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The differences between bank consultants and mortgage underwriters can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a bank consultant and a mortgage underwriter. Additionally, a bank consultant has an average salary of $90,094, which is higher than the $55,721 average annual salary of a mortgage underwriter.
The top three skills for a bank consultant include customer service, powerpoint and risk management. The most important skills for a mortgage underwriter are customer service, work ethic, and FHA.
| Bank Consultant | Mortgage Underwriter | |
| Yearly salary | $90,094 | $55,721 |
| Hourly rate | $43.31 | $26.79 |
| Growth rate | 4% | 4% |
| Number of jobs | 17,023 | 9,260 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 69% | Bachelor's Degree, 65% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A bank consultant focuses on identifying and meeting the clients' needs through effective banking advice and guidance. Their daily tasks entail greeting and offering assistance to clients, answering inquiries, discussing terms, recommending options and other services, making arrangements, and processing the clients' applications. They also perform clerical tasks such as handling calls and inquiries, preparing documents, reviewing reports, producing financial statements, and maintaining records. Moreover, a bank consultant maintains an open communication line with co-workers, coordinating to provide clients with optimal services.
A mortgage underwriter is responsible for reviewing mortgage loan applications and deciding on its approval or rejection by evaluating the submitted documents and the applicant's eligibility. Mortgage underwriters create assessment reports, research on the applicant's credit score, analyze potential loan risk, and request for additional documentation as needed. A mortgage underwriter must have extensive knowledge of the loan disciplines and processes, including its legislative procedures and regulations, to provide accurate decisions or discuss necessary findings to the loan officer for advice.
Bank consultants and mortgage underwriters have different pay scales, as shown below.
| Bank Consultant | Mortgage Underwriter | |
| Average salary | $90,094 | $55,721 |
| Salary range | Between $68,000 And $118,000 | Between $38,000 And $80,000 |
| Highest paying City | Marysville, WA | New York, NY |
| Highest paying state | Washington | New Mexico |
| Best paying company | Inter-American Development Bank | CTBC Bank |
| Best paying industry | Technology | Professional |
There are a few differences between a bank consultant and a mortgage underwriter in terms of educational background:
| Bank Consultant | Mortgage Underwriter | |
| Most common degree | Bachelor's Degree, 69% | Bachelor's Degree, 65% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between bank consultants' and mortgage underwriters' demographics:
| Bank Consultant | Mortgage Underwriter | |
| Average age | 45 | 45 |
| Gender ratio | Male, 59.0% Female, 41.0% | Male, 39.3% Female, 60.7% |
| Race ratio | Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 16.0% Asian, 6.4% White, 63.2% American Indian and Alaska Native, 0.5% | Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 15.9% Asian, 6.4% White, 63.4% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |