Debt counselor vs loss mitigation specialist

The differences between debt counselors and loss mitigation specialists can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 1-2 years to become a debt counselor, becoming a loss mitigation specialist takes usually requires 6-12 months. Additionally, a loss mitigation specialist has an average salary of $43,251, which is higher than the $37,932 average annual salary of a debt counselor.

The top three skills for a debt counselor include outbound calls, inbound calls and customer service. The most important skills for a loss mitigation specialist are customer service, loan modifications, and foreclosure process.

Debt counselor vs loss mitigation specialist overview

	Debt Counselor	Loss Mitigation Specialist
Yearly salary	$37,932	$43,251
Hourly rate	$18.24	$20.79
Growth rate	-8%	-8%
Number of jobs	27,258	7,596
Job satisfaction	-	3.67
Most common degree	Bachelor's Degree, 41%	Bachelor's Degree, 51%
Average age	45	46
Years of experience	2	12

Debt counselor vs loss mitigation specialist salary

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

	Debt Counselor	Loss Mitigation Specialist
Average salary	$37,932	$43,251
Salary range	Between $27,000 And $51,000	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 debt counselor and loss mitigation specialist education

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

	Debt Counselor	Loss Mitigation Specialist
Most common degree	Bachelor's Degree, 41%	Bachelor's Degree, 51%
Most common major	Business	Business
Most common college	-	-

Debt counselor vs loss mitigation specialist demographics

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

	Debt Counselor	Loss Mitigation Specialist
Average age	45	46
Gender ratio	Male, 46.8% Female, 53.2%	Male, 40.4% Female, 59.6%
Race ratio	Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 16.1% Asian, 6.1% White, 63.4% 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%

Differences between debt counselor and loss mitigation specialist duties and responsibilities

Debt counselor example responsibilities.

Manage patient focuse reports, collection modules, provider/facility A/R, collections, patient discharge letters.
Comply with all of the FDCPA guidelines.
Perform numerous acts of repossession and litigation on a daily basis.
Complete standard legal garnishment forms for review, and forward to litigation department.
Provide administrative support by the filing electronic claims to Medicare, Medicaid and private insurers for emergency and non-emergency transports.
Utilize FDCRA and NFCC guidelines.

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.

Debt counselor vs loss mitigation specialist skills

Common debt counselor skills

Outbound Calls, 20%
Inbound Calls, 15%
Customer Service, 14%
Delinquent Accounts, 9%
Payment Arrangements, 6%
Credit Reports, 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%

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Debt Counselor
Debt Counselor vs Loss Mitigation Specialist

Updated January 8, 2025

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