What is a Loss Mitigation Specialist

Loss mitigation specialists are highly valuable for debt holders and debtors who are facing severe economic damage. They are also crucial for the flawless functioning of the organization's loss mitigation operations. Delinquent borrowers contact and interact with them to discuss various options to foreclosure.

Their typical responsibilities include adhering to guidelines to prevent foreclosure, analyzing the organization's financial condition, organizing loss mitigation documents, and evaluating foreclosed loans. They also update customers and vendors about crucial information through emails and websites. Attention to detail, analytical thinking, financial products, planning, and management are a part of their skill set.

Specialists are hired by financial institutions to represent them when hard at work. But before they can get hired, they must have intense experience in financial services. They generally hold a bachelor's degree in business or finance. A Loss Mitigation Specialist may also need mortgage management experience or a real estate license. Numerous independent agencies, attorney's offices, mortgage companies, debt relief agencies, and banks pay them $18.42 an hour.

There is more than meets the eye when it comes to being a Loss Mitigation Specialist. For example, did you know that they make an average of $19.68 an hour? That's $40,928 a year!

Between 2018 and 2028, the career is expected to grow -8% and produce -19,400 job opportunities across the U.S.

What Does a Loss Mitigation Specialist Do

There are certain skills that many Loss Mitigation Specialists have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed Listening skills, Negotiating skills and Speaking skills.

Learn more about what a Loss Mitigation Specialist does

How To Become a Loss Mitigation Specialist

If you're interested in becoming a Loss Mitigation Specialist, one of the first things to consider is how much education you need. We've determined that 50.7% of Loss Mitigation Specialists have a bachelor's degree. In terms of higher education levels, we found that 6.3% of Loss Mitigation Specialists have master's degrees. Even though most Loss Mitigation Specialists have a college degree, it's possible to become one with only a high school degree or GED.

Choosing the right major is always an important step when researching how to become a Loss Mitigation Specialist. When we researched the most common majors for a Loss Mitigation Specialist, we found that they most commonly earn Bachelor's Degree degrees or Associate Degree degrees. Other degrees that we often see on Loss Mitigation Specialist resumes include High School Diploma degrees or Master's Degree degrees.

You may find that experience in other jobs will help you become a Loss Mitigation Specialist. In fact, many Loss Mitigation Specialist jobs require experience in a role such as Customer Service Representative. Meanwhile, many Loss Mitigation Specialists also have previous career experience in roles such as Collector or Loan Officer.

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Average Salary
$40,928
Average Salary
Job Growth Rate
-8%
Job Growth Rate
Job Openings
7,869
Job Openings
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Loss Mitigation Specialist Career Paths

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Average Salary for a Loss Mitigation Specialist

Loss Mitigation Specialists in America make an average salary of $40,928 per year or $20 per hour. The top 10 percent makes over $52,000 per year, while the bottom 10 percent under $32,000 per year.
Average Salary
$40,928
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Loss Mitigation Specialist Resumes

Designing and figuring out what to include on your resume can be tough, not to mention time-consuming. That's why we put together a guide that is designed to help you craft the perfect resume for becoming a Loss Mitigation Specialist. If you're needing extra inspiration, take a look through our selection of templates that are specific to your job.

Learn How To Write a Loss Mitigation Specialist Resume

At Zippia, we went through countless Loss Mitigation Specialist resumes and compiled some information about how to optimize them. Here are some suggestions based on what we found, divided by the individual sections of the resume itself.

View Loss Mitigation Specialist Resume Examples And Templates

Loss Mitigation Specialist Demographics

Loss Mitigation Specialist Gender Statistics

female

58.5 %

male

37.2 %

unknown

4.3 %

Loss Mitigation Specialist Ethnicity Statistics

White

56.5 %

Hispanic or Latino

22.4 %

Black or African American

15.2 %

Loss Mitigation Specialist Foreign Languages Spoken Statistics

Spanish

86.6 %

French

3.2 %

Portuguese

1.9 %
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Loss Mitigation Specialist Education

Loss Mitigation Specialist Majors

39.8 %
6.1 %

Loss Mitigation Specialist Degrees

Bachelors

50.7 %

Associate

20.3 %

High School Diploma

15.5 %

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None
High School / GED
Associate
Bachelor's
Master's
Doctorate
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Online Courses For Loss Mitigation Specialist That You May Like

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Climate Change Mitigation in Developing Countries
coursera

This course challenges you to consider how one might lift societies out of poverty while also mitigating greenhouse gas emissions. We explore the inherent complexity of developing country governments wanting to grow their economies in a climate friendly way. You will be introduced to an approach with which to address this challenge. The approach consists of a facilitated process whereby academic researchers and high-level influential actors within society co-produce knowledge. You will track thi...

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Top Skills For a Loss Mitigation Specialist

The skills section on your resume can be almost as important as the experience section, so you want it to be an accurate portrayal of what you can do. Luckily, we've found all of the skills you'll need so even if you don't have these skills yet, you know what you need to work on. Out of all the resumes we looked through, 11.7% of Loss Mitigation Specialists listed Customer Service on their resume, but soft skills such as Listening skills and Negotiating skills are important as well.

12 Loss Mitigation Specialist RESUME EXAMPLES

Best States For a Loss Mitigation Specialist

Some places are better than others when it comes to starting a career as a Loss Mitigation Specialist. The best states for people in this position are New Jersey, Alaska, Virginia, and Maryland. Loss Mitigation Specialists make the most in New Jersey with an average salary of $52,255. Whereas in Alaska and Virginia, they would average $50,748 and $48,386, respectively. While Loss Mitigation Specialists would only make an average of $47,305 in Maryland, you would still make more there than in the rest of the country. We determined these as the best states based on job availability and pay. By finding the median salary, cost of living, and using the Bureau of Labor Statistics' Location Quotient, we narrowed down our list of states to these four.

1. New Jersey

Total Loss Mitigation Specialist Jobs:
399
Highest 10% Earn:
$79,000
Location Quotient:
0.98
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

2. Alaska

Total Loss Mitigation Specialist Jobs:
49
Highest 10% Earn:
$57,000
Location Quotient:
1.15
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

3. Maryland

Total Loss Mitigation Specialist Jobs:
380
Highest 10% Earn:
$71,000
Location Quotient:
1.17
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here
Full List Of Best States For Loss Mitigation Specialists

How Do Loss Mitigation Specialist Rate Their Jobs?

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5.0

LostJuly 2019

5.0

Zippia Official LogoLostJuly 2019

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

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

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Top Loss Mitigation Specialist Employers

We've made finding a great employer to work for easy by doing the hard work for you. We looked into employers that employ Loss Mitigation Specialists and discovered their number of Loss Mitigation Specialist opportunities and average salary. Through our research, we concluded that JPMorgan Chase & Co. was the best, especially with an average salary of $39,440. Wells Fargo follows up with an average salary of $34,544, and then comes Bank of America with an average of $34,556. In addition, we know most people would rather work from home. So instead of having to change careers, we identified the best employers for remote work as a Loss Mitigation Specialist. The employers include Flagstar Bank, Octane Lending, and None

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