How to hire a loss mitigation specialist

How to hire a loss mitigation specialist, step by step

Here's a step-by-step loss mitigation specialist hiring guide:

• Step 1: Identify your hiring needs
• Step 2: Create an ideal candidate profile
• Step 3: Make a budget
• Step 4: Write a loss mitigation specialist job description
• Step 5: Post your job
• Step 6: Interview candidates
• Step 7: Send a job offer and onboard your new loss mitigation specialist
• Step 8: Go through the hiring process checklist

What does a loss mitigation specialist do?

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1. Identify your hiring needs

   Before you post your loss mitigation specialist job, you should take the time to determine what type of worker your business needs. While certain jobs definitely require a full-time employee, it's sometimes better to find a loss mitigation specialist for hire on a part-time basis or as a contractor.

   Determine employee vs contractor status

   Is the person you're thinking of hiring a US citizen or green card holder?

   Yes

   No

   Hiring the perfect loss mitigation specialist also involves considering the ideal background you'd like them to have. Depending on what industry or field they have experience in, they'll bring different skills to the job. It's also important to consider what levels of seniority and education the job requires and what kind of salary such a candidate would likely demand.

   Here's a comparison of loss mitigation specialist salaries for various roles:

   Type of Loss Mitigation Specialist	Description	Hourly rate
   Loss Mitigation Specialist	Bill and account collectors, sometimes called 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.	$16-25
   Debt Collector	Debt collectors are also known as collection agencies and are responsible for recovering past due debts. Most of them are hired by companies to collect debt either for a fee or a percentage of the total amount recovered... Show more	$12-20
   Bill Collector	A bill collector is responsible for reaching out to the customers to collect overdue payments, negotiate repayment plans, and update account information upon settling of payments. Bill collectors monitor the contact details of the customer, utilizing locator tools and software as required by the organization, and review contract terms to decide on credit advice or escalate the issue to a higher tier... Show more	$14-19

   Show more

2. Create an ideal candidate profile

   Common skills:

   • Customer Service
   • Loan Modifications
   • Foreclosure Process
   • Inbound Calls
   • Loss Mitigation Options
   • Payment Arrangements
   • MSP
   • Credit Reports
   • FHA
   • Delinquent Accounts
   • Bank Statements
   • Deed-In-Lieu
   • Fannie MAE
   • Financial Statements

   Check all skills

   Responsibilities:

   • Manage internal team SharePoint and document repository.
   • Document accurate loss mitigation reviews and foreclosure details via MSP.
   • Submit Medicare claims through DDE.
   • Deal with Nielsen and Rentrak to monitor advertiser ad ratings
   • Check accounts for accuracy according to Medicare HMO guidelines.
   • Resolve customer disputes and prepare adjustments to A/R when necessary.

   More loss mitigation specialist duties

3. Make a budget

   Including a salary range in your loss mitigation specialist job description helps attract top candidates to the position. A loss mitigation specialist salary can be affected by several factors, such as geography, experience, seniority, certifications, and the prestige of the hiring company.

   For example, the average salary for a loss mitigation specialist in Utah may be lower than in Maryland, and an entry-level loss mitigation specialist usually earns less than a senior-level loss mitigation specialist. Additionally, a loss mitigation specialist with certifications may command a higher salary, and working for a well-known company or start-up may also impact an employee's pay.

