Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between loan servicing specialists and loss mitigation specialists can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become a loan servicing specialist, becoming a loss mitigation specialist takes usually requires 6-12 months. Additionally, a loan servicing specialist has an average salary of $65,799, which is higher than the $43,251 average annual salary of a loss mitigation specialist.
The top three skills for a loan servicing specialist include loan modifications, customer service and foreclosure process. The most important skills for a loss mitigation specialist are customer service, loan modifications, and foreclosure process.
| Loan Servicing Specialist | Loss Mitigation Specialist | |
| Yearly salary | $65,799 | $43,251 |
| Hourly rate | $31.63 | $20.79 |
| Growth rate | -3% | -8% |
| Number of jobs | 31,753 | 7,596 |
| Job satisfaction | - | 3.67 |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 51% |
| Average age | 42 | 46 |
| Years of experience | 4 | 12 |
A loan servicing specialist is an individual who reviews, authorizes, and recommends commercial and personal loans for approval. It is the loan officer who meets with their applicants to identify their creditworthiness. Typically, they work at credit unions, commercial banks, mortgage companies, and financial institutions. They ensure operational risk controls, regulatory policies and standards, and compliance. Among the skills necessary for the job include customer service and relations, leadership, analytical skills, and communication skills.
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.
Loan servicing specialists and loss mitigation specialists have different pay scales, as shown below.
| Loan Servicing Specialist | Loss Mitigation Specialist | |
| Average salary | $65,799 | $43,251 |
| Salary range | Between $28,000 And $153,000 | Between $34,000 And $54,000 |
| Highest paying City | Charleston, SC | Virginia Beach, VA |
| Highest paying state | Maryland | Maryland |
| Best paying company | Glacier Ban | Accenture |
| Best paying industry | Finance | Professional |
There are a few differences between a loan servicing specialist and a loss mitigation specialist in terms of educational background:
| Loan Servicing Specialist | Loss Mitigation Specialist | |
| Most common degree | Bachelor's Degree, 55% | Bachelor's Degree, 51% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | - |
Here are the differences between loan servicing specialists' and loss mitigation specialists' demographics:
| Loan Servicing Specialist | Loss Mitigation Specialist | |
| Average age | 42 | 46 |
| Gender ratio | Male, 32.2% Female, 67.8% | Male, 40.4% Female, 59.6% |
| Race ratio | Black or African American, 11.8% Unknown, 4.4% Hispanic or Latino, 14.4% Asian, 8.2% White, 60.7% American Indian and Alaska Native, 0.4% | 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 | 7% | 8% |