Loss mitigation specialist vs loan services representative

The differences between loss mitigation specialists and loan services representatives can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 6-12 months to become a loss mitigation specialist, becoming a loan services representative takes usually requires 2-4 years. Additionally, a loss mitigation specialist has an average salary of $43,251, which is higher than the $38,603 average annual salary of a loan services representative.

The top three skills for a loss mitigation specialist include customer service, loan modifications and foreclosure process. The most important skills for a loan services representative are customer service, loan payments, and outbound calls.

Loss mitigation specialist vs loan services representative overview

	Loss Mitigation Specialist	Loan Services Representative
Yearly salary	$43,251	$38,603
Hourly rate	$20.79	$18.56
Growth rate	-8%	-3%
Number of jobs	7,596	85,475
Job satisfaction	3.67	-
Most common degree	Bachelor's Degree, 51%	Bachelor's Degree, 47%
Average age	46	42
Years of experience	12	4

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 loan services representative do?

A loan service representative is responsible for communicating and interacting with clients and serves as a back-up or reliever in a company. They are the first person that the client must go through if they want to apply for a loan. Loan representatives monitor and ensure that all data and information is properly documented using a loan processing system. Also, they are the ones who inspect and verify if a company is complying with the transaction rules as well as the loan procedures and regulations.

Loss mitigation specialist vs loan services representative salary

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

	Loss Mitigation Specialist	Loan Services Representative
Average salary	$43,251	$38,603
Salary range	Between $34,000 And $54,000	Between $15,000 And $98,000
Highest paying City	Virginia Beach, VA	Baltimore, MD
Highest paying state	Maryland	New York
Best paying company	Accenture	Jersey Shore State Bank
Best paying industry	Professional	Finance

Differences between loss mitigation specialist and loan services representative education

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

	Loss Mitigation Specialist	Loan Services Representative
Most common degree	Bachelor's Degree, 51%	Bachelor's Degree, 47%
Most common major	Business	Business
Most common college	-	University of Pennsylvania

Loss mitigation specialist vs loan services representative demographics

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

	Loss Mitigation Specialist	Loan Services Representative
Average age	46	42
Gender ratio	Male, 40.4% Female, 59.6%	Male, 26.8% Female, 73.2%
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, 11.7% Unknown, 4.4% Hispanic or Latino, 17.0% Asian, 7.1% White, 59.4% American Indian and Alaska Native, 0.4%
LGBT Percentage	8%	7%

Differences between loss mitigation specialist and loan services 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.

Loan services representative example responsibilities.

Manage customer relations with internal personnel, group administrators, brokers and members as related to Medicare insurance.
Track, compile, and send HUD and VA binders off to respective government agency.
Approve final numbers on HUD closing contract, turn in final sign contract to lender for funding.
Provide research support functions to management and sales representatives on check copies, ACH maintenance and speed-pay income.
Complete address changes, respond to emails, opt out requests, return mail, ACH inquiries and enrollment.
Provide internal and external customers with require foreclosure documents while meeting require deadlines.

Loss mitigation specialist vs loan services 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 loan services representative skills

Customer Service, 24%
Loan Payments, 19%
Outbound Calls, 4%
Escrow Accounts, 4%
Mortgage Loans, 3%
ACH, 2%

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Loss Mitigation Specialist
Loss Mitigation Specialist vs Loan Services Representative

Updated January 8, 2025

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