Mortgage collector vs loss mitigation specialist

The differences between mortgage collectors and loss mitigation specialists can be seen in a few details. Each job has different responsibilities and duties. It typically takes 6-12 months to become both a mortgage collector and a loss mitigation specialist. Additionally, a loss mitigation specialist has an average salary of $43,251, which is higher than the $36,748 average annual salary of a mortgage collector.

The top three skills for a mortgage collector include customer service, payment arrangements and loss mitigation. The most important skills for a loss mitigation specialist are customer service, loan modifications, and foreclosure process.

Mortgage collector vs loss mitigation specialist overview

	Mortgage Collector	Loss Mitigation Specialist
Yearly salary	$36,748	$43,251
Hourly rate	$17.67	$20.79
Growth rate	-8%	-8%
Number of jobs	6,137	7,596
Job satisfaction	-	3.67
Most common degree	Bachelor's Degree, 38%	Bachelor's Degree, 51%
Average age	46	46
Years of experience	12	12

Mortgage collector vs loss mitigation specialist salary

Mortgage collectors and loss mitigation specialists have different pay scales, as shown below.

	Mortgage Collector	Loss Mitigation Specialist
Average salary	$36,748	$43,251
Salary range	Between $31,000 And $42,000	Between $34,000 And $54,000
Highest paying City	-	Virginia Beach, VA
Highest paying state	-	Maryland
Best paying company	-	Accenture
Best paying industry	-	Professional

Differences between mortgage collector and loss mitigation specialist education

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

	Mortgage Collector	Loss Mitigation Specialist
Most common degree	Bachelor's Degree, 38%	Bachelor's Degree, 51%
Most common major	Business	Business
Most common college	-	-

Mortgage collector vs loss mitigation specialist demographics

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

	Mortgage Collector	Loss Mitigation Specialist
Average age	46	46
Gender ratio	Male, 38.3% Female, 61.7%	Male, 40.4% Female, 59.6%
Race ratio	Black or African American, 12.6% Unknown, 4.1% Hispanic or Latino, 22.5% Asian, 3.7% White, 56.5% American Indian and Alaska Native, 0.5%	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%
LGBT Percentage	8%	8%

Differences between mortgage collector and loss mitigation specialist duties and responsibilities

Mortgage collector example responsibilities.

Manage re-billings for third party accounts including: commercial carriers, manage care, PPO, POS and HMO organizations.
Follow rules and regulations of the FDCPA to ensure all transactions are done within the proper guidelines.
Answer any billing questions or issues regarding the account using knowledge of the FDCPA laws and light skip tracing.
Develop effective partnerships with non-profit organizations and community developments to improve origination of affordable housing loans for first time home buyers.
Prepare financial paperwork and set up ACH and credit card for recurring payments.
Resolve mortgage/car/home equities and over draft accounts.

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.

Mortgage collector vs loss mitigation specialist skills

Common mortgage collector skills

Customer Service, 17%
Payment Arrangements, 15%
Loss Mitigation, 8%
Foreclosure Process, 8%
FDCPA, 6%
Loan Modifications, 4%

Common loss mitigation specialist skills

Customer Service, 13%
Loan Modifications, 9%
Foreclosure Process, 8%
Inbound Calls, 5%
Loss Mitigation Options, 4%
Payment Arrangements, 3%

Mortgage Collector vs. similar jobs

Mortgage Collector related careers

Mortgage Collector related jobs

What similar roles do

Zippia Careers
Office and Administrative Industry
Mortgage Collector
Mortgage Collector vs Loss Mitigation Specialist

Updated January 8, 2025

Browse office and administrative jobs