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Loss Mitigation Specialist Salary

$47,595 (USD)

Average Salary

$23/hr

Average Hourly

$1,199

Average Bonus

Last updated: June 16, 2019

Salary Recap

The average pay for a Loss Mitigation Specialist is $47,595 a year and $23 an hour in the United States. The average salary range for a Loss Mitigation Specialist is between $33,845 and $58,879. This compensation analysis is based on salary survey data collected directly from employers and anonymous employees in the United States.

Average Salary Chart

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Job Summary

Description:
  • Helps banks and mortgage companies save loans, and helps homeowners who are at risk for foreclosure, typically through loan modification, which is a lowering of interest rates and principal payments combined with an increase in payment terms, utilizing knowledge and skills in customer service, collections, verbal and written communication, and negotiations.
  • Examines and monitors loans in foreclosure and bankruptcy, and calls on mortgage holders who have defaulted on mortgage loans to discuss repayment options, payment plans, and other solutions in order to prevent foreclosure or bankruptcy.
  • Adheres to guidelines and requirements of organization and Federal government programs, determines if required loss mitigation actions were completed and documented correctly, and evaluates foreclosed loans to ensure they were processed correctly according to the same requirements.
Loss Mitigation Specialist Job Prevalence in the United States

Job family: Business Operations Specialists, All Other

Job family population: 1,001,420

Estimated population of Loss Mitigation Specialist jobs: 138,546

Rate of error: 0.5%

Salary Potential

Estimated salary in 2024:
$55,176
5 Year Change:
16 %

Education

Education data not available for this job

Skills

Skills data not available for this job

About United States

United States Cost of Living Score:

Description: The United States of America (USA), commonly known as the United States (U.S. or US) or America, is a country comprising 50 states, a federal district, five major self-governing territories, and various possessions. At 3.8 million square miles (9.8 million km2), the United States is the world's third or fourth largest country by total area and is slightly smaller than the entire continent of Europe's 3.9 million square miles (10.1 million km2). With a population of over 327 million people, the U.S. is the third most populous country. The capital is Washington, D.C., and the most populous city is New York City. Forty...

Loss Mitigation Specialist Job Listings for United States

Loss Mitigation Specialist
Jun 11
us
Celink
Celink is hiring a Loss Mitigation Specialist to join our team. This person will be responsible for ensuring the timely and accurate updating of accounts for reported homeowner deaths. This position ...
Loss Mitigation Specialist
Jun 13
Lewisville, TX, USA
The Fountain Group
We are a national staffing firm and are currently seeking a Loss Mitigation CSR for a prominent client of ours. This position is located in Lewisville, TX. Details for the position are as follows
Loan Servicing Specialist
Jun 11
Chula Vista, CA, USA
Workway, Inc.
Experience with Loss Mitigation * High School Diploma * 1+ year Bankruptcy/Default Loan Servicing Let one of our recruiters assist you in finding and preparing for interviews with our clients.
Mortgage Operations Specialist
May 18
Sioux City, IA, USA
Heritage Bank NA
The Mortgage Operations Specialist has an in-depth knowledge of all Mortgage Servicing aspects for ... to loss mitigation & workouts * FHA investor reporting * Project Management & Process ...
Experienced Commercial Collections Specialist
Jun 12
Phoenix, AZ, USA
Morgan, Cohen & Bach
... mitigation of commercial loss and recovery/collection services available. We also have a proven track record of expediting the release of trucks, trailers, and cargo, while negotiating excessive tow ...
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