Loss mitigation specialist vs collections, customer service

The differences between loss mitigation specialists and collectionss, customer service 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, customer service. Additionally, a loss mitigation specialist has an average salary of $43,251, which is higher than the $32,870 average annual salary of a collections, customer service.

The top three skills for a loss mitigation specialist include customer service, loan modifications and foreclosure process. The most important skills for a collections, customer service are strong customer service, customer service, and payment arrangements.

Loss mitigation specialist vs collections, customer service overview

	Loss Mitigation Specialist	Collections, Customer Service
Yearly salary	$43,251	$32,870
Hourly rate	$20.79	$15.80
Growth rate	-8%	-8%
Number of jobs	7,596	161,544
Job satisfaction	3.67	-
Most common degree	Bachelor's Degree, 51%	High School Diploma, 33%
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, customer service do?

A collections customer service or collections agent is the person who is in charge of collecting past-due bill payments. Collections agents establish a list of individuals who failed to make their payments. They organize the list based on the severity of their delinquency. It is their task to find the location of the customers through background checks, credit bureau information, and loan documents. Those who are interested in this job should develop skills in intuition, quick thinking, problem-solving, and communication.

Loss mitigation specialist vs collections, customer service salary

Loss mitigation specialists and collectionss, customer service have different pay scales, as shown below.

	Loss Mitigation Specialist	Collections, Customer Service
Average salary	$43,251	$32,870
Salary range	Between $34,000 And $54,000	Between $27,000 And $39,000
Highest paying City	Virginia Beach, VA	Danvers, MA
Highest paying state	Maryland	Virginia
Best paying company	Accenture	University of California
Best paying industry	Professional	Automotive

Differences between loss mitigation specialist and collections, customer service education

There are a few differences between a loss mitigation specialist and a collections, customer service in terms of educational background:

	Loss Mitigation Specialist	Collections, Customer Service
Most common degree	Bachelor's Degree, 51%	High School Diploma, 33%
Most common major	Business	Business
Most common college	-	-

Loss mitigation specialist vs collections, customer service demographics

Here are the differences between loss mitigation specialists' and collectionss, customer service' demographics:

	Loss Mitigation Specialist	Collections, Customer Service
Average age	46	46
Gender ratio	Male, 40.4% Female, 59.6%	Male, 29.3% Female, 70.7%
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, 11.4% Unknown, 4.2% Hispanic or Latino, 20.3% Asian, 3.8% White, 59.8% American Indian and Alaska Native, 0.5%
LGBT Percentage	8%	8%

Differences between loss mitigation specialist and collections, customer service 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, customer service example responsibilities.

Monitor all assign accounts by reviewing the client's aging, manage all potential bad debit, DSO, aging.
Provide excellent verbal, written, oral communication skills, attend ongoing training of collections and FDCPA regulations and guidelines.
Provide excellent interpersonal, negotiation, and customer service skills via telephone.
Research accounts to verify credits and debits make are accurately post against supporting documents showing timely reflect within the FDCPA guidelines.
Prevent impending loss and increase profitability through negotiation and enforcement of schedule collection campaigns.
Submit additional information request by insurance companies such as medical records, primary/secondary insurance explanation of benefits (EOB).

Loss mitigation specialist vs collections, customer service 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, customer service skills

Strong Customer Service, 45%
Customer Service, 12%
Payment Arrangements, 5%
Credit Card Payments, 4%
Delinquent Accounts, 4%
Past Due Accounts, 3%

Loss Mitigation Specialist vs. similar jobs

Loss Mitigation Specialist related careers

Loss Mitigation Specialist related jobs

What similar roles do

Zippia Careers
Office and Administrative Industry
Loss Mitigation Specialist
Loss Mitigation Specialist vs Collections, Customer Service

Updated January 8, 2025

Browse office and administrative jobs