Installment agent vs loss mitigation specialist

The differences between installment agents 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 an installment agent and a loss mitigation specialist. Additionally, a loss mitigation specialist has an average salary of $43,251, which is higher than the $26,430 average annual salary of an installment agent.

The top three skills for an installment agent include customer service, windows and troubleshoot. The most important skills for a loss mitigation specialist are customer service, loan modifications, and foreclosure process.

Installment agent vs loss mitigation specialist overview

	Installment Agent	Loss Mitigation Specialist
Yearly salary	$26,430	$43,251
Hourly rate	$12.71	$20.79
Growth rate	-8%	-8%
Number of jobs	26,460	7,596
Job satisfaction	-	3.67
Most common degree	Bachelor's Degree, 41%	Bachelor's Degree, 51%
Average age	46	46
Years of experience	12	12

Installment agent vs loss mitigation specialist salary

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

	Installment Agent	Loss Mitigation Specialist
Average salary	$26,430	$43,251
Salary range	Between $10,000 And $68,000	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 installment agent and loss mitigation specialist education

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

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

Installment agent vs loss mitigation specialist demographics

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

	Installment Agent	Loss Mitigation Specialist
Average age	46	46
Gender ratio	Male, 58.8% Female, 41.2%	Male, 40.4% Female, 59.6%
Race ratio	Black or African American, 14.1% Unknown, 4.3% Hispanic or Latino, 18.6% Asian, 4.0% White, 58.5% 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 installment agent and loss mitigation specialist duties and responsibilities

Installment agent example responsibilities.

Answer eligibility and coverage questions from insurance agents pertaining to Medicare advantage plans and prescription drug plans.
Book reservations verify availability and reconfirm accommodations.
Upgrade, troubleshot, repair, and setup computers in store.
Identify & troubleshot in-home network issues, virus/spyware removal, perform PC installations & repairs.
Follow and maintain QA guidelines while documenting the customers questions with the appropriate escalations need.
Handle supervisor escalations and agent QA monitoring.

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.

Installment agent vs loss mitigation specialist skills

Common installment agent skills

Customer Service, 33%
Windows, 24%
Troubleshoot, 14%
Inbound Calls, 10%
Outbound Calls, 10%
Linux, 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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Office and Administrative Industry
Installment Agent
Installment Agent vs Loss Mitigation Specialist

Updated January 8, 2025

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