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The differences between commercial underwriters and mortgage underwriters can be seen in a few details. Each job has different responsibilities and duties. Additionally, a commercial underwriter has an average salary of $59,051, which is higher than the $55,721 average annual salary of a mortgage underwriter.
The top three skills for a commercial underwriter include real estate, customer service and financial analysis. The most important skills for a mortgage underwriter are customer service, work ethic, and FHA.
| Commercial Underwriter | Mortgage Underwriter | |
| Yearly salary | $59,051 | $55,721 |
| Hourly rate | $28.39 | $26.79 |
| Growth rate | -4% | 4% |
| Number of jobs | 31,908 | 9,260 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 75% | Bachelor's Degree, 65% |
| Average age | 44 | 45 |
| Years of experience | - | 6 |
A commercial underwriter is responsible for processing commercial loan applications, evaluating payment agreements and terms of service, validating customers' information, and requesting additional documents as needed. Commercial underwriters analyze the credit qualifications of an applicant, including financial history, account statements, and outstanding loan applications, if any. They identify potential credit risks for the loan request and advice the applicants for alternative loan options according to their needs and qualifications. A commercial underwriter responds to the applicants' inquiries and concerns regarding their loan applications and provides timely decisions for their requests.
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.
Commercial underwriters and mortgage underwriters have different pay scales, as shown below.
| Commercial Underwriter | Mortgage Underwriter | |
| Average salary | $59,051 | $55,721 |
| Salary range | Between $41,000 And $84,000 | Between $38,000 And $80,000 |
| Highest paying City | Olympia, WA | New York, NY |
| Highest paying state | Washington | New Mexico |
| Best paying company | J.P. Morgan | CTBC Bank |
| Best paying industry | Finance | Professional |
There are a few differences between a commercial underwriter and a mortgage underwriter in terms of educational background:
| Commercial Underwriter | Mortgage Underwriter | |
| Most common degree | Bachelor's Degree, 75% | Bachelor's Degree, 65% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between commercial underwriters' and mortgage underwriters' demographics:
| Commercial Underwriter | Mortgage Underwriter | |
| Average age | 44 | 45 |
| Gender ratio | Male, 48.7% Female, 51.3% | Male, 39.3% Female, 60.7% |
| Race ratio | Black or African American, 9.9% Unknown, 2.5% Hispanic or Latino, 9.3% Asian, 5.5% White, 72.4% American Indian and Alaska Native, 0.4% | 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 | 9% | 8% |