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The differences between mortgage service specialists and loss mitigation specialists can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become a mortgage service specialist, becoming a loss mitigation specialist takes usually requires 6-12 months. Additionally, a loss mitigation specialist has an average salary of $43,251, which is higher than the $34,920 average annual salary of a mortgage service specialist.
The top three skills for a mortgage service specialist include mortgage loans, customer service and escrow analysis. The most important skills for a loss mitigation specialist are customer service, loan modifications, and foreclosure process.
| Mortgage Service Specialist | Loss Mitigation Specialist | |
| Yearly salary | $34,920 | $43,251 |
| Hourly rate | $16.79 | $20.79 |
| Growth rate | -3% | -8% |
| Number of jobs | 22,478 | 7,596 |
| Job satisfaction | - | 3.67 |
| Most common degree | Bachelor's Degree, 48% | Bachelor's Degree, 51% |
| Average age | 42 | 46 |
| Years of experience | 4 | 12 |
A Mortgage Service Specialist is an expert in mortgage administrative aspects. They review and verify loan application information, file borrower information, and process paperwork with the lending bank. They also authorize and recommend personal and commercial loans for approval. Math skills are necessary for this job for accuracy in calculating both the principal and interest amounts. They should also develop skills in handling transactions, foreclosing loans, communication, attention to detail, and customer service.
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 service specialists and loss mitigation specialists have different pay scales, as shown below.
| Mortgage Service Specialist | Loss Mitigation Specialist | |
| Average salary | $34,920 | $43,251 |
| Salary range | Between $27,000 And $43,000 | Between $34,000 And $54,000 |
| Highest paying City | Simi Valley, CA | Virginia Beach, VA |
| Highest paying state | California | Maryland |
| Best paying company | Citi | Accenture |
| Best paying industry | Finance | Professional |
There are a few differences between a mortgage service specialist and a loss mitigation specialist in terms of educational background:
| Mortgage Service Specialist | Loss Mitigation Specialist | |
| Most common degree | Bachelor's Degree, 48% | Bachelor's Degree, 51% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | - |
Here are the differences between mortgage service specialists' and loss mitigation specialists' demographics:
| Mortgage Service Specialist | Loss Mitigation Specialist | |
| Average age | 42 | 46 |
| Gender ratio | Male, 35.1% Female, 64.9% | Male, 40.4% Female, 59.6% |
| Race ratio | Black or African American, 13.0% Unknown, 4.2% Hispanic or Latino, 17.8% Asian, 6.5% White, 58.1% American Indian and Alaska Native, 0.4% | 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 | 7% | 8% |