What is the average salary for a loss mitigation specialist?
What is the average salary for a loss mitigation specialist?
Loss Mitigation Specialist Salaries
| Job Title | Salary |
|---|---|
| Bank of America Loss Mitigation Specialist salaries – 7 salaries reported | $46,165/yr |
| GM Financial Loss Mitigation Specialist salaries – 7 salaries reported | $17/hr |
| U.S. Bank Loss Mitigation Specialist salaries – 6 salaries reported | $21/hr |
How much does a loss mitigation underwriter make?
The base salary for Loss Mitigation Underwriter ranges from $52,771 to $81,254 with the average base salary of $63,923. The total cash compensation, which includes base, and annual incentives, can vary anywhere from $52,771 to $81,254 with the average total cash compensation of $63,923.
What does a loss mitigation specialist do?
Loss mitigation specialists help determine a set of options that a lender can use to help borrowers avoid foreclosure. The primary job of the loss mitigation specialist is to reduce the financial losses for the mortgage holder and the lender.
What is loss mitigation underwriter?
Loss Mitigation Underwriting (LMU) — the process of providing insurance coverage for existing litigation or for litigation that is imminent. In response, insurers offered a form of insurance designed to cover losses that had already occurred but whose magnitude had yet to be determined.
What is loss mitigation in US mortgage?
Loss mitigation is the process of trying to protect homeowners and mortgage owners from foreclosure. In the worst-case scenario where a borrower can’t afford their mortgage, loss mitigation can lessen the negative impact of foreclosure.
How do you become a criminal mitigation specialist?
A bachelor’s degree from an accredited college or university in criminal justice, social work, psychology, human development and family studies or a related field AND one year of full-time experience in sentencing mitigation; OR equivalent combination of training and experience.
What is a full loss mitigation?
A complete loss mitigation application means an application in connection with which a servicer has received all the information that the servicer requires from a borrower in evaluating applications for the loss mitigation options available to the borrower.
Can you sell a house in loss mitigation?
If you’ve fallen behind on your loan payments but aren’t underwater yet—meaning the fair market value of your home is greater than what you owe on your home loan—you can sell your house and use the profits to pay back your lender.
What degree do you need to be a mitigation specialist?
People in this profession generally have at least a bachelor’s degree in a field like sociology, social work or criminal justice. In addition, there may be courses in psychology and in law that would be helpful.