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The differences between account resolution specialists and loss mitigation specialists can be seen in a few details. Each job has different responsibilities and duties. It typically takes 6-12 months to become both an account resolution specialist and a loss mitigation specialist. Additionally, a loss mitigation specialist has an average salary of $43,251, which is higher than the $35,602 average annual salary of an account resolution specialist.
The top three skills for an account resolution specialist include account resolution, outbound calls and inbound calls. The most important skills for a loss mitigation specialist are customer service, loan modifications, and foreclosure process.
| Account Resolution Specialist | Loss Mitigation Specialist | |
| Yearly salary | $35,602 | $43,251 |
| Hourly rate | $17.12 | $20.79 |
| Growth rate | -8% | -8% |
| Number of jobs | 87,713 | 7,596 |
| Job satisfaction | - | 3.67 |
| Most common degree | Bachelor's Degree, 39% | Bachelor's Degree, 51% |
| Average age | 46 | 46 |
| Years of experience | 12 | 12 |
An account resolutions specialist works at a company's accounting department, where they are in charge of overseeing account receivables to ensure client compliance. Their responsibilities usually include conducting research and analysis, assessing client accounts and credit histories, coordinating with managers and collection agents, and monitoring delinquent accounts. They may also directly communicate with clients to follow-up on invoices, process payments, or even arrange new payment plans while adhering to the company's policies and regulations. Moreover, they must maintain records of all transactions and present regular reports to managers.
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.
Account resolution specialists and loss mitigation specialists have different pay scales, as shown below.
| Account Resolution Specialist | Loss Mitigation Specialist | |
| Average salary | $35,602 | $43,251 |
| Salary range | Between $29,000 And $43,000 | Between $34,000 And $54,000 |
| Highest paying City | Hartford, CT | Virginia Beach, VA |
| Highest paying state | Connecticut | Maryland |
| Best paying company | American Express | Accenture |
| Best paying industry | Finance | Professional |
There are a few differences between an account resolution specialist and a loss mitigation specialist in terms of educational background:
| Account Resolution Specialist | Loss Mitigation Specialist | |
| Most common degree | Bachelor's Degree, 39% | Bachelor's Degree, 51% |
| Most common major | Business | Business |
| Most common college | - | - |
Here are the differences between account resolution specialists' and loss mitigation specialists' demographics:
| Account Resolution Specialist | Loss Mitigation Specialist | |
| Average age | 46 | 46 |
| Gender ratio | Male, 32.4% Female, 67.6% | Male, 40.4% Female, 59.6% |
| Race ratio | Black or African American, 12.5% Unknown, 4.1% Hispanic or Latino, 18.9% Asian, 3.7% White, 60.4% American Indian and Alaska Native, 0.5% | 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% |
| LGBT Percentage | 8% | 8% |