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The differences between loan 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 specialist, 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 $43,081 average annual salary of a loan specialist.
The top three skills for a loan specialist include loan applications, customer service and financial statements. The most important skills for a loss mitigation specialist are customer service, loan modifications, and foreclosure process.
| Loan Specialist | Loss Mitigation Specialist | |
| Yearly salary | $43,081 | $43,251 |
| Hourly rate | $20.71 | $20.79 |
| Growth rate | -3% | -8% |
| Number of jobs | 29,041 | 7,596 |
| Job satisfaction | - | 3.67 |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 51% |
| Average age | 42 | 46 |
| Years of experience | 4 | 12 |
A loan specialist is in charge of processing loans to make transactions easier for the clients. They usually work in banks, lending firms, and other financial institutions. One of their primary responsibilities is to guide clients to understand what program works best for them, assist in filling out forms, gathering requirements, and verifying authenticity. There are also instances where a loan specialist must discern whether a client can uphold financial obligations using the information collected. Furthermore, it is also their responsibility to produce and submit reports to creditors or lenders.
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 specialists and loss mitigation specialists have different pay scales, as shown below.
| Loan Specialist | Loss Mitigation Specialist | |
| Average salary | $43,081 | $43,251 |
| Salary range | Between $26,000 And $68,000 | Between $34,000 And $54,000 |
| Highest paying City | Mount Laurel, NJ | Virginia Beach, VA |
| Highest paying state | Maryland | Maryland |
| Best paying company | FNB | Accenture |
| Best paying industry | Finance | Professional |
There are a few differences between a loan specialist and a loss mitigation specialist in terms of educational background:
| Loan Specialist | Loss Mitigation Specialist | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 51% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | - |
Here are the differences between loan specialists' and loss mitigation specialists' demographics:
| Loan Specialist | Loss Mitigation Specialist | |
| Average age | 42 | 46 |
| Gender ratio | Male, 30.9% Female, 69.1% | Male, 40.4% Female, 59.6% |
| Race ratio | Black or African American, 12.7% Unknown, 4.3% Hispanic or Latino, 16.7% Asian, 7.3% White, 58.6% 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% |