Data collection specialist vs loss mitigation specialist

The differences between data collection 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 data collection specialist and a loss mitigation specialist. Additionally, a data collection specialist has an average salary of $43,904, which is higher than the $43,251 average annual salary of a loss mitigation specialist.

The top three skills for a data collection specialist include data collection, computer database and data entry. The most important skills for a loss mitigation specialist are customer service, loan modifications, and foreclosure process.

Data collection specialist vs loss mitigation specialist overview

	Data Collection Specialist	Loss Mitigation Specialist
Yearly salary	$43,904	$43,251
Hourly rate	$21.11	$20.79
Growth rate	-8%	-8%
Number of jobs	95,839	7,596
Job satisfaction	-	3.67
Most common degree	Bachelor's Degree, 46%	Bachelor's Degree, 51%
Average age	46	46
Years of experience	12	12

What does a data collection specialist do?

A Data Collection Specialist manages and collects the outstanding accounts receivables from customers and clients. Data Collection Specialists perform various duties that include monitoring all accounts daily, investigating historical data for receivables and debts, and processing refunds and payments. They also collaborate with data analysts to create presentations and surveys, write reports. Other duties include resolving customer credit issues, updating and recording accounts' status, and following up with clients on their overdue payments.

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.

Data collection specialist vs loss mitigation specialist salary

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

	Data Collection Specialist	Loss Mitigation Specialist
Average salary	$43,904	$43,251
Salary range	Between $27,000 And $70,000	Between $34,000 And $54,000
Highest paying City	-	Virginia Beach, VA
Highest paying state	-	Maryland
Best paying company	-	Accenture
Best paying industry	-	Professional

Differences between data collection specialist and loss mitigation specialist education

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

	Data Collection Specialist	Loss Mitigation Specialist
Most common degree	Bachelor's Degree, 46%	Bachelor's Degree, 51%
Most common major	Business	Business
Most common college	-	-

Data collection specialist vs loss mitigation specialist demographics

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

	Data Collection Specialist	Loss Mitigation Specialist
Average age	46	46
Gender ratio	Male, 33.8% Female, 66.2%	Male, 40.4% Female, 59.6%
Race ratio	Black or African American, 14.5% Unknown, 4.1% Hispanic or Latino, 16.5% Asian, 3.8% White, 60.6% 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 data collection specialist and loss mitigation specialist duties and responsibilities

Data collection specialist example responsibilities.

Manage and prepare pharmaceutical records for multiple FDA audits.
Enter proper diagnostic code (ICD-9), procedure codes (CPT) which patient is treated under.
Produce crime maps using GIS software.
Operate with strict adherence to data security practices in compliance with HIPPA.
Comply with HIPAA laws, contact doctors and hospital staff in gathering sensitive patient information.
Conduct medical and billing record requests, according to most recent and establish HIPAA privacy laws.

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.

Data collection specialist vs loss mitigation specialist skills

Common data collection specialist skills

Data Collection, 44%
Computer Database, 7%
Data Entry, 6%
Outbound Calls, 5%
Telephone Interviews, 4%
Authorization Forms, 3%

Common loss mitigation specialist skills

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

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Data Collection Specialist
Data Collection Specialist vs Loss Mitigation Specialist

Updated January 8, 2025

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