Loss mitigation specialist vs account specialist

The differences between loss mitigation specialists and account specialists 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 specialist. Additionally, a loss mitigation specialist has an average salary of $43,251, which is higher than the $42,586 average annual salary of an account specialist.

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

Loss mitigation specialist vs account specialist overview

	Loss Mitigation Specialist	Account Specialist
Yearly salary	$43,251	$42,586
Hourly rate	$20.79	$20.47
Growth rate	-8%	-8%
Number of jobs	7,596	116,010
Job satisfaction	3.67	-
Most common degree	Bachelor's Degree, 51%	Bachelor's Degree, 54%
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 specialist do?

An account specialist is responsible for reaching out to customers or potential clients through calls, emails, and other forms of correspondence to secure sales and strengthen business relations. An account specialist may also perform other tasks such as arranging appointment schedules with clients, providing price quotes and responding to further inquiries, process orders, generating sales leads, and handling complaints and resolving issues. Furthermore, an account specialist may also be involved in developing strategies, finding new opportunities, producing and completing necessary documents, and preparing reports, all in adherence to the company's policies and regulations.

Loss mitigation specialist vs account specialist salary

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

	Loss Mitigation Specialist	Account Specialist
Average salary	$43,251	$42,586
Salary range	Between $34,000 And $54,000	Between $28,000 And $62,000
Highest paying City	Virginia Beach, VA	Washington, DC
Highest paying state	Maryland	Virginia
Best paying company	Accenture	Microsoft
Best paying industry	Professional	Finance

Differences between loss mitigation specialist and account specialist education

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

	Loss Mitigation Specialist	Account Specialist
Most common degree	Bachelor's Degree, 51%	Bachelor's Degree, 54%
Most common major	Business	Business
Most common college	-	-

Loss mitigation specialist vs account specialist demographics

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

	Loss Mitigation Specialist	Account Specialist
Average age	46	46
Gender ratio	Male, 40.4% Female, 59.6%	Male, 32.2% Female, 67.8%
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, 13.2% Unknown, 4.1% Hispanic or Latino, 17.8% Asian, 3.7% White, 60.8% American Indian and Alaska Native, 0.5%
LGBT Percentage	8%	8%

Differences between loss mitigation specialist and account specialist 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 specialist example responsibilities.

Cultivate productive long-term relationships with all assign accounts, and manage all reporting and presentation needs for RFP's.
Manage a portfolio of accounts end to end RFP program execution inclusive of pricing, contracting, process and technology solutions.
Manage the daily correspondence from assign practices with keeping doctor/patient confidentiality under consideration along with HIPPA regulations.
Deliver exceptional customer service to hospital accounts and internal sales representatives in accordance to revenue recognition policies and HIPAA regulations.
Experience with CMS 1500 and UB-04 claims using HCPC/CPT codes as well as NDC codes
Monitor CMS and real time aux codes.

Loss mitigation specialist vs account specialist 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 specialist skills

Customer Service, 25%
Patients, 13%
Account Management, 6%
PowerPoint, 4%
Data Entry, 4%
Catheter, 3%

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Loss Mitigation Specialist
Loss Mitigation Specialist vs Account Specialist

Updated January 8, 2025

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