Data collector vs loss mitigation specialist

The differences between data collectors 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 collector and a loss mitigation specialist. Additionally, a loss mitigation specialist has an average salary of $43,251, which is higher than the $35,626 average annual salary of a data collector.

The top three skills for a data collector include audit type, grocery store and retail store. The most important skills for a loss mitigation specialist are customer service, loan modifications, and foreclosure process.

Data collector vs loss mitigation specialist overview

	Data Collector	Loss Mitigation Specialist
Yearly salary	$35,626	$43,251
Hourly rate	$17.13	$20.79
Growth rate	-8%	-8%
Number of jobs	80,812	7,596
Job satisfaction	-	3.67
Most common degree	Bachelor's Degree, 51%	Bachelor's Degree, 51%
Average age	46	46
Years of experience	12	12

What does a data collector do?

A data collector is responsible for providing accurate and adequate information needed for business purposes and lead generation. Data collectors must have excellent knowledge of the data processing procedures, especially on updating information on the database, conducting web research, and revising statistical data as needed. They also perform related administrative and clerical duties, such as responding to customers' inquiries and concerns, writing reports, tracking business transactions, and creating business presentations. A data collector should be detail-oriented, doing tasks under minimal supervision, and complying with management deadlines.

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 collector vs loss mitigation specialist salary

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

	Data Collector	Loss Mitigation Specialist
Average salary	$35,626	$43,251
Salary range	Between $31,000 And $40,000	Between $34,000 And $54,000
Highest paying City	Washington, DC	Virginia Beach, VA
Highest paying state	California	Maryland
Best paying company	EDC	Accenture
Best paying industry	Government	Professional

Differences between data collector and loss mitigation specialist education

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

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

Data collector vs loss mitigation specialist demographics

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

	Data Collector	Loss Mitigation Specialist
Average age	46	46
Gender ratio	Male, 40.6% Female, 59.4%	Male, 40.4% Female, 59.6%
Race ratio	Black or African American, 13.8% Unknown, 4.1% Hispanic or Latino, 20.5% Asian, 3.7% White, 57.3% 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 collector and loss mitigation specialist duties and responsibilities

Data collector example responsibilities.

Prevent impeding loss and increasing profitability through negotiation and enforcement of schedule collection campaigns, consistently achieving high success standards.
Collect from all insurances (HMO, PPO, and MEDICARE).
Attend trainings and abide by HIPAA regulations.
Collect from insurance companies (PPO and Medicare).
Execute database queries in SQL in response to client requests.
Collect pricing information in grocery, office, pet and mass retailers

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 collector vs loss mitigation specialist skills

Common data collector skills

Audit Type, 31%
Grocery Store, 17%
Retail Store, 16%
UPC, 10%
PET, 8%
Inter-Rater Reliability, 2%

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 Collector vs Loss Mitigation Specialist

Updated January 8, 2025

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