Delinquency counselor vs loss mitigation specialist

The differences between delinquency counselors 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 delinquency counselor and a loss mitigation specialist. Additionally, a delinquency counselor has an average salary of $45,996, which is higher than the $43,251 average annual salary of a loss mitigation specialist.

The top three skills for a delinquency counselor include collection systems, collection practices and delinquent accounts. The most important skills for a loss mitigation specialist are customer service, loan modifications, and foreclosure process.

Delinquency counselor vs loss mitigation specialist overview

	Delinquency Counselor	Loss Mitigation Specialist
Yearly salary	$45,996	$43,251
Hourly rate	$22.11	$20.79
Growth rate	-8%	-8%
Number of jobs	27,184	7,596
Job satisfaction	-	3.67
Most common degree	Bachelor's Degree, 47%	Bachelor's Degree, 51%
Average age	46	46
Years of experience	12	12

Delinquency counselor vs loss mitigation specialist salary

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

	Delinquency Counselor	Loss Mitigation Specialist
Average salary	$45,996	$43,251
Salary range	Between $34,000 And $62,000	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 delinquency counselor and loss mitigation specialist education

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

	Delinquency Counselor	Loss Mitigation Specialist
Most common degree	Bachelor's Degree, 47%	Bachelor's Degree, 51%
Most common major	Business	Business
Most common college	-	-

Delinquency counselor vs loss mitigation specialist demographics

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

	Delinquency Counselor	Loss Mitigation Specialist
Average age	46	46
Gender ratio	Male, 43.3% Female, 56.7%	Male, 40.4% Female, 59.6%
Race ratio	Black or African American, 14.5% Unknown, 4.2% Hispanic or Latino, 16.5% Asian, 3.9% White, 60.3% 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 delinquency counselor and loss mitigation specialist duties and responsibilities

Delinquency counselor example responsibilities.

Perform in-depth financial work-ups of members determining best-case scenarios and provide alternatives to members to avoid possible foreclosure.
Comply with FDCPA and RFDCPA regulations.
Analyze mortgagors for approval of HAMP or traditional modification.

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.

Delinquency counselor vs loss mitigation specialist skills

Common delinquency counselor skills

Collection Systems, 13%
Collection Practices, 12%
Delinquent Accounts, 10%
Payment Options, 9%
Credit Card Accounts, 9%
Optimal Solutions, 9%

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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Delinquency Counselor
Delinquency Counselor vs Loss Mitigation Specialist

Updated January 8, 2025

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