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Become A Loss Mitigation Specialist

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Working As A Loss Mitigation Specialist

  • Getting Information
  • Interacting With Computers
  • Communicating with Supervisors, Peers, or Subordinates
  • Documenting/Recording Information
  • Communicating with Persons Outside Organization
  • Deal with People

  • Unpleasant/Angry People

  • Mostly Sitting

  • Repetitive

  • $53,000

    Average Salary

What Does A Loss Mitigation Specialist Do

Bill and account collectors try to recover payment on overdue bills. They negotiate repayment plans with debtors and help them find solutions to make paying their overdue bills easier.

Duties

Bill and account collectors typically do the following:

  • Find consumers and businesses who have overdue bills
  • Track down consumers who have an out-of-date address by using the Internet, post office, credit bureaus, or neighbors—a process called “skip tracing”
  • Inform debtors that they have an overdue bill and try to negotiate a payment
  • Explain the terms of sale or contract with the debtor, when necessary
  • Learn the reasons for the overdue bills, which can help with the negotiations
  • Offer credit advice or refer a consumer to a debt counselor, when appropriate

Bill and account collectors generally contact debtors by phone, although sometimes they do so by mail. They use computer systems to update contact information and record past collection attempts with a particular debtor. Keeping these records can help collectors with future negotiations.

The main job of bill and account collectors is finding a solution that is acceptable to the debtor and maximizes payment to the creditor. Listening to the debtor and paying attention to his or her concerns can help the collector negotiate a solution.

After the collector and debtor agree on a repayment plan, the collector continually checks to ensure that the debtor pays on time. If the debtor does not pay, the collector submits a statement to the creditor, who can take legal action. In extreme cases, this legal action may include taking back goods or disconnecting service.

Collectors must follow federal and state laws that govern debt collection. These laws require that collectors make sure they are talking with the debtor before announcing that the purpose of the call is to collect a debt. A collector also must give a statement, called “mini-Miranda,” which informs the account holder that they are speaking with a bill or debt collector.

Although many collectors work for third-party collection agencies, some work in-house for the original creditor, such as a credit-card company or a health care provider. The day-to-day activities of in-house collectors are generally the same as those of other collectors.

Collectors usually have goals they are expected to meet. Typically, these include calls per hour and success rates.

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How To Become A Loss Mitigation Specialist

Collectors usually must have a high school diploma. A few months of on-the-job training is common.

Education

Most bill and account collectors are required to have a high school diploma, although some employers prefer applicants who have taken some college courses. Communication, accounting, and basic computer courses are examples of classes that are helpful for entering this occupation.

Training

Collectors usually get 1 to 3 months of on-the-job training after being hired. Training includes learning the company’s policies and computer software and learning the laws for debt collection in the Fair Debt Collection Practices Act, as well as their state’s debt-collection regulations. Collectors also may be trained in negotiation techniques.

Important Qualities

Listening skills. Collectors must pay attention to what debtors say when trying to negotiate a repayment plan. Learning the particular situation of the debtors and how they fell into debt can help collectors suggest solutions.

Negotiating skills. The main aspects of a collector’s job are reconciling the differences between two parties (the debtor and the creditor) and offering a solution that is acceptable to both parties.

Speaking skills. Collectors must be able to speak to debtors to explain their choices and ensure that they fully understand what is being said.

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Loss Mitigation Specialist Career Paths

Loss Mitigation Specialist
Underwriter Account Manager Vice President
Vice President And Manager
10 Yearsyrs
Underwriter Team Leader Office Manager
Accounting Manager
7 Yearsyrs
Underwriter Team Leader Assistant Manager
Center Manager
6 Yearsyrs
Loan Processor Loan Officer Account Executive
Relationship Manager
6 Yearsyrs
Loan Processor Specialist Executive Assistant
Administrative Manager
6 Yearsyrs
Loan Processor Specialist Team Leader
Unit Manager
6 Yearsyrs
Collections Specialist Accounts Receivable Specialist Accountant
Accountant And Office Manager
6 Yearsyrs
Collections Specialist Accounts Receivable Specialist Credit Analyst
Credit Manager
5 Yearsyrs
Collections Specialist Specialist Accountant
Accounts Payable Manager
7 Yearsyrs
Loan Officer Account Executive Office Manager
Business Office Manager
7 Yearsyrs
Loan Officer Account Executive Branch Manager
Manager, Assistant Vice President
7 Yearsyrs
Analyst Consultant Office Manager
Accounts Receivable Manager
6 Yearsyrs
Analyst Manager Property Manager
Portfolio Manager
7 Yearsyrs
Analyst Supervisor Property Manager
Asset Manager
7 Yearsyrs
Processor Administrator Customer Service Manager
Call Center Manager
6 Yearsyrs
Processor Accounts Receivable Specialist Credit Analyst
Credit And Collection Manager
7 Yearsyrs
Processor Executive Assistant Customer Service Manager
Collections Manager
5 Yearsyrs
Mortgage Loan Processor Credit Analyst Senior Collector
Customer Relationship Manager
6 Yearsyrs
Mortgage Underwriter Assistant Branch Manager Banking Center Manager
Client Manager
6 Yearsyrs
Recovery Specialist Senior Collector
Senior Collection Specialist
5 Yearsyrs
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Top Skills for A Loss Mitigation Specialist

