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Loss Mitigation Associate Jobs in Chicago, IL (NOW HIRING)

OSP LP

MORTGAGE COLLECTIONS SPECIALIST

Palatine, IL · On-site

$18.50 - $25.25/hr

... to the Loss Mitigation department when additional assistance options may be beneficial. Major ... High school diploma or equivalent required; associate degree or higher education preferred. * Black ...

OSP LP

MORTGAGE COLLECTIONS SPECIALIST

Palatine, IL · On-site

$18.50 - $25.25/hr

... to the Loss Mitigation department when additional assistance options may be beneficial. Major ... High school diploma or equivalent required; associate degree or higher education preferred. * Black ...

Pop-Up Talent

Associate Attorney

Chicago, IL · On-site

$125K - $200K/yr

Employment law compliance | Policy development and risk mitigation * Support corporate governance ... Insurance claim or property loss experience * In-house counsel or firm experience supporting ...

KOHLS

Full-Time Customer Service Supervisor

Woodridge, IL · On-site

$20.75 - $32.20/hr

Supporting strong operational standards, shortage mitigation, and merchandising presentation to include accurate pricing and proper signing * Preventing loss by educating associates, monitoring daily ...

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All JobsLoss Mitigation Associate JobsLoss Mitigation Associate Jobs in Chicago, IL

Loss Mitigation Associate information

See Chicago, IL salary details

$11

$20

$31

How much do loss mitigation associate jobs pay per hour?

As of Aug 24, 2026, the average hourly pay for loss mitigation associate in Chicago, IL is $20.94, according to ZipRecruiter salary data. Most workers in this role earn between $14.86 and $25.24 per hour, depending on experience, location, and employer.

What is a loss mitigation associate?

Loss Mitigation Associates are professionals who work with borrowers and lenders to prevent loan defaults and minimize financial losses, typically in mortgage or lending environments. They assess delinquent accounts, review borrower hardship situations, and recommend solutions such as loan modifications, repayment plans, or short sales. Their goal is to find mutually beneficial resolutions that help borrowers keep their properties while reducing risk and loss for the lender.

What are the key skills and qualifications needed to thrive as a loss mitigation associate?

To thrive as a Loss Mitigation Associate, you need a solid understanding of mortgage servicing, loan workout options, and financial analysis, often supported by experience in banking or real estate and a relevant associate or bachelor’s degree. Familiarity with loan servicing platforms, document management systems, and regulations like RESPA and FHA guidelines is typically required. Strong negotiation, problem-solving, and communication skills are crucial for working with borrowers and collaborating with internal teams. These competencies help minimize financial losses for lenders while assisting borrowers in retaining their homes or navigating alternatives.

How does a loss mitigation associate typically collaborate with other departments to resolve delinquent accounts?

Loss Mitigation Associates work closely with various departments such as collections, underwriting, and customer service to develop solutions for borrowers facing financial hardship. They often coordinate with loan officers to gather documentation, communicate with legal teams regarding regulatory compliance, and partner with customer service representatives to ensure borrowers are informed about available options. Effective teamwork and clear communication are essential in this role to create workable repayment plans and achieve positive outcomes for both the lender and the borrower.

What are the most commonly searched types of Loss Mitigation jobs in Chicago, IL?

The most popular types of Loss Mitigation jobs in Chicago, IL are:

Loss Mitigation Associate jobs near you

MORTGAGE COLLECTIONS SPECIALIST

OSP LP

Palatine, IL • On-site

$18.50 - $25.25/hr

Full-time

Medical, Dental, Life, Retirement, PTO

Posted 12 days ago

Job description


About AmeriNat

AmeriNat is a nationally recognized provider of loan servicing, asset management, compliance monitoring, and related administrative services supporting affordable housing, economic development, and community investment programs. For over 50 years, AmeriNat has partnered with state and local governments, nonprofit organizations, financial institutions, and private investors to administer complex portfolios throughout the United States. Today, AmeriNat services approximately $13 billion in loans and supports more than 300 clients nationwide through a team of more than 100 professionals dedicated to delivering exceptional service, operational excellence, and innovative solutions. AmeriNat’s client-centric culture, commitment extensively to affordable housing and economic development, and reputation for exceptionally good servicing make it a unique and rewarding place to build a career.