   Average loss mitigation specialist salary

   $43,251yearly

   $20.79 hourly rate

   ---

   Entry-level loss mitigation specialist salary

   $34,000 yearly salary

   Updated December 15, 2025

   Average loss mitigation specialist salary by state

   Rank	State	Avg. salary	Hourly rate
   1	Virginia	$50,074	$24
   2	New Jersey	$50,034	$24
   3	California	$47,311	$23
   4	New York	$45,473	$22
   5	Connecticut	$44,657	$21
   6	Georgia	$44,313	$21
   7	Arizona	$43,835	$21
   8	Illinois	$43,347	$21
   9	Texas	$42,921	$21
   10	Alabama	$42,532	$20
   11	Minnesota	$42,420	$20
   12	Washington	$42,118	$20
   13	Michigan	$41,591	$20
   14	South Carolina	$40,285	$19
   15	North Carolina	$38,940	$19
   16	Louisiana	$38,844	$19
   17	Iowa	$38,537	$19
   18	Oregon	$38,035	$18
   19	Florida	$37,645	$18
   20	Arkansas	$35,982	$17

   Average loss mitigation specialist salary by company

   Company

   Rank	Company	Average salary	Hourly rate	Job openings
   1	Accenture	$57,476	$27.63
   2	First Citizens Bank	$50,854	$24.45	4
   3	GCR	$50,656	$24.35
   4	SEFCU	$46,676	$22.44	14
   5	Hills Bank and Trust	$46,588	$22.40
   6	Avalon Bay Co	$46,534	$22.37	1
   7	loanDepot	$46,287	$22.25	2
   8	Hope Credit Union	$46,121	$22.17
   9	United States Courts	$45,665	$21.95
   10	First United Bank	$44,769	$21.52
   11	CarringtonRES	$44,644	$21.46	135
   12	Freddie Mac	$44,476	$21.38
   13	Cathay Bank	$44,350	$21.32	1
   14	Selene Finance	$44,105	$21.20	4
   15	Connecticut Housing Finance Authority	$44,007	$21.16
   16	America First Credit Union	$43,974	$21.14
   17	International Business-Government Counsellors	$42,779	$20.57
   18	Desert Schools Federal Credit Union	$42,622	$20.49
   19	Grandbridge Real Estate Capital	$42,265	$20.32	25
   20	Stock Yards Ban	$42,257	$20.32

4. Writing a loss mitigation specialist job description

   A loss mitigation specialist job description should include a summary of the role, required skills, and a list of responsibilities. It's also good to include a salary range and the first name of the hiring manager. Below, you can find an example of a loss mitigation specialist job description:

   Loss mitigation specialist job description example

   Bilingual Loss Mitigation SPOC (Remote)
   
   Location
   Work From Home United States
   
   Job Summary
   The Loss Mitigation Single Point of Contact (SPOC) serves as a main point of contact for borrowers facing a financial hardship and requesting loss mitigation assistance by offering support and guidance during the loss mitigation review process.
   
   All functions must be completed within the production and quality standards. Role requires utilization and understanding of multiple servicing systems, applications and reporting. Role requires accuracy and attention to detail, strong organization skills, independent problem solving ability and excellent communication skills.
   
   Job Responsibilities:
   85% Perform Functions of a Loss Mitigation SPOC. Role requires the ability to perform multiple functions throughout the Loss Mitigation SPOC process under general supervision, including:
   
   Communicate directly with the borrower to explain loss mitigation options, how to apply for assistance, and provide status updates during the review period.Coordinate the receipt of all necessary documents and notify the borrower of any required documents necessary to complete the application Timely respond to borrower requests and/or messages Properly document all borrower communications in Flagstar Bank's system of record Obtain and evaluate all relevant information to handle inquiries and complaints correctly and in a timely manner Maintain knowledge of regulatory and investor/insurer requirements and timeframes that may impact default servicing operations.Understand key performance and risk indicators in the Loss Mitigation Process, and how individual role contributes to meeting or exceeding these goals;Maintain and practice sound judgment in all aspects of role
   
   15% Other.
   Reinforces culture of shared ownership and accountability for results.Collaborating with other default servicing teams, and other internal teams, to assist in the continued development of a best in class default servicing oversight operation.Perform additional responsibilities as assigned by manager.
   
