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Loss mitigation specialist salary
Average loss mitigation specialist salary
$43,251
Understanding the Loss Mitigation Specialist Salary
The average salary for a Loss Mitigation Specialist stands at $43,251 annually, translating to about $21 per hour. This position primarily involves assisting clients in navigating financial difficulties, particularly in managing debts and negotiating with creditors. The salary can vary significantly based on factors such as experience, education, and geographic location.
Salary Insights by Experience Level
Entry-level specialists typically earn lower salaries, while those with more experience can command higher wages. For instance, professionals with five to ten years in the field may see salaries increase by up to 20%. Additionally, specialists in metropolitan areas often experience higher compensation due to the cost of living and demand for skilled professionals.
Top-Earning States
Some states, like California and New York, offer the highest salaries for Loss Mitigation Specialists, often exceeding the national average. These states have larger financial markets and a greater need for financial advisory services, leading to better compensation packages.
Overall, pursuing a career as a Loss Mitigation Specialist not only offers competitive pay but also the chance to make a meaningful impact in clients’ financial lives.
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Where can a Loss Mitigation Specialist earn more?
Loss mitigation specialist salaries by experience level
Loss mitigation specialist salary estimates from across the web
Average loss mitigation specialist salary by state
The highest-paying states for loss mitigation specialists are Maryland, New Jersey, and Virginia. The lowest average loss mitigation specialist salary states are Utah, Nebraska, and Kansas.
- State view
- County view
Highest paying states for loss mitigation specialists
| Rank | State | Avg. salary | Hourly rate |
|---|---|---|---|
| 1 | Maryland | $51,357 | $24.69 |
| 2 | District of Columbia | $57,762 | $27.77 |
| 3 | New Jersey | $49,677 | $23.88 |
| 4 | Arizona | $43,646 | $20.98 |
| 5 | Virginia | $49,433 | $23.77 |
| 6 | Alaska | $45,695 | $21.97 |
| 7 | Idaho | $43,923 | $21.12 |
| 8 | Georgia | $44,455 | $21.37 |
| 9 | Colorado | $44,172 | $21.24 |
| 10 | Texas | $42,255 | $20.31 |
| 11 | Mississippi | $45,460 | $21.86 |
| 12 | Massachusetts | $46,739 | $22.47 |
| 13 | Alabama | $42,775 | $20.56 |
| 14 | New York | $45,218 | $21.74 |
| 15 | Nevada | $41,088 | $19.75 |
| 16 | Pennsylvania | $41,495 | $19.95 |
| 17 | North Dakota | $39,805 | $19.14 |
| 18 | Wyoming | $39,133 | $18.81 |
| 19 | Illinois | $43,847 | $21.08 |
| 20 | Missouri | $41,618 | $20.01 |
| 21 | Minnesota | $42,468 | $20.42 |
| 22 | California | $47,238 | $22.71 |
| 23 | Michigan | $41,424 | $19.92 |
| 24 | Iowa | $38,640 | $18.58 |
| 25 | Connecticut | $45,119 | $21.69 |
| 26 | Hawaii | $41,158 | $19.79 |
| 27 | New Mexico | $38,769 | $18.64 |
| 28 | Tennessee | $40,243 | $19.35 |
| 29 | Montana | $40,039 | $19.25 |
| 30 | Washington | $41,999 | $20.19 |
| 31 | Louisiana | $38,717 | $18.61 |
| 32 | Wisconsin | $39,575 | $19.03 |
| 33 | North Carolina | $38,522 | $18.52 |
| 34 | Rhode Island | $40,756 | $19.59 |
| 35 | South Carolina | $40,663 | $19.55 |
| 36 | Delaware | $36,580 | $17.59 |
| 37 | Florida | $37,471 | $18.01 |
| 38 | Oregon | $38,172 | $18.35 |
| 39 | Indiana | $37,405 | $17.98 |
| 40 | Utah | $35,372 | $17.01 |
| 41 | Nebraska | $35,203 | $16.92 |
| 42 | New Hampshire | $37,281 | $17.92 |
| 43 | Kansas | $35,043 | $16.85 |
| 44 | Kentucky | $37,318 | $17.94 |
| 45 | Arkansas | $35,775 | $17.20 |
| 46 | Vermont | $37,120 | $17.85 |
| 47 | Ohio | $35,659 | $17.14 |
| 48 | Oklahoma | $35,540 | $17.09 |
| 49 | West Virginia | $34,901 | $16.78 |
| 50 | Maine | $34,703 | $16.68 |
| 51 | South Dakota | $31,038 | $14.92 |
Highest paying cities for loss mitigation specialists
The highest-paying cities for loss mitigation specialists are Virginia Beach, VA, Mount Laurel, NJ, and San Jose, CA.
