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.
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.
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.