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The differences between credit officers and commercial underwriters can be seen in a few details. Each job has different responsibilities and duties. Additionally, a credit officer has an average salary of $129,478, which is higher than the $59,051 average annual salary of a commercial underwriter.
The top three skills for a credit officer include risk management, credit risk and credit analysis. The most important skills for a commercial underwriter are real estate, customer service, and financial analysis.
| Credit Officer | Commercial Underwriter | |
| Yearly salary | $129,478 | $59,051 |
| Hourly rate | $62.25 | $28.39 |
| Growth rate | 17% | -4% |
| Number of jobs | 60,323 | 31,908 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 69% | Bachelor's Degree, 75% |
| Average age | 39 | 44 |
| Years of experience | 2 | - |
A credit officer is responsible for evaluating financial documents and account statements to determine the eligibility of an applicant for a loan option. Credit officers communicate with the applicant to discuss the loan process, explain the terms of service, and provide them alternative options that would fit their payment ability and loan needs. They create financial reports and recommend the qualified applicant to the manager for approval. A credit officer should have excellent communication and analytical skills, ensuring that the loan policies adhere to the federal and state regulations.
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.
Credit officers and commercial underwriters have different pay scales, as shown below.
| Credit Officer | Commercial Underwriter | |
| Average salary | $129,478 | $59,051 |
| Salary range | Between $85,000 And $196,000 | Between $41,000 And $84,000 |
| Highest paying City | New York, NY | Olympia, WA |
| Highest paying state | New York | Washington |
| Best paying company | Farm Credit System | J.P. Morgan |
| Best paying industry | Finance | Finance |
There are a few differences between a credit officer and a commercial underwriter in terms of educational background:
| Credit Officer | Commercial Underwriter | |
| Most common degree | Bachelor's Degree, 69% | Bachelor's Degree, 75% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between credit officers' and commercial underwriters' demographics:
| Credit Officer | Commercial Underwriter | |
| Average age | 39 | 44 |
| Gender ratio | Male, 64.4% Female, 35.6% | Male, 48.7% Female, 51.3% |
| Race ratio | Black or African American, 8.0% Unknown, 2.7% Hispanic or Latino, 9.7% Asian, 10.7% White, 68.6% American Indian and Alaska Native, 0.3% | 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% |
| LGBT Percentage | 11% | 9% |