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The differences between loss mitigation specialists and mortgage loan specialists 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 mortgage loan specialist takes usually requires 2-4 years. Additionally, a loss mitigation specialist has an average salary of $43,251, which is higher than the $41,186 average annual salary of a mortgage loan specialist.
The top three skills for a loss mitigation specialist include customer service, loan modifications and foreclosure process. The most important skills for a mortgage loan specialist are customer service, FHA, and escrow accounts.
| Loss Mitigation Specialist | Mortgage Loan Specialist | |
| Yearly salary | $43,251 | $41,186 |
| Hourly rate | $20.79 | $19.80 |
| Growth rate | -8% | -3% |
| Number of jobs | 7,596 | 33,704 |
| Job satisfaction | 3.67 | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 56% |
| Average age | 46 | 42 |
| Years of experience | 12 | 4 |
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.
Also called a loan officer, a mortgage loan specialist assists clients in finding the appropriate financial aid for homes and other properties. Mortgage loan specialists look for new applicants, secure the right loans, assist with the documentation, and supervise the financing process. They collect and review the financial information of their clients for loan grant eligibility. It is important that they develop skills in financial processes, customer service, time management, and communication.
Loss mitigation specialists and mortgage loan specialists have different pay scales, as shown below.
| Loss Mitigation Specialist | Mortgage Loan Specialist | |
| Average salary | $43,251 | $41,186 |
| Salary range | Between $34,000 And $54,000 | Between $27,000 And $62,000 |
| Highest paying City | Virginia Beach, VA | Uniondale, NY |
| Highest paying state | Maryland | West Virginia |
| Best paying company | Accenture | The PNC Financial Services Group |
| Best paying industry | Professional | Finance |
There are a few differences between a loss mitigation specialist and a mortgage loan specialist in terms of educational background:
| Loss Mitigation Specialist | Mortgage Loan Specialist | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 56% |
| Most common major | Business | Business |
| Most common college | - | University of Pennsylvania |
Here are the differences between loss mitigation specialists' and mortgage loan specialists' demographics:
| Loss Mitigation Specialist | Mortgage Loan Specialist | |
| Average age | 46 | 42 |
| Gender ratio | Male, 40.4% Female, 59.6% | Male, 33.9% Female, 66.1% |
| 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, 13.3% Unknown, 4.4% Hispanic or Latino, 14.4% Asian, 7.7% White, 59.7% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 8% | 7% |