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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

A Loss Mitigation Specialist works with mortgage holders who are at risk of foreclosure. They contact and interact with delinquent borrowers to review different options for foreclosure.

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.


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.


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


  • Female

  • Male

  • Unknown



  • White

  • Hispanic or Latino

  • Asian

  • Unknown

  • Black or African American

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Languages Spoken

  • Spanish

  • French

  • German

  • Portuguese

  • Chinese

  • Vietnamese

  • Mandarin

  • Russian

  • Italian

  • Arabic

  • Swedish

  • Armenian

  • Filipino

  • Igbo

  • Hindi

  • Dutch

  • Korean

  • Bulgarian

  • Bosnian

  • Georgian

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Loss Mitigation Specialist

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Loss Mitigation Specialist Education

Loss Mitigation Specialist

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Top Skills for A Loss Mitigation Specialist


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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