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.

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Education--
Work/Life Balance
3.5 ★
Salary Range--
Career Opportunity
3.4 ★
Avg. Experience2-4 years

Loss Mitigation Specialist Salaries

Average Base Pay

$44,278 /yr
Same as national average
Not including cash compensation
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$33K
Median: $44K
$59K
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Glassdoor Estimated Salary

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.

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Loss Mitigation Specialist Insights

Read what Loss Mitigation Specialist professionals have to say about their job experiences and view top companies for this career.
HomepointHomepoint
Loss Mitigation Specialist
Mar 5, 2021

“great place to work and i enjoy the people”

TIAA BankTIAA Bank
Loss Mitigation Closer
Jun 29, 2021

“Management was great—they trusted me and I trusted them.”

Axion LogisticsAxion Logistics
Investment Recovery Coordinator
Jul 10, 2021

“Lower end pay for what was asked”

Caliber Home LoansCaliber Home Loans
Loss Mitigation Specialist
May 13, 2021

“pay was decent”

Shellpoint Mortgage ServicingShellpoint Mortgage Servicing
Loss Mitigation Specialist
Jan 30, 2020

“Weekly Pay is decent but only because of the mandatory overtime.”

Exeter FinanceExeter Finance
Loss Mitigation Specialist
Jan 21, 2021

“The pay is good.”

Donor Network WestDonor Network West
Recovery Coordinator
Dec 7, 2019

“Good salary for Redding.”

Edinburg CenterEdinburg Center
Recovery Coordinator
May 1, 2021

“Great learning opportunities.”

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Loss Mitigation Specialist Interviews

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