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The differences between consumer loan underwriters and personal lines underwriters can be seen in a few details. Each job has different responsibilities and duties. Additionally, a personal lines underwriter has an average salary of $69,706, which is higher than the $53,525 average annual salary of a consumer loan underwriter.
The top three skills for a consumer loan underwriter include financial statements, loan applications and strong analytical. The most important skills for a personal lines underwriter are insurance policies, underwriting decisions, and loss ratio.
| Consumer Loan Underwriter | Personal Lines Underwriter | |
| Yearly salary | $53,525 | $69,706 |
| Hourly rate | $25.73 | $33.51 |
| Growth rate | 4% | -4% |
| Number of jobs | 17,495 | 19,754 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 64% |
| Average age | 45 | 44 |
| Years of experience | 6 | - |
A consumer loan underwriter, or often known as a loan officer, is a financial professional who works at a credit union or other financial institution to approve or disapprove loans to clients. Consumer loan underwriters must review and verify the information provided by loan applicants and then decide on approving or denying a loan according to the policies of the institution. They must determine maximum loss potential by identifying all loans that are associated with a borrower where fraud may have occurred. Consumer loan underwriters must also demonstrate experience in underwriting conventional and FHA loans.
A personal lines underwriter works at insurance companies to ensure that clients are eligible to receive insurance services. Their responsibilities include gathering and analyzing insurance applications, verifying client information, studying financial histories and occupational risks, and conducting interviews. They may also perform clerical support tasks such as preparing and processing documents, handling calls and correspondence, and updating databases. Moreover, a personal lines underwriter typically works in a team setting, which requires an active communication line for a smooth and efficient workflow.
Consumer loan underwriters and personal lines underwriters have different pay scales, as shown below.
| Consumer Loan Underwriter | Personal Lines Underwriter | |
| Average salary | $53,525 | $69,706 |
| Salary range | Between $37,000 And $76,000 | Between $43,000 And $111,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | Marcus & Millichap | Capital Group |
| Best paying industry | Finance | Insurance |
There are a few differences between a consumer loan underwriter and a personal lines underwriter in terms of educational background:
| Consumer Loan Underwriter | Personal Lines Underwriter | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 64% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between consumer loan underwriters' and personal lines underwriters' demographics:
| Consumer Loan Underwriter | Personal Lines Underwriter | |
| Average age | 45 | 44 |
| Gender ratio | Male, 42.6% Female, 57.4% | Male, 43.1% Female, 56.9% |
| Race ratio | Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 15.9% Asian, 6.4% White, 63.5% American Indian and Alaska Native, 0.5% | Black or African American, 9.2% Unknown, 2.5% Hispanic or Latino, 9.8% Asian, 5.7% White, 72.5% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 8% | 9% |