Loss mitigation specialist vs collections/accounts receivable

The differences between loss mitigation specialists and collections/accounts receivables 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 a collections/accounts receivable. Additionally, a loss mitigation specialist has an average salary of $43,251, which is higher than the $38,949 average annual salary of a collections/accounts receivable.

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

Loss mitigation specialist vs collections/accounts receivable overview

	Loss Mitigation Specialist	Collections/Accounts Receivable
Yearly salary	$43,251	$38,949
Hourly rate	$20.79	$18.73
Growth rate	-8%	-8%
Number of jobs	7,596	30,523
Job satisfaction	3.67	-
Most common degree	Bachelor's Degree, 51%	Bachelor's Degree, 40%
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 a collections/accounts receivable do?

An officer for collections/accounts receivable is in charge of a company's financial activities, ensuring that they receive payment from clients. They primarily focus on overseeing all billing and invoices, processing and verifying all receipts and rendered services, maintaining an accurate record of all transactions, producing reports and presentations, reviewing account and payment histories, and ensuring the accuracy of all processes involving the matter. Furthermore, should there be any complex issues, it is essential to reach out to a manager or a supervisor right away.

Loss mitigation specialist vs collections/accounts receivable salary

Loss mitigation specialists and collections/accounts receivables have different pay scales, as shown below.

	Loss Mitigation Specialist	Collections/Accounts Receivable
Average salary	$43,251	$38,949
Salary range	Between $34,000 And $54,000	Between $30,000 And $49,000
Highest paying City	Virginia Beach, VA	Boston, MA
Highest paying state	Maryland	Connecticut
Best paying company	Accenture	Apollo Global Management
Best paying industry	Professional	Finance

Differences between loss mitigation specialist and collections/accounts receivable education

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

	Loss Mitigation Specialist	Collections/Accounts Receivable
Most common degree	Bachelor's Degree, 51%	Bachelor's Degree, 40%
Most common major	Business	Business
Most common college	-	-

Loss mitigation specialist vs collections/accounts receivable demographics

Here are the differences between loss mitigation specialists' and collections/accounts receivables' demographics:

	Loss Mitigation Specialist	Collections/Accounts Receivable
Average age	46	46
Gender ratio	Male, 40.4% Female, 59.6%	Male, 25.3% Female, 74.7%
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, 12.0% Unknown, 4.1% Hispanic or Latino, 20.1% Asian, 3.8% White, 59.4% American Indian and Alaska Native, 0.5%
LGBT Percentage	8%	8%

Differences between loss mitigation specialist and collections/accounts receivable 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.

Collections/accounts receivable example responsibilities.

Plan and conduct sensitive HUMINT collection operations with an emphasis on managing and debriefing confidential sources.
Work accounts receivable for Medicaid verification and payments.
Work remittance advice from Medicaid ensuring accuracy of payments.
Research and obtain extensive knowledge of FDCPA debt recovery laws and assist in recovering commercial debt from organizations.
Communicate effectively with patients, physicians, hospital staff, and insurance representatives to ensure accuracy in claims processing.
Review claims to determine if process correctly and if necessary, direct patients to contact insurance companies regarding additional benefit questions.

Loss mitigation specialist vs collections/accounts receivable 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 collections/accounts receivable skills

Customer Service, 21%
Patients, 6%
Delinquent Accounts, 5%
Credit Card Payments, 5%
Past Due Accounts, 5%
Customer Accounts, 5%

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Loss Mitigation Specialist
Loss Mitigation Specialist vs Collections/Accounts Receivable

Updated January 8, 2025

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