Loss Mitigation Specialist Vs Bill Collector

The differences between loss mitigation specialists and bill collectors can be seen in a few details. Each job has different responsibilities and duties. It typically takes 6-12 months to become both a loss mitigation specialist and a bill collector. Additionally, a loss mitigation specialist has an average salary of $43,251, which is higher than the $35,585 average annual salary of a bill collector.

The top three skills for a loss mitigation specialist include customer service, loan modifications and foreclosure process. The most important skills for a bill collector are patients, customer service, and medicaid.

Loss mitigation specialist vs bill collector overview

	Loss Mitigation Specialist	Bill Collector
Yearly Salary	$43,251	$35,585
Hourly rate	$20.79	$17.11
Growth Rate	-8%	-8%
Number Of Jobs	7,596	23,746
Job Satisfaction	3.67	-
Most Common Degree	Bachelor's Degree, 51%	High School Diploma, 27%
Average Age	46	46
Years Of Experience	12	12

What does a Loss Mitigation Specialist do?

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.

What does a bill collector do?

A bill collector is responsible for reaching out to the customers to collect overdue payments, negotiate repayment plans, and update account information upon settling of payments. Bill collectors monitor the contact details of the customer, utilizing locator tools and software as required by the organization, and review contract terms to decide on credit advice or escalate the issue to a higher tier. A bill collector must have excellent communication and customer service skills, especially in explaining the customer's case and perform debt collection duties efficiently.

Loss mitigation specialist vs bill collector salary

Loss mitigation specialists and bill collectors have different pay scales, as shown below.

	Loss Mitigation Specialist	Bill Collector
Average Salary	$43,251	$35,585
Salary Range	Between $34,000 And $54,000	Between $30,000 And $40,000
Highest Paying City	Virginia Beach, VA	Pittsfield, MA
Highest Paying State	Maryland	Virginia
Best Paying Company	Accenture	Retina Group Of Washington
Best Paying Industry	Professional	Finance

Differences between loss mitigation specialist and bill collector education

There are a few differences between a loss mitigation specialist and a bill collector in terms of educational background:

	Loss Mitigation Specialist	Bill Collector
Most Common Degree	Bachelor's Degree, 51%	High School Diploma, 27%
Most Common Major	Business	Business
Most Common College	-	-

Loss mitigation specialist vs bill collector demographics

Here are the differences between loss mitigation specialists' and bill collectors' demographics:

	Loss Mitigation Specialist	Bill Collector
Average Age	46	46
Gender Ratio	Male, 40.4% Female, 59.6%	Male, 20.0% Female, 80.0%
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, 11.8% Unknown, 4.0% Hispanic or Latino, 24.0% Asian, 3.5% White, 56.3% American Indian and Alaska Native, 0.5%
LGBT Percentage	8%	8%

Differences between loss mitigation specialist and bill collector duties and responsibilities

Loss Mitigation Specialist Example 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
Check accounts for accuracy according to Medicare HMO guidelines.
Resolve customer disputes and prepare adjustments to A/R when necessary.

Bill Collector Example Responsibilities.

Prevent impeding loss and increasing profitability through negotiation and enforcement of schedule collection campaigns, consistently achieving high success standards.
Follow HIPPA and FDCPA guidelines to ensure legal collection practices are utilized.
Bill and collect all skil Medicare, and other insurance claims which include HMO claims denials.
Provide patients with information and resources essential to their financial needs including payment arrangements and account reminders.
Take payments by ACH and debit cards.
Collect A/R payments from medical insurance companies and customers.

Loss mitigation specialist vs bill collector skills

Common Loss Mitigation Specialist Skills

Customer Service, 13%
Loan Modifications, 9%
Foreclosure Process, 8%
Inbound Calls, 5%
Loss Mitigation Options, 4%
Payment Arrangements, 3%

Common Bill Collector Skills

Patients, 19%
Customer Service, 7%
Medicaid, 6%
Medical Billing, 4%
Patient Accounts, 4%
Appeals, 4%

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Loss Mitigation Specialist
Loss Mitigation Specialist vs Bill Collector

Updated January 8, 2025

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