Primary Position Objective

The Collections Specialist supports the management of delinquent mortgage loans through proactive borrower outreach, payment collection efforts, account research, and delinquency resolution activities. The position primarily manages delinquent accounts through approximately 90 days delinquent and coordinates referral of appropriate accounts to the Loss Mitigation department when additional assistance options may be beneficial.

Major Duties and Responsibilities
  • Contact borrowers regarding past due mortgage payments through inbound and outbound communications.
  • Manage assigned delinquency queues and collection activities within established service standards.
  • Discuss account status, payment history, delinquency causes, and available resolution options with borrowers.
  • Collect payments and document payment commitments, borrower intentions, and account activity within servicing systems.
  • Negotiate payment arrangements and delinquency resolution options consistent with established procedures and servicing requirements.
  • Research account activity, payment history, correspondence, and servicing records to support collection efforts and borrower inquiries.
  • Monitor delinquency reports, queues, worklists, and exception items requiring follow-up.
  • Identify borrowers who may benefit from loss mitigation assistance and facilitate referral to the Loss Mitigation department.
  • Respond to borrower inquiries regarding account status, payment options, delinquency status, and general servicing questions.
  • Coordinate with internal departments to resolve account issues and support borrower assistance efforts.
  • Utilize servicing systems, dialer platforms, workflow tools, reporting applications, and technology solutions to manage responsibilities efficiently.
  • Assist with testing activities, procedure updates, process improvements, and special projects as assigned.
Additional Expectations
  • Deliver exceptional customer service that reflects AmeriNat's commitment to maintaining industry-leading borrower and client satisfaction.
  • Approach borrower interactions with professionalism, empathy, active listening, and a solution-oriented mindset.
  • Support AmeriNat's client-centric culture through responsiveness, accuracy, transparency, and service quality.
  • Treat borrowers with dignity and respect while maintaining accountability for collection objectives.
  • Participate as an active team member and support department objectives.
  • Communicate effectively and professionally in verbal and written interactions.
  • Share constructive feedback and ideas that support continuous improvement.
Supervisory Requirements

None.

Independent Judgment

Exercise sound judgment when researching delinquent accounts, borrower concerns, payment arrangements, and collection-related issues while applying established procedures and escalating unusual situations appropriately.

Requirements & Qualifications
  • Minimum of 12 months of collections, mortgage servicing, financial services, banking operations, call center, customer service, or related experience.
  • Two or more years of collections or mortgage servicing experience preferred.
  • High school diploma or equivalent required; associate degree or higher education preferred.
  • Black Knight MSP experience preferred.
  • Strong customer service, interpersonal communication, listening, and negotiation skills.
  • Ability to follow established procedures, documented workflows, client requirements, investor guidelines, and servicing standards.
  • Working knowledge of Microsoft Outlook, Word, and Excel.
  • Bilingual English/Spanish considered a plus.
Physical Requirements

Sedentary office environment with frequent computer use, communication, repetitive hand motions, and occasional lifting of up to 10 pounds.

This description has been designed to indicate the general nature and level of work performed by an employee in this position. The actual duties, responsibilities and qualifications may vary in the future based on new or revised work assigned to this position.

AmeriNat offers a competitive benefits package including 401k; performance incentives; paid medical, life and long-term disability; dental; PTO and holiday pay as well as opportunities for advancement. Dress code is business casual (jeans allowed) and occasional business attire required.

AmeriNat will consider qualified applicants in a manner consistent with local “Fair Chance” ordinances. AmeriNat is an Equal Opportunity Employer.