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The differences between loss mitigation specialists and assistant account executives can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 6-12 months to become a loss mitigation specialist, becoming an assistant account executive takes usually requires 2-4 years. Additionally, an assistant account executive has an average salary of $50,053, which is higher than the $43,251 average annual salary of a loss mitigation specialist.
The top three skills for a loss mitigation specialist include customer service, loan modifications and foreclosure process. The most important skills for an assistant account executive are customer service, press releases, and account management.
| Loss Mitigation Specialist | Assistant Account Executive | |
| Yearly Salary | $43,251 | $50,053 |
| Hourly rate | $20.79 | $24.06 |
| Growth Rate | -8% | -8% |
| Number Of Jobs | 7,596 | 101,151 |
| Job Satisfaction | 3.67 | - |
| Most Common Degree | Bachelor's Degree, 51% | Bachelor's Degree, 79% |
| Average Age | 46 | 49 |
| Years Of Experience | 12 | 4 |
A loss mitigation specialist is responsible for evaluating outstanding debts, assisting the mortgage owner on minimizing losses by reviewing potential risks before settling a mutual agreement for the debtor and the bank. Loss mitigation specialists analyze financial documents and account statements, determining the property value, and assess the debtor's credit ratings. They also negotiate on payment plans, ensuring that the debtor understands the terms and conditions to prevent further financial damage. A loss mitigation specialist must have excellent knowledge of the financial industry, including banking products and services.
An assistant account executive is responsible for managing customer accounts, under the supervision of an account executive. Assistant account executives develop processes and techniques to execute projects based on clients' specifications. They assist account executives with clients' presentations for project updates and status reports. They also manage client requests to increase brand awareness, including maximizing sales strategies and resources and advertising promotions within the budget goals. They must have excellent communication and critical-thinking skills, especially when managing the clients' expectations and marketing the clients' brands to all available platforms for customers' recognition.
Loss mitigation specialists and assistant account executives have different pay scales, as shown below.
| Loss Mitigation Specialist | Assistant Account Executive | |
| Average Salary | $43,251 | $50,053 |
| Salary Range | Between $34,000 And $54,000 | Between $37,000 And $66,000 |
| Highest Paying City | Virginia Beach, VA | Seattle, WA |
| Highest Paying State | Maryland | Washington |
| Best Paying Company | Accenture | Turner Construction |
| Best Paying Industry | Professional | Professional |
There are a few differences between a loss mitigation specialist and an assistant account executive in terms of educational background:
| Loss Mitigation Specialist | Assistant Account Executive | |
| Most Common Degree | Bachelor's Degree, 51% | Bachelor's Degree, 79% |
| Most Common Major | Business | Accounting |
| Most Common College | - | - |
Here are the differences between loss mitigation specialists' and assistant account executives' demographics:
| Loss Mitigation Specialist | Assistant Account Executive | |
| Average Age | 46 | 49 |
| Gender Ratio | Male, 40.4% Female, 59.6% | Male, 32.4% Female, 67.6% |
| Race Ratio | Black or African American, 13.9% Unknown, 3.9% Hispanic or Latino, 20.7% Asian, 3.4% White, 57.6% American Indian and Alaska Native, 0.5% | Black or African American, 7.6% Unknown, 4.8% Hispanic or Latino, 11.2% Asian, 5.0% White, 71.0% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 8% | 10% |