| Rank | City | Avg. salary | Hourly rate |
|---|---|---|---|
| 1 | Virginia Beach, VA | $50,074 | $24.07 |
| 2 | Mount Laurel, NJ | $50,034 | $24.05 |
| 3 | San Jose, CA | $47,311 | $22.75 |
| 4 | New York, NY | $45,473 | $21.86 |
| 5 | Hartford, CT | $44,657 | $21.47 |
| 6 | Atlanta, GA | $44,313 | $21.30 |
| 7 | Tucson, AZ | $43,835 | $21.07 |
| 8 | Springfield, IL | $43,347 | $20.84 |
| 9 | San Antonio, TX | $42,921 | $20.64 |
| 10 | Birmingham, AL | $42,532 | $20.45 |
| 11 | Minneapolis, MN | $42,420 | $20.39 |
| 12 | Seattle, WA | $42,118 | $20.25 |
| 13 | Troy, MI | $41,591 | $20.00 |
| 14 | Greenville, SC | $40,285 | $19.37 |
| 15 | Raleigh, NC | $38,940 | $18.72 |
| 16 | Metairie, LA | $38,844 | $18.68 |
| 17 | Des Moines, IA | $38,537 | $18.53 |
| 18 | Tigard, OR | $38,035 | $18.29 |
| 19 | Palm Beach Gardens, FL | $37,645 | $18.10 |
| 20 | Little Rock, AR | $35,982 | $17.30 |
Loss mitigation specialist salary details
A loss mitigation specialist's salary ranges from $34,000 a year at the 10th percentile to $54,000 at the 90th percentile.
What is a loss mitigation specialist's salary?
| Percentile | Annual salary | Monthly salary | Hourly rate |
|---|---|---|---|
| 90th Percentile | $54,000 | $4,500 | $26 |
| 75th Percentile | $48,000 | $4,000 | $23 |
| Average | $43,251 | $3,604 | $21 |
| 25th Percentile | $38,000 | $3,167 | $18 |
| 10th Percentile | $34,000 | $2,833 | $16 |
Highest paying loss mitigation specialist jobs
The highest paying types of loss mitigation specialists are loan servicing specialist, negotiator, and specialist.
| Job title | Annual salary | Monthly salary | Hourly rate | Job openings |
|---|---|---|---|---|
| Debt Collector | $33,865 | $2,822 | $16.28 | 23,385 |
| Bill Collector | $35,585 | $2,965 | $17.11 | 23,746 |
| Collector | $34,872 | $2,906 | $16.77 | 23,948 |
| Account Representative | $36,977 | $3,081 | $17.78 | 183,446 |
| Collections, Customer Service | $32,870 | $2,739 | $15.80 | 161,544 |
| Negotiator | $63,632 | $5,303 | $30.59 | 8,748 |
Top companies hiring loss mitigation specialists now:
Which companies pay loss mitigation specialists the most?
