Specialist
Skills that pay less than market rate include Bill Collections, Customer Service, Negotiation, Loan Processing and Mortgage Loans.
Pay by Experience Level for Loss Mitigation Specialist
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 $42,000 based on 15 salaries. An early career Loss Mitigation Specialist with 1-4 years of experience earns an average total compensation of $43,655 based on 155 salaries. A mid-career Loss Mitigation Specialist with 5-9 years of experience earns an average total compensation of $47,731 based on 108 salaries. In their late career (20 years and higher), employees earn an average total compensation of $58,133.
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