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Loss Mitigation Specialist Salary

Loss Mitigation Specialist Salary

Loss mitigation specialists have had their hands full, since the current financial crisis hit the world. Considered to be a lucrative profession in the financial sector, loss mitigation specialists take home a decent pay packet. Let us get the details.
Renuka Savant
A loss mitigation specialist acts as a liaison officer between the money lending institution and the borrower. These professionals have very little to do with the loan procurement process. Their basic duty is to restrict the scale of losses caused by errant borrowers to the concerned financial institution. Their job involves minimizing losses for the lending institution, if the borrower is unable to repay the loan due. They also have to assist the borrower with finding alternate methods of repayment.

Before we get down to discussing the earning potential of a loss mitigation professional, let us take a look at the different capacities that they can get hired in.

Who Hires Loss Mitigation Specialists
Primarily, loss mitigation specialists are hired by banks or other money lending institutions. They may be hired as salaried employees in the loss mitigation department, as most financial institutions tend to have one these days. Loss mitigation specialists also have the option of working as consultants which does not attach them to one particular organization. Along with banks, there is also a lot of scope for employment in insurance companies and the medical sector as well. Individuals about to file for bankruptcy hire loss mitigation consultants to help them find different ways to repay their dues related mostly to real estate or even car loans.

The biggest advantage of working in this profession is the flexibility it offers. You can choose to be a part of a financial institution and earn a fixed amount every month, or you can work as a consultant, which allows you to take up jobs as they suit your requirements. What's more, you can be a part-time consultant while being on another job too. The average time that a full-time professional puts in is 40 hours per week. You may wish to work part-time or full-time. A loss mitigation specialist's salary is quite outstanding, more so, if you happen to be experienced.

»Loss mitigation specialists who are on the payroll of a financial institution can sometimes expect performance-based commissions in addition to their fixed salary as well. At times, they earn a commission on the amount of debt they manage to recover.

»The loss mitigation specialist salary range is vast. You can expect an average hourly pay of around $50 for beginners, going on to several hundred dollars an hour for experienced professionals.

»Consultants working for individuals who wish to conduct a short sale, earn commissions in proportion of the value of the property that is sold.

»Those who choose to work as consultants usually charge fees depending upon the work involved or on an hourly basis.

Salary in the Insurance Sector
In the insurance sector, the loss mitigation specialist's job is to ascertain the risk involved before accepting a proposal. These professionals have to also make a thorough study of the claims before the payment is handed out.

The average annual salary is around $55,000.

Salary in the Medical Sector
These professionals usually represent the insurance companies. Their job involves minimizing risks that arise out of medical negligence or medical errors and monitoring the payments that are a result of such cases.

The average annual salary is around $60,000.

Salary as an Investigator
A slight variation from the regular profile of a loss mitigation professional, these investigators have to monitor financial dealings between the client and the company, as well as internal embezzlement.

The average annual salary is around $40,000.

The most satisfying part about being a loss mitigation specialist is that they get to assist people in need; some of them look at it as an opportunity to help. A more-than-rewarding pay is a bonus, of course. In this field, you also get to work in a comfortable environment, with performance-based commissions being an attractive factor. It is no surprise why numerous people find fulfilling careers in the loss mitigation sector.