What does a Loss Mitigation Specialist do?
Loss mitigation specialists interact with borrowers and mortgage holders who are in danger of foreclosure or have delinquent accounts. They typically work for banks, mortgage companies, and other financial institutions. Their goal is to find a resolution that prevents or minimizes potential losses to the lender and ideally allows the borrower to meet their obligations and prevent further negative impact to their credit. They initiate and maintain communications with borrowers and explain the options available to them, including educating them about any programs or resources that may provide assistance.
Loss mitigation specialists have at least a high school diploma, and ideally have a background in banking or customer service. Familiarity with loan procedures and programs is an advantage. Proficiency with common office software programs like Excel is helpful.
Loss Mitigation Specialist Salaries
Average Base Pay
Loss Mitigation Specialist Career Path
Learn how to become a Loss Mitigation Specialist, what skills and education you need to succeed, and what level of pay to expect at each step on your career path.