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What is a loss mitigation specialist and how to become one
Loss mitigation specialists are highly valuable for debt holders and debtors who are facing severe economic damage. They are also crucial for the flawless functioning of the organization's loss mitigation operations. Delinquent borrowers contact and interact with them to discuss various options to foreclosure.
Their typical responsibilities include adhering to guidelines to prevent foreclosure, analyzing the organization's financial condition, organizing loss mitigation documents, and evaluating foreclosed loans. They also update customers and vendors about crucial information through emails and websites. Attention to detail, analytical thinking, financial products, planning, and management are a part of their skill set.
Specialists are hired by financial institutions to represent them when hard at work. But before they can get hired, they must have intense experience in financial services. They generally hold a bachelor's degree in business or finance. A Loss Mitigation Specialist may also need mortgage management experience or a real estate license. Numerous independent agencies, attorney's offices, mortgage companies, debt relief agencies, and banks pay them $18.42 an hour.
Avg. Salary $43,251
Avg. Salary $59,228
Growth Rate -8%
Growth Rate 0.3%
American Indian and Alaska Native 0.48%
Asian 3.38%
Black or African American 13.90%
Hispanic or Latino 20.70%
Unknown 3.92%
White 57.61%
Genderfemale 59.55%
male 40.45%
Age - 46American Indian and Alaska Native 3.00%
Asian 7.00%
Black or African American 14.00%
Hispanic or Latino 19.00%
White 57.00%
Genderfemale 47.00%
male 53.00%
Age - 46Stress level is high
7.1 - high
Complexity Level is intermediate
7 - challenging
Work Life balance is good
6.4 - fair
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Loss Mitigation Specialist career paths
Key steps to become a loss mitigation specialist
Explore loss mitigation specialist education requirements
Start to develop specific loss mitigation specialist skills
Skills 
Percentages Customer Service 12.68% Loan Modifications 8.67% Foreclosure Process 8.24% Inbound Calls 4.56% Loss Mitigation Options 4.49% Complete relevant loss mitigation specialist training and internships
Accountants spend an average of 1-3 months on post-employment, on-the-job training. New loss mitigation specialists learn the skills and techniques required for their job and employer during this time. The chart below shows how long it takes to gain competency as a loss mitigation specialist based on U.S. Bureau of Labor Statistics data and data from real loss mitigation specialist resumes.Research loss mitigation specialist duties and responsibilities
- Manage internal team SharePoint and document repository.
- Document accurate loss mitigation reviews and foreclosure details via MSP.
- Submit Medicare claims through DDE.
- Deal with Nielsen and Rentrak to monitor advertiser ad ratings
Prepare your loss mitigation specialist resume
When your background is strong enough, you can start writing your loss mitigation specialist resume.
You can use Zippia's AI resume builder to make the resume writing process easier while also making sure that you include key information that hiring managers expect to see on a loss mitigation specialist resume. You'll find resume tips and examples of skills, responsibilities, and summaries, all provided by Zippi, your career sidekick.
Choose From 10+ Customizable Loss Mitigation Specialist Resume templates
Build a professional Loss Mitigation Specialist resume in minutes. Browse through our resume examples to identify the best way to word your resume. Then choose from 10+ resume templates to create your Loss Mitigation Specialist resume.
Apply for loss mitigation specialist jobs
Now it's time to start searching for a loss mitigation specialist job. Consider the tips below for a successful job search:
- Browse job boards for relevant postings
- Consult your professional network
- Reach out to companies you're interested in working for directly
- Watch out for job scams
How Did You Land Your First Loss Mitigation Specialist Job
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Average loss mitigation specialist salary
The average Loss Mitigation Specialist salary in the United States is $43,251 per year or $21 per hour. Loss mitigation specialist salaries range between $34,000 and $54,000 per year.
What Am I Worth?
How do loss mitigation specialists rate their job?
Loss Mitigation Specialist reviews
90% of loans have a better rate then the present market reducing a payment by 25% and increasing the rate or the term to forty years is a great value right? I guess if you are a troll that lives under a bridge Hard Pass
For the level of pay good luck paying off your student loan.
I enjoy over 31 years helping people to save there homes and pay there debt. I give options and remind them monthly when the payment is due. I have contact to help them and help the company I work for. Dealt with foreclose 31 years and help many customers. And the company in work for. Made customer comfortable to continue to pay there debt many miss informed. This job mad me feel good to help them and the company make it through. Being a lost mitigation specialist is difficult to reach out to the people I made it happen. Know my company sold out and I'm out of working at home. Please help me!!
I have nothing I did not like I enjoy my job and sad that I can't continue to collect. The company sold out.
I enjoy reach out to the customer and helping them keep there home. Offer options that were not offer before. Letting them know that I am willing to work with them and have open communication that the debt need to be made.
There is. Nothing I dont like!
Updated January 8, 2025
