Loss Mitigation Specialist Vs Debt Collector

The differences between loss mitigation specialists and debt 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 debt collector. Additionally, a loss mitigation specialist has an average salary of $43,251, which is higher than the $33,865 average annual salary of a debt collector.

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

Loss mitigation specialist vs debt collector overview

	Loss Mitigation Specialist	Debt Collector
Yearly Salary	$43,251	$33,865
Hourly rate	$20.79	$16.28
Growth Rate	-8%	-8%
Number Of Jobs	7,596	23,385
Job Satisfaction	3.67	-
Most Common Degree	Bachelor's Degree, 51%	High School Diploma, 34%
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 debt collector do?

Debt collectors are also known as collection agencies and are responsible for recovering past due debts. Most of them are hired by companies to collect debt either for a fee or a percentage of the total amount recovered. Also, some debt collectors buy delinquent debts at a discount and seek to collect the debt's full amount. They have many strategies to collect debts, including calling debtor's phones, sending letters, and even visiting them at their home. However, if debtors fail to pay their due, debt collectors can either update the debtor's credit report or sue them over debt. Once sued and debtors ignore court hearings and lose by default, results could either be garnishment on debtor'debtors' wages or levies on their bank.

Loss mitigation specialist vs debt collector salary

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

	Loss Mitigation Specialist	Debt Collector
Average Salary	$43,251	$33,865
Salary Range	Between $34,000 And $54,000	Between $26,000 And $43,000
Highest Paying City	Virginia Beach, VA	San Francisco, CA
Highest Paying State	Maryland	California
Best Paying Company	Accenture	Mayor Ethan Berkowitz
Best Paying Industry	Professional	Construction

Differences between loss mitigation specialist and debt collector education

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

	Loss Mitigation Specialist	Debt Collector
Most Common Degree	Bachelor's Degree, 51%	High School Diploma, 34%
Most Common Major	Business	Business
Most Common College	-	-

Loss mitigation specialist vs debt collector demographics

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

	Loss Mitigation Specialist	Debt Collector
Average Age	46	46
Gender Ratio	Male, 40.4% Female, 59.6%	Male, 30.7% Female, 69.3%
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, 12.2% Unknown, 4.0% Hispanic or Latino, 20.0% Asian, 3.4% White, 59.9% American Indian and Alaska Native, 0.5%
LGBT Percentage	8%	8%

Differences between loss mitigation specialist and debt 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.

Debt Collector Example Responsibilities.

Prevent impeding loss and increasing profitability through negotiation and enforcement of schedule collection campaigns, consistently achieving high success standards.
Work with FHA, obama programs at the time.
Educate customers on ways to get medical assistance such as Medicaid, Medicare etc.
Prevent foreclosure by putting people on repayment plans, submitting requests for modifications, or deed in lieu.
File Medicaid, Medicare and commercial claims consisting of PPO discounts, nurse practitioner discounts, humanitarian discounts, etc.
Maintain security and confidentiality of company and client information, following FDCPA regulations.

Loss mitigation specialist vs debt 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 Debt Collector Skills

Customer Service, 9%
Outbound Calls, 9%
Payment Arrangements, 8%
Delinquent Accounts, 8%
Credit Card Payments, 6%
FDCPA, 5%

Loss Mitigation Specialist vs. Similar Jobs

Loss Mitigation Specialist Related Careers

Loss Mitigation Specialist Related Jobs

What Similar Roles Do

Zippia Careers
Office and Administrative Industry
Loss Mitigation Specialist
Loss Mitigation Specialist vs Debt Collector

Updated January 8, 2025

Browse office and administrative jobs