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Loss Mitigation Specialist Vs Collector

The differences between loss mitigation specialists and 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 collector. Additionally, a loss mitigation specialist has an average salary of $43,251, which is higher than the $34,872 average annual salary of a collector.

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

Loss mitigation specialist vs collector overview

Loss Mitigation SpecialistCollector
Yearly Salary$43,251$34,872
Hourly rate$20.79$16.77
Growth Rate-8%-8%
Number Of Jobs7,59623,948
Job Satisfaction3.67-
Most Common DegreeBachelor's Degree, 51%Bachelor's Degree, 31%
Average Age4646
Years Of Experience1212

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 collector do?

Collectors are responsible for monitoring and providing immediate actions for client accounts with overdue payments. Collectors must be able to contact clients through phone or e-mail. A collector's duty also includes negotiating on payment procedures and offering repayment plans and alternative payment solutions to free the debt. Collectors need to document any agreements made to the client, updating and verifying contact information, resolving account discrepancies and client complaints, and report escalated concerns to the management.

Loss mitigation specialist vs collector salary

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

Loss Mitigation SpecialistCollector
Average Salary$43,251$34,872
Salary RangeBetween $34,000 And $54,000Between $27,000 And $44,000
Highest Paying CityVirginia Beach, VALos Angeles, CA
Highest Paying StateMarylandAlaska
Best Paying CompanyAccentureUline
Best Paying IndustryProfessionalFinance

Differences between loss mitigation specialist and collector education

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

Loss Mitigation SpecialistCollector
Most Common DegreeBachelor's Degree, 51%Bachelor's Degree, 31%
Most Common MajorBusinessBusiness
Most Common College--

Loss mitigation specialist vs collector demographics

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

Loss Mitigation SpecialistCollector
Average Age4646
Gender RatioMale, 40.4% Female, 59.6%Male, 36.0% Female, 64.0%
Race RatioBlack 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, 12.1% Unknown, 4.1% Hispanic or Latino, 20.1% Asian, 3.8% White, 59.5% American Indian and Alaska Native, 0.5%
LGBT Percentage8%8%

Differences between loss mitigation specialist and 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.
    • Show More

Collector Example Responsibilities.

  • Manage patient focuse reports, collection modules, provider/facility A/R, collections, patient discharge letters.
  • Monitor all assign accounts by reviewing the client's aging, manage all potential bad debit, DSO, aging.
  • Prevent impeding loss and increasing profitability through negotiation and enforcement of schedule collection campaigns, consistently achieving high success standards.
  • Provide customer service via telephone and correspondence for patients and authorize representatives regarding outstanding patient accounts in accordance with facility protocol.
  • Verify and run eligibility on the following insurance, Medi-Cal, Medi-Cal HMO, Medicare, Medicare HMO.
  • Provide excellent customer service while following HIPPA confidentiality laws.
    • Show More

Loss mitigation specialist vs 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 Collector Skills
  • Patients, 14%
  • Customer Service, 10%
  • Payment Arrangements, 10%
  • Excellent Interpersonal, 9%
  • Delinquent Accounts, 8%
  • Student Loans, 5%

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Updated January 8, 2025

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