Loss mitigation specialist vs specialist

The differences between loss mitigation specialists and 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 specialist takes usually requires 1-2 years. Additionally, a specialist has an average salary of $58,013, which is higher than the $43,251 average annual salary of a loss mitigation specialist.

The top three skills for a loss mitigation specialist include customer service, loan modifications and foreclosure process. The most important skills for a specialist are patients, customer service, and work ethic.

Loss mitigation specialist vs specialist overview

	Loss Mitigation Specialist	Specialist
Yearly salary	$43,251	$58,013
Hourly rate	$20.79	$27.89
Growth rate	-8%	10%
Number of jobs	7,596	358,433
Job satisfaction	3.67	-
Most common degree	Bachelor's Degree, 51%	Bachelor's Degree, 49%
Average age	46	42
Years of experience	12	2

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 specialist do?

Specialists are employees who are responsible for specific tasks or activities in the department they are assigned to. The actions or tasks they work on are related to their educational background or work experiences. They are usually highly skilled in specializations related to the work they are assigned to. Specialists are also highly trained on the competencies that are required of their specialty. As such, they are focused on the skills and competencies that are needed to enhance their experience in their specific field further.

Loss mitigation specialist vs specialist salary

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

	Loss Mitigation Specialist	Specialist
Average salary	$43,251	$58,013
Salary range	Between $34,000 And $54,000	Between $32,000 And $104,000
Highest paying City	Virginia Beach, VA	Jersey City, NJ
Highest paying state	Maryland	New Jersey
Best paying company	Accenture	The Citadel
Best paying industry	Professional	-

Differences between loss mitigation specialist and specialist education

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

	Loss Mitigation Specialist	Specialist
Most common degree	Bachelor's Degree, 51%	Bachelor's Degree, 49%
Most common major	Business	Business
Most common college	-	Stanford University

Loss mitigation specialist vs specialist demographics

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

	Loss Mitigation Specialist	Specialist
Average age	46	42
Gender ratio	Male, 40.4% Female, 59.6%	Male, 47.5% Female, 52.5%
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, 5.4% Hispanic or Latino, 16.4% Asian, 10.5% White, 55.9% American Indian and Alaska Native, 0.4%
LGBT Percentage	8%	11%

Differences between loss mitigation specialist and specialist 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.

Specialist example responsibilities.

Create, manage, and assist users with SharePoint sites.
Manage an on-site IRB and company good clinical practice (GCP) inspection.
Manage SharePoint sites by creating, editing, and customizing company sites, libraries and security.
Manage the building of accounts, assigning of static IP's, and scheduling of business class installations.
Convert servers from UNIX to Linux, all hardware diagnostics and repair including printers/plotters/desktops etc.
Follow safety procedures such as maintenance of all equipment (Telxon scanners, terminals and ladders).

Loss mitigation specialist vs specialist 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 specialist skills

Patients, 15%
Customer Service, 11%
Work Ethic, 5%
Patient Care, 4%
Exceptional Client, 4%
Troubleshoot, 4%

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Loss Mitigation Specialist
Loss Mitigation Specialist vs Specialist

Updated January 8, 2025

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