Loss mitigation specialist salaries at Accenture and First Citizens Bank are the highest-paying according to our most recent salary estimates. In addition, the average loss mitigation specialist salary at companies like GCR and SEFCU are highly competitive.
| Rank | Company | Average salary | Hourly rate |
|---|---|---|---|
| 1 | Accenture | $57,476 | $27.63 |
| 2 | First Citizens Bank | $50,854 | $24.45 |
| 3 | GCR | $50,656 | $24.35 |
| 4 | SEFCU | $46,676 | $22.44 |
| 5 | Hills Bank and Trust | $46,588 | $22.40 |
| 6 | Avalon Bay Co | $46,534 | $22.37 |
| 7 | loanDepot | $46,287 | $22.25 |
| 8 | Hope Credit Union | $46,121 | $22.17 |
| 9 | United States Courts | $45,665 | $21.95 |
| 10 | First United Bank | $44,769 | $21.52 |
| 11 | CarringtonRES | $44,644 | $21.46 |
| 12 | Freddie Mac | $44,476 | $21.38 |
| 13 | Cathay Bank | $44,350 | $21.32 |
| 14 | Selene Finance | $44,105 | $21.20 |
| 15 | Connecticut Housing Finance Authority | $44,007 | $21.16 |
| 16 | America First Credit Union | $43,974 | $21.14 |
| 17 | International Business-Government Counsellors | $42,779 | $20.57 |
| 18 | Desert Schools Federal Credit Union | $42,622 | $20.49 |
| 19 | Grandbridge Real Estate Capital | $42,265 | $20.32 |
| 20 | Stock Yards Ban | $42,257 | $20.32 |
Wage gap by gender, race and education
Loss mitigation specialist salary trends
The average loss mitigation specialist salary has risen by $7,015 over the last ten years. In 2014, the average loss mitigation specialist earned $36,236 annually, but today, they earn $43,251 a year. That works out to a 8% change in pay for loss mitigation specialists over the last decade.
Compare loss mitigation specialist salaries for cities or states with the national average over time.
Average loss mitigation specialist salary over time
Compare loss mitigation specialist salaries for individual cities or states with the national average.
Loss mitigation specialist salary by year
| Year | Avg. salary | Hourly rate | % Change |
|---|---|---|---|
| 2025 | $43,300 | $20.79 | +2.9% |
| 2024 | $42,000 | $20.19 | +2.6% |
| 2023 | $40,900 | $19.66 | +1.9% |
| 2022 | $40,100 | $19.28 | -0.1% |
| 2021 | $40,100 | $19.29 | +2.6% |
Recently added loss mitigation specialist salaries
| Company | Job | Location | Date added | Salary |
|---|---|---|---|---|
| Alliant Credit Union | Lead Associate Loss Mitigation Specialist (Perm-Hybrid at OUR Chicago HQ Near O'Hare Airport) | Chicago, IL | 06/29/2025 | $52,800 |
| Commerce Bancshares | Loss Mitigation Specialist-Mortgage | Kansas City, MO | 06/28/2025 | $47,166 |
| Teksystems | Loss Mitigation Specialist | Trenton, NJ | 06/21/2025 | $48,001 |
| Greater Nevada | Loss Mitigation Specialist | Reno, NV | 06/21/2025 | $42,000 |
| Srp Federal Credit Union | Loss Mitigation Specialist | North Augusta, SC | 06/17/2025 | $39,319 |
| Spreetail | Tariff Mitigation Specialist | Pine, AZ | 06/17/2025 | $70,000 |
| Usalliance Financial | Loss Mitigation Specialist II | Chelmsford, MA | 06/16/2025 | $52,676 |
| Keybank National Association | Non-Real Estate Loss Mitigation Specialist (Single Point of Contact) | Brooklyn, OH | 06/05/2025 | $50,088 |
| Guild Mortgage | Loss Mitigation Document Specialist | San Diego, CA | 06/05/2025 | $35,479 |
| CFCU Community Credit Union | Temporary Asset Recovery and Loss Mitigation Specialist | Ithaca, NY | 06/05/2025 | $42,784 |
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