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Credit products officer vs consumer loan underwriter

The differences between credit products officers and consumer loan 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 credit products officer and a consumer loan underwriter. Additionally, a credit products officer has an average salary of $99,608, which is higher than the $53,525 average annual salary of a consumer loan underwriter.

The top three skills for a credit products officer include credit analysis, financial statements and credit quality. The most important skills for a consumer loan underwriter are financial statements, loan applications, and strong analytical.

Credit products officer vs consumer loan underwriter overview

Credit Products OfficerConsumer Loan Underwriter
Yearly salary$99,608$53,525
Hourly rate$47.89$25.73
Growth rate4%4%
Number of jobs62,62817,495
Job satisfaction--
Most common degreeBachelor's Degree, 68%Bachelor's Degree, 66%
Average age4545
Years of experience66

Credit products officer vs consumer loan underwriter salary

Credit products officers and consumer loan underwriters have different pay scales, as shown below.

Credit Products OfficerConsumer Loan Underwriter
Average salary$99,608$53,525
Salary rangeBetween $58,000 And $170,000Between $37,000 And $76,000
Highest paying City-New York, NY
Highest paying state-New York
Best paying company-Marcus & Millichap
Best paying industry-Finance

Differences between credit products officer and consumer loan underwriter education

There are a few differences between a credit products officer and a consumer loan underwriter in terms of educational background:

Credit Products OfficerConsumer Loan Underwriter
Most common degreeBachelor's Degree, 68%Bachelor's Degree, 66%
Most common majorBusinessBusiness
Most common collegeUniversity of PennsylvaniaUniversity of Pennsylvania

Credit products officer vs consumer loan underwriter demographics

Here are the differences between credit products officers' and consumer loan underwriters' demographics:

Credit Products OfficerConsumer Loan Underwriter
Average age4545
Gender ratioMale, 48.8% Female, 51.2%Male, 42.6% Female, 57.4%
Race ratioBlack 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, 63.5% American Indian and Alaska Native, 0.5%
LGBT Percentage8%8%

Differences between credit products officer and consumer loan underwriter duties and responsibilities

Credit products officer example responsibilities.

  • Partner with small and entrepreneurial business to develop business plans and assist business owners with achieving payroll.
  • Partner with small and entrepreneurial business to develop business plans and assist business owners with achieving payroll.
  • Implement SOX compliance for all AR audit functions.
  • Develop and implement credit and collection polices and controls for Sarbanes-Oxley compliance for the entire corporation and publish across all divisions.

Consumer loan underwriter example responsibilities.

  • Ensure proper coding are accomplished by determining the appropriate code in accordance with ICD-9 and CPT guidelines.
  • Innovate technical solutions, including development of complex macros within MSP, to automate work and reduce manual processes
  • Manage a pipeline of fund TRID loans for completeness so they can be deliver and purchase by the required investor.
  • Manage the organization's HMDA data and accurately complete the government reporting annually.
  • Render underwritten decisions and subsequently clear conditions per underwriting policies and procedures, including knowledge of FNMA and FMLMC guidelines.
  • Generate and distribute IRB committee meeting minutes in accordance with appropriate federal regulations.
  • Show more

Credit products officer vs consumer loan underwriter skills

Common credit products officer skills
  • Credit Analysis, 29%
  • Financial Statements, 20%
  • Credit Quality, 20%
  • Portfolio Management, 15%
  • Credit Approval, 4%
  • Financial Analysis, 4%
Common consumer loan underwriter skills
  • Financial Statements, 12%
  • Loan Applications, 11%
  • Strong Analytical, 8%
  • Credit Reports, 7%
  • Credit Decisions, 6%
  • Compliance Reviews, 4%

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