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The differences between loss mitigation specialists and mortgage 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 specialist takes usually requires 2-4 years. Additionally, a loss mitigation specialist has an average salary of $43,251, which is higher than the $38,757 average annual salary of a mortgage 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 specialist are customer service, residential mortgage loans, and origination.
| Loss Mitigation Specialist | Mortgage Specialist | |
| Yearly salary | $43,251 | $38,757 |
| Hourly rate | $20.79 | $18.63 |
| Growth rate | -8% | -3% |
| Number of jobs | 7,596 | 26,471 |
| Job satisfaction | 3.67 | - |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 55% |
| 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.
Mortgage specialists are professionals who work with lending institutions to identify the best lending product for their clients in exchange for taking the title of the debtors' properties. These specialists must process mortgage loan applications by reviewing their paperwork to ensure accuracy and completeness before submitting for approval. They should monitor accounts during the bankruptcy proceedings to ensure that the rights of their clients are protected. Mortgage specialists are also required to guide associates regarding procedural guidelines from FNMA, FHLMC, and MHA.
Loss mitigation specialists and mortgage specialists have different pay scales, as shown below.
| Loss Mitigation Specialist | Mortgage Specialist | |
| Average salary | $43,251 | $38,757 |
| Salary range | Between $34,000 And $54,000 | Between $29,000 And $51,000 |
| Highest paying City | Virginia Beach, VA | Oakland, CA |
| Highest paying state | Maryland | Washington |
| Best paying company | Accenture | Citi |
| Best paying industry | Professional | Finance |
There are a few differences between a loss mitigation specialist and a mortgage specialist in terms of educational background:
| Loss Mitigation Specialist | Mortgage Specialist | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 55% |
| Most common major | Business | Business |
| Most common college | - | University of Pennsylvania |
Here are the differences between loss mitigation specialists' and mortgage specialists' demographics:
| Loss Mitigation Specialist | Mortgage Specialist | |
| Average age | 46 | 42 |
| Gender ratio | Male, 40.4% Female, 59.6% | Male, 39.3% Female, 60.7% |
| 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, 13.3% Unknown, 4.4% Hispanic or Latino, 14.2% Asian, 7.5% White, 60.2% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 8% | 7% |