   Job Requirements:
   
   At least 1 to 3 years of default mortgage financial services experience required, preferred in Loss MitigationAdvanced proficiency in Spanish and English language skills Self-Driven, Personally Accountable PersonalityUnderstanding of MS Office Suite with intermediate technical and computer skills. Specifically an ability with Microsoft ExcelAbility to navigate quickly within various computer programs.Excellent verbal and written communication skills, as well as strong listening skills Exceptional analytical and problem solving skills with an ability to think quickly under pressure.Ability to handle high production volume and answer customer questions in a timely manner.Ability to look for ways to improve and promote quality.Ability to work independently with limited supervision.Ability to work varying shifts including evenings and weekends.Willingness to work in a team environment Confident and efficient work approach with a customer focus
   
   Internal Use Only: Job Band J-Hourly

   Copy this example

   

5. Post your job

   To find the right loss mitigation specialist for your business, consider trying out a few different recruiting strategies:

   • Consider internal talent. One of the most important sources of talent for any company is its existing workforce.
   • Ask for referrals. Reach out to friends, family members, and current employees and ask if they know or have worked with loss mitigation specialists they would recommend.
   • Recruit at local colleges. Attend job fairs at local colleges to recruit loss mitigation specialists who meet your education requirements.
   • Social media platforms. LinkedIn, Facebook and Twitter now have more than 3.5 billion users, and you can use social media to reach potential job candidates.

   To find loss mitigation specialist candidates, you can consider the following options:

   • Post your job opening on Zippia or other job search websites.
   • Use niche websites that focus on engineering and technology jobs, such as efinancialcareers, financialjobsweb.com, careerbank, financial job bank.
   • Post your job on free job posting websites.

6. Interview candidates

   To successfully recruit loss mitigation specialists, your first interview needs to engage with candidates to learn about their interest in the role and experience in the field. You can go into more detail about the company, the role, and the responsibilities during follow-up interviews.

   It's also good to ask about candidates' unique skills and talents. You can move on to the technical interview if a candidate is good enough for the next step.

   The right interview questions can help you assess a candidate's hard skills, behavioral intelligence, and soft skills.

7. Send a job offer and onboard your new loss mitigation specialist

   Once you've found the loss mitigation specialist candidate you'd like to hire, it's time to write an offer letter. This should include an explicit job offer that includes the salary and the details of any other perks. Qualified candidates might be looking at multiple positions, so your offer must be competitive if you like the candidate. Also, be prepared for a negotiation stage, as candidates may way want to tweak the details of your initial offer. Once you've settled on these details, you can draft a contract to formalize your agreement.

   It's also important to follow up with applicants who do not get the job with an email letting them know that the position is filled.

   After that, you can create an onboarding schedule for a new loss mitigation specialist. Human Resources and the hiring manager should complete Employee Action Forms. Human Resources should also ensure that onboarding paperwork is completed, including I-9s, benefits enrollment, federal and state tax forms, etc., and that new employee files are created.

8. Go through the hiring process checklist

   • Determine employee type (full-time, part-time, contractor, etc.)
   • Submit a job requisition form to the HR department
   • Define job responsibilities and requirements
   • Establish budget and timeline
   • Determine hiring decision makers for the role
   • Write job description
   • Post job on job boards, company website, etc.
   • Promote the job internally
   • Process applications through applicant tracking system
   • Review resumes and cover letters
   • Shortlist candidates for screening
   • Hold phone/virtual interview screening with first round of candidates
   • Conduct in-person interviews with top candidates from first round
   • Score candidates based on weighted criteria (e.g., experience, education, background, cultural fit, skill set, etc.)
   • Conduct background checks on top candidates
   • Check references of top candidates
   • Consult with HR and hiring decision makers on job offer specifics
   • Extend offer to top candidate(s)
   • Receive formal job offer acceptance and signed employment contract
   • Inform other candidates that the position has been filled
   • Set and communicate onboarding schedule to new hire(s)
   • Complete new hire paperwork (i9, benefits enrollment, tax forms, etc.)

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How much does it cost to hire a loss mitigation specialist?