Collections specialist vs loss mitigation specialist

The differences between collections 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 a collections specialist and a loss mitigation specialist. Additionally, a loss mitigation specialist has an average salary of $43,251, which is higher than the $35,164 average annual salary of a collections specialist.

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

Collections specialist vs loss mitigation specialist overview

	Collections Specialist	Loss Mitigation Specialist
Yearly salary	$35,164	$43,251
Hourly rate	$16.91	$20.79
Growth rate	-8%	-8%
Number of jobs	40,277	7,596
Job satisfaction	-	3.67
Most common degree	Bachelor's Degree, 34%	Bachelor's Degree, 51%
Average age	46	46
Years of experience	12	12

What does a collections specialist do?

As their name entails, collections specialists collect payments for the outstanding accounts receivables. Collections specialists list the names of those who were unable to pay their overdue bills based on their delinquency severity. They locate the customers through loan documents, background checks, credit bureau information, and other databases or paperwork. These specialists are expected to be excellent in their negotiation and communication skills. They should also be trustworthy, reliable, and act professionally to be considered as good specialists.

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.

Collections specialist vs loss mitigation specialist salary

Collections specialists and loss mitigation specialists have different pay scales, as shown below.

	Collections Specialist	Loss Mitigation Specialist
Average salary	$35,164	$43,251
Salary range	Between $27,000 And $45,000	Between $34,000 And $54,000
Highest paying City	Boston, MA	Virginia Beach, VA
Highest paying state	Connecticut	Maryland
Best paying company	Kent Daniels & Associates	Accenture
Best paying industry	Finance	Professional

Differences between collections specialist and loss mitigation specialist education

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

	Collections Specialist	Loss Mitigation Specialist
Most common degree	Bachelor's Degree, 34%	Bachelor's Degree, 51%
Most common major	Business	Business
Most common college	-	-

Collections specialist vs loss mitigation specialist demographics

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

	Collections Specialist	Loss Mitigation Specialist
Average age	46	46
Gender ratio	Male, 30.5% Female, 69.5%	Male, 40.4% Female, 59.6%
Race ratio	Black or African American, 12.2% Unknown, 4.1% Hispanic or Latino, 18.5% Asian, 3.7% White, 61.0% 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%

Differences between collections specialist and loss mitigation specialist duties and responsibilities

Collections specialist example responsibilities.

Manage university A/R processes and enforce tuition payment policy.
Manage accounts for healthcare clients, review detailed patient information for payment resolution while abiding HIPPA privacy and security regulations.
Review denied Medicare and Maine Medicaid insurance claims for accuracy.
Analyze hospital insurance claims of individual patients for errors and contact major insurance carriers for claims dispute resolution.
Analyze accounts for patients ineligible for private insurance, Medicare or Medicaid and indicating inability to pay balance.
Possess effective persuasion and negotiation skills, excellent interpersonal and communications skills with the ability to deliver quality customer service.

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.

Collections specialist vs loss mitigation specialist skills

Common collections specialist skills

Customer Service, 23%
Patients, 8%
Customer Accounts, 6%
Payment Arrangements, 5%
Delinquent Accounts, 4%
Phone Calls, 4%

Common loss mitigation specialist skills

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

Collections Specialist vs. similar jobs

Collections Specialist related careers

Collections Specialist related jobs

Collections Specialist jobs by location

Zippia Careers
Office and Administrative Industry
Collections Specialist
Collections Specialist vs Loss Mitigation Specialist

Updated January 8, 2025

Browse office and administrative jobs