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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

  • $42,220

    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  • Track down consumers who have an out-of-date address by using the Internet, post office, credit bureaus, or neighbors—a process called “skip tracing”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 jobs

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Loss Mitigation Specialist Career Paths

Loss Mitigation Specialist
Mortgage Loan Processor Office Manager Accounts Receivable Specialist
Accounts Receivable Manager
6 Yearsyrs
Foreclosure Specialist Legal Assistant Office Manager
Administrative Manager
6 Yearsyrs
Loan Servicing Specialist Specialist Property Manager
Asset Manager
7 Yearsyrs
Asset Manager Project Manager President
Board Member
6 Yearsyrs
Operations Specialist Human Resources Coordinator Business Office Manager
Business Office Director
8 Yearsyrs
Loan Processor Loan Officer Office Manager
Business Office Manager
8 Yearsyrs
Assistant Vice President Credit Officer Credit Manager
Collection Supervisor
5 Yearsyrs
Support Specialist Registered Nurse Unit Manager
Collections Manager
5 Yearsyrs
Service Specialist Personal Banker Credit Analyst
Credit And Collection Manager
7 Yearsyrs
Mortgage Loan Processor Loan Officer Credit Analyst
Credit Manager
5 Yearsyrs
Analyst Assistant Vice President Human Resources Coordinator
Office Manager Of Human Resources
6 Yearsyrs
Underwriter Quality Control Quality Control Manager
Operations Manager
7 Yearsyrs
Claim Processor Billing Specialist Billing Supervisor
Patient Account Manager
6 Yearsyrs
Analyst Human Resources Coordinator Payroll Specialist
Payroll Manager
7 Yearsyrs
Service Specialist Operations Specialist Accounts Receivable Specialist
Senior Accounts Receivable Specialist
7 Yearsyrs
Operations Specialist Account Manager Billing Specialist
Senior Billing Specialist
7 Yearsyrs
Loan Servicing Specialist Service Specialist Mortgage Loan Processor
Senior Loan Processor
6 Yearsyrs
Loan Processor Office Manager Operations Manager
Senior Manager
10 Yearsyrs
Assistant Vice President Sales/Marketing Senior Sales Representative
Senior Representative
5 Yearsyrs
Underwriter Assistant Vice President
Vice President
8 Yearsyrs
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Loss Mitigation Specialist Demographics

Gender

Female

60.6%

Male

36.9%

Unknown

2.5%
Ethnicity

White

78.1%

Hispanic or Latino

13.1%

Asian

6.3%

Unknown

1.8%

Black or African American

0.7%
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Languages Spoken

Spanish

77.3%

French

3.3%

German

2.4%

Portuguese

1.9%

Chinese

1.9%

Vietnamese

1.4%

Mandarin

1.4%

Russian

1.4%

Italian

1.4%

Arabic

1.4%

Swedish

0.9%

Armenian

0.9%

Filipino

0.9%

Igbo

0.5%

Hindi

0.5%

Dutch

0.5%

Korean

0.5%

Bulgarian

0.5%

Bosnian

0.5%

Georgian

0.5%
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Loss Mitigation Specialist Education

Schools

University of Phoenix

25.6%

University of North Texas

7.1%

Central Piedmont Community College

6.9%

University of Texas at Arlington

5.1%

Kaplan University

4.9%

Strayer University

4.8%

Florida State College at Jacksonville

4.8%

University of Houston

4.1%

York Technical College

3.5%

Ashford University

3.5%

Winthrop University

3.4%

University of Missouri - Saint Louis

3.4%

University of Arkansas at Little Rock

3.2%

University of Maryland - University College

3.0%

University of Northern Iowa

3.0%

Grand Canyon University

3.0%

Southern New Hampshire University

2.8%

Arizona State University

2.7%

Texas Southern University

2.7%

Liberty University

2.7%
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Majors

Business

38.6%

Finance

7.8%

Accounting

7.3%

Criminal Justice

5.2%

Management

4.3%

Psychology

3.9%

Marketing

3.5%

Real Estate

3.0%

Communication

2.9%

Legal Support Services

2.9%

General Studies

2.6%

Health Care Administration

2.4%

Liberal Arts

2.4%

Education

2.2%

Human Resources Management

2.2%

Political Science

2.1%

Computer Science

1.8%

Economics

1.8%

Law

1.5%

Nursing

1.5%
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Degrees

Bachelors

37.3%

Other

31.2%

Associate

12.9%

Masters

10.7%

Certificate

4.3%

Diploma

1.6%

Doctorate

1.3%

License

0.7%
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Full Time
Part Time
Internship
Temporary

Top Skills for A Loss Mitigation Specialist

ForeclosureProcessLossMitigationOptionsLoanModificationProcessDelinquentBorrowersDeed-In-LieuRepaymentPlansForbearancePlansFannieMAECustomerServiceFreddieMacFHACreditReportsHampBankStatementsMortgageLoansDebtInvestorGuidelinesRealEstateAgentsDelinquentAccountsOutboundCalls

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Top Loss Mitigation Specialist Skills

  1. Foreclosure Process
  2. Loss Mitigation Options
  3. Loan Modification Process
You can check out examples of real life uses of top skills on resumes here:
  • Provided professional and knowledgeable counseling to borrowers of all options available, and in certain cases the foreclosure process.
  • Reviewed hardship packages in determining loss mitigation options and approved deals within level of authority.
  • Executed the loan modification process for various loan servicing, companies.
  • Review loan agreements and delinquency arrangements to reschedule debt and negotiated payoff schedules with delinquent borrowers, to prevent foreclosure.
  • Produce solutions including forbearance agreements, repayment plans, loan modifications, partial claims, short sales and deed-in-lieu.

Top Loss Mitigation Specialist Employers

Loss Mitigation Specialist Videos

Loss Mitigation and Mortgage Modification in Bankruptcy Courts

Loss Mitigation Business Opportunity.

Home Loan Modification / Loss Mitigation Program

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