- 1). Take classes in an accredited college program. Many companies do not have educational requirements to become a loss mitigation consultant, but it does make you more competitive and desirable for the position. College courses for loss mitigation include classes in credit, financial documents, and finance. Real estate classes are also a good choice as many mortgage lenders will look to hire candidates who are well versed in real estate.
- 2). Work within the mortgage industry. This will give you on-the-job training while already at a company that may utilize you as a loss mitigation consultant. The mortgage industry is a fast-paced industry, and being in a company will give you practical experience and insight into the business. Keep yourself up-to-date on changing laws in loss mitigation policies in the nation and at your own company.
- 3). Look for employment. There are a variety of places that may hire loss mitigation consultants beyond the obvious mortgage companies. Also contact banks and real estate investment firms. Both these type of businesses frequently have a loss mitigation department that may be hiring.
- 4). Train in bankruptcy and foreclosure laws. Many people that you work with will be facing these two scenarios as possible solutions. By being able to communicate what happens in foreclosure and bankruptcy, you will be better able to help the owner make a decision that will benefit both parties. Not knowing about bankruptcy and foreclosures will make it difficult for you to negotiate and speak with clients.
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