Loss mitigation specialist vs account representative

The differences between loss mitigation specialists and account representatives can be seen in a few details. Each job has different responsibilities and duties. It typically takes 6-12 months to become both a loss mitigation specialist and an account representative. Additionally, a loss mitigation specialist has an average salary of $43,251, which is higher than the $36,977 average annual salary of an account representative.

The top three skills for a loss mitigation specialist include customer service, loan modifications and foreclosure process. The most important skills for an account representative are customer service, patients, and patient accounts.

Loss mitigation specialist vs account representative overview

	Loss Mitigation Specialist	Account Representative
Yearly salary	$43,251	$36,977
Hourly rate	$20.79	$17.78
Growth rate	-8%	-8%
Number of jobs	7,596	183,446
Job satisfaction	3.67	-
Most common degree	Bachelor's Degree, 51%	Bachelor's Degree, 52%
Average age	46	46
Years of experience	12	12

What does a loss mitigation specialist do?

A loss mitigation specialist is responsible for evaluating outstanding debts, assisting the mortgage owner on minimizing losses by reviewing potential risks before settling a mutual agreement for the debtor and the bank. Loss mitigation specialists analyze financial documents and account statements, determining the property value, and assess the debtor's credit ratings. They also negotiate on payment plans, ensuring that the debtor understands the terms and conditions to prevent further financial damage. A loss mitigation specialist must have excellent knowledge of the financial industry, including banking products and services.

What does an account representative do?

Account representatives are employees who manage client accounts and act as the main contact of the clients they are handling. They maintain existing accounts by updating client details regularly. They also check up on clients to see if they are still satisfied with the products or services of the company. They also create new accounts by welcoming new clients and assisting them in their needs. Account representatives manage client inquiries and process client requests. They also address complaints and ensure that any challenges are mitigated and that clients remain with the company.

Loss mitigation specialist vs account representative salary

Loss mitigation specialists and account representatives have different pay scales, as shown below.

	Loss Mitigation Specialist	Account Representative
Average salary	$43,251	$36,977
Salary range	Between $34,000 And $54,000	Between $26,000 And $51,000
Highest paying City	Virginia Beach, VA	Los Angeles, CA
Highest paying state	Maryland	California
Best paying company	Accenture	New Relic
Best paying industry	Professional	Finance

Differences between loss mitigation specialist and account representative education

There are a few differences between a loss mitigation specialist and an account representative in terms of educational background:

	Loss Mitigation Specialist	Account Representative
Most common degree	Bachelor's Degree, 51%	Bachelor's Degree, 52%
Most common major	Business	Business
Most common college	-	-

Loss mitigation specialist vs account representative demographics

Here are the differences between loss mitigation specialists' and account representatives' demographics:

	Loss Mitigation Specialist	Account Representative
Average age	46	46
Gender ratio	Male, 40.4% Female, 59.6%	Male, 33.6% Female, 66.4%
Race ratio	Black or African American, 13.9% Unknown, 3.9% Hispanic or Latino, 20.7% Asian, 3.4% White, 57.6% American Indian and Alaska Native, 0.5%	Black or African American, 12.5% Unknown, 4.2% Hispanic or Latino, 17.3% Asian, 3.9% White, 61.6% American Indian and Alaska Native, 0.5%
LGBT Percentage	8%	8%

Differences between loss mitigation specialist and account representative duties and responsibilities

Loss mitigation specialist example 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.

Account representative example responsibilities.

Manage all billing accounts including Medicare/Medicaid, HMO and individual accounts.
Manage the daily correspondence from assign practices with keeping doctor/patient confidentiality under consideration along with HIPPA regulations.
Manage and maintain an internal database system to generate reports and produce accurate account information for patients and insurance companies.
Educate physicians to use current ICD-9 diagnostic coding and preparation to begin ICD-10 coding requirements.
Analyze health care insurance/litigation patient account files to resolve outstanding and delinquent accounts due to the healthcare client.
Promote ThermoCool SmartTouch ablation catheter device to electrophysiologists.

Loss mitigation specialist vs account representative skills

Common loss mitigation specialist skills

Customer Service, 13%
Loan Modifications, 9%
Foreclosure Process, 8%
Inbound Calls, 5%
Loss Mitigation Options, 4%
Payment Arrangements, 3%

Common account representative skills

Customer Service, 21%
Patients, 18%
Patient Accounts, 5%
Data Entry, 3%
Medicaid, 3%
Customer Satisfaction, 3%

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Loss Mitigation Specialist
Loss Mitigation Specialist vs Account Representative

Updated January 8, 2025

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