  1. Foreclosure
  2. Loan Modifications
  3. Loss Mitigation
You can check out examples of real life uses of top skills on resumes here:
  • Communicate errors to appropriate personnel for resolution as necessary for preventing contested or impaired foreclosure action.
  • Assisted borrower in understanding modification and mortgage process and assist them in avoiding any additional defaults on loan modifications.
  • Obtained information sufficient to review loss mitigation options and make proper recommendations or loan reinstatement if needed.
  • Provided financial counseling, including analysis of personal financial statements, discussed reasons for default and determine ability to pay.
  • Experienced in escalated customer service issues and assisting team members to optimize our efforts to achieve increased satisfactory overall success.

Loss Mitigation Specialist Resume Examples And Tips

The average resume reviewer spends between 5 to 7 seconds looking at a single resume, which leaves the average job applier with roughly six seconds to make a killer first impression. Thanks to this, a single typo or error on your resume can disqualify you right out of the gate. At Zippia, we went through over 7,343 Loss Mitigation Specialist resumes and compiled some information about how best to optimize them. Here are some suggestions based on what we found, divided by the individual sections of the resume itself.

Learn How To Create A Top Notch Loss Mitigation Specialist Resume

View Resume Examples

Loss Mitigation Specialist Demographics

Gender

Female

56.2%

Male

35.4%

Unknown

8.4%
Ethnicity

White

58.3%

Hispanic or Latino

18.9%

Black or African American

12.9%

Asian

6.6%

Unknown

3.3%
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Foreign Languages Spoken

Spanish

86.6%

French

3.2%

Portuguese

1.9%

Chinese

0.9%

Vietnamese

0.9%

Mandarin

0.9%

Arabic

0.9%

Filipino

0.5%

German

0.5%

Dakota

0.5%

Georgian

0.5%

Tongan

0.5%

Russian

0.5%

Armenian

0.5%

Korean

0.5%

Italian

0.5%

Hindi

0.5%
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Loss Mitigation Specialist Education

Schools

University of Phoenix

28.4%

University of North Texas

6.6%

Strayer University

6.0%

University of Texas at Arlington

5.3%

Central Piedmont Community College

4.8%

Kaplan University

4.8%

University of Houston

4.0%

York Technical College

3.9%

Florida State College at Jacksonville

3.8%

Texas Southern University

3.4%

Ashford University

3.3%

Houston Community College

3.3%

University of Missouri - Saint Louis

2.9%

Grand Canyon University

2.9%

Webster University

2.9%

Prairie View A & M University

2.8%

American InterContinental University

2.8%

University of Arkansas at Little Rock

2.7%

Liberty University

2.7%

Lindenwood University

2.7%
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Majors

Business

40.4%

Accounting

7.3%

Finance

6.2%

Criminal Justice

5.0%

Psychology

4.6%

Management

3.7%

Communication

3.5%

Marketing

3.0%

Real Estate

2.8%

Legal Support Services

2.8%

General Studies

2.8%

Human Resources Management

2.6%

Education

2.3%

Health Care Administration

2.3%

Liberal Arts

2.2%

Political Science

2.1%

Computer Science

1.7%

Nursing

1.6%

Law

1.6%

Social Work

1.5%
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Degrees

Bachelors

38.0%

Other

29.1%

Associate

14.0%

Masters

10.7%

Certificate

4.3%

Diploma

1.9%

Doctorate

1.2%

License

0.8%
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What is it like to work as a Loss Mitigation Specialist

5.0

Lost

July 22, 2019 on Zippia

What was your job title?

Loss Mitigation Specialist.. Show More

What do you like the most about working as Loss Mitigation Specialist?

I enjoy over 31 years helping people to save there homes and pay there debt. I give options and remind them monthly when the payment is due. I have contact to help them and help the company I work for. Dealt with foreclose 31 years and help many customers. And the company in work for. Made customer comfortable to continue to pay there debt many miss informed. This job mad me feel good to help them and the company make it through. Being a lost mitigation specialist is difficult to reach out to the people I made it happen. Know my company sold out and I'm out of working at home. Please help me!!.. Show More

What do you NOT like?

I have nothing I did not like I enjoy my job and sad that I can't continue to collect. The company sold out... Show More

5.0

Lost mitigation specialist

July 22, 2019 on Zippia

What was your job title?

Loss Mitigation Specialist.. Show More

What do you like the most about working as Loss Mitigation Specialist?

I enjoy reach out to the customer and helping them keep there home. Offer options that were not offer before. Letting them know that I am willing to work with them and have open communication that the debt need to be made... Show More

What do you NOT like?

There is. Nothing I dont like!.. Show More

How Would You Rate Working As a Loss Mitigation Specialist?

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