Telephone collector vs loss mitigation specialist

The differences between telephone 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 telephone collector and a loss mitigation specialist. Additionally, a loss mitigation specialist has an average salary of $43,251, which is higher than the $35,823 average annual salary of a telephone collector.

The top three skills for a telephone collector include customer service, telephone calls and FDCPA. The most important skills for a loss mitigation specialist are customer service, loan modifications, and foreclosure process.

Telephone collector vs loss mitigation specialist overview

	Telephone Collector	Loss Mitigation Specialist
Yearly salary	$35,823	$43,251
Hourly rate	$17.22	$20.79
Growth rate	-8%	-8%
Number of jobs	3,762	7,596
Job satisfaction	-	3.67
Most common degree	Bachelor's Degree, 41%	Bachelor's Degree, 51%
Average age	46	46
Years of experience	12	12

Telephone collector vs loss mitigation specialist salary

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

	Telephone Collector	Loss Mitigation Specialist
Average salary	$35,823	$43,251
Salary range	Between $30,000 And $41,000	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 telephone collector and loss mitigation specialist education

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

	Telephone Collector	Loss Mitigation Specialist
Most common degree	Bachelor's Degree, 41%	Bachelor's Degree, 51%
Most common major	Business	Business
Most common college	-	-

Telephone collector vs loss mitigation specialist demographics

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

	Telephone Collector	Loss Mitigation Specialist
Average age	46	46
Gender ratio	Male, 35.4% Female, 64.6%	Male, 40.4% Female, 59.6%
Race ratio	Black or African American, 11.1% Unknown, 4.1% Hispanic or Latino, 17.2% Asian, 3.8% White, 63.3% 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 telephone collector and loss mitigation specialist duties and responsibilities

Telephone collector example responsibilities.

Prevent impeding loss and increasing profitability through negotiation and enforcement of schedule collection campaigns, consistently achieving high success standards.
Comply with all state and federal regulations (ACA & FDCPA).
Contact debtor's attorneys to discuss debtor's intentions throughout bankruptcy process.
Prevent impeding loss and increasing profitability through negotiation and enforcement of schedule collection campaigns, consistently achieving high success standards.
Arrange collection of collateral or retention agreements with debtors post bankruptcy.
Utilize various skip-tracing services such as Accurint and TheWorkNumber in order to locate consumers and verify employment for account recovery purposes.

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.

Telephone collector vs loss mitigation specialist skills

Common telephone collector skills

Customer Service, 43%
Telephone Calls, 23%
FDCPA, 10%
Past Due Accounts, 10%
Debtor, 8%
Computer System, 8%

Common loss mitigation specialist skills

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

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Telephone Collector
Telephone Collector vs Loss Mitigation Specialist

Updated January 8, 2025

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