Loss mitigation specialist vs accounts receivable specialist

The differences between loss mitigation specialists and accounts receivable 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 accounts receivable specialist. Additionally, a loss mitigation specialist has an average salary of $43,251, which is higher than the $39,873 average annual salary of an accounts receivable specialist.

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

Loss mitigation specialist vs accounts receivable specialist overview

	Loss Mitigation Specialist	Accounts Receivable Specialist
Yearly salary	$43,251	$39,873
Hourly rate	$20.79	$19.17
Growth rate	-8%	-8%
Number of jobs	7,596	61,988
Job satisfaction	3.67	4.5
Most common degree	Bachelor's Degree, 51%	Bachelor's Degree, 45%
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 accounts receivable specialist do?

Accounts receivable specialists are members of the organization's finance or accounting department. They are responsible for managing the collection of payments for the company. They prepare official receipts and coordinate with account payable specialists from other companies with pending payables. They ensure that clients pay on time, and they also follow up on payments when necessary. They are responsible for checking whether the clients have already paid in full. Accounts receivable specialists are in charge of updating accounting records as well to ensure that client records are up to date.

Loss mitigation specialist vs accounts receivable specialist salary

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

	Loss Mitigation Specialist	Accounts Receivable Specialist
Average salary	$43,251	$39,873
Salary range	Between $34,000 And $54,000	Between $31,000 And $50,000
Highest paying City	Virginia Beach, VA	Washington, DC
Highest paying state	Maryland	Connecticut
Best paying company	Accenture	InfosysPublicService
Best paying industry	Professional	Technology

Differences between loss mitigation specialist and accounts receivable specialist education

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

	Loss Mitigation Specialist	Accounts Receivable Specialist
Most common degree	Bachelor's Degree, 51%	Bachelor's Degree, 45%
Most common major	Business	Business
Most common college	-	-

Loss mitigation specialist vs accounts receivable specialist demographics

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

	Loss Mitigation Specialist	Accounts Receivable Specialist
Average age	46	46
Gender ratio	Male, 40.4% Female, 59.6%	Male, 18.2% Female, 81.8%
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, 12.9% Unknown, 4.2% Hispanic or Latino, 19.0% Asian, 3.9% White, 59.6% American Indian and Alaska Native, 0.5%
LGBT Percentage	8%	8%

Differences between loss mitigation specialist and accounts receivable 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.

Accounts receivable specialist example responsibilities.

Manage profitable accounts receivable ledgers for existing and new clientele maintaining accuracy of monies enter to appropriate relate account.
Perform accounts reconciliations, complex invoice research, statement reconciliations, complex invoice research, statement reconciliation and journal entries.
Follow company's standard operating procedures in cooperation with Medicare, Medicaid and private insurance providers to resolve billing issues.
Cash and credit allocation of customer payments in ROSS ERP system.
Prepare PowerPoint presentations, word documents, letters and spreadsheets while meeting deadlines.
Reconcile direct billing accounts and adjust product pricing utilizing JD Edwards EnterpriseONE ERP system.

Loss mitigation specialist vs accounts receivable 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 accounts receivable specialist skills

Customer Service, 15%
Patients, 9%
Data Entry, 5%
Credit Card Payments, 4%
Reconciliations, 4%
Accounts Receivables, 3%

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Loss Mitigation Specialist
Loss Mitigation Specialist vs Accounts Receivable Specialist

Updated January 8, 2025

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