Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between foreclosure specialists and consumer loan underwriters can be seen in a few details. Each job has different responsibilities and duties. Additionally, a consumer loan underwriter has an average salary of $53,525, which is higher than the $41,088 average annual salary of a foreclosure specialist.
The top three skills for a foreclosure specialist include foreclosure process, insurer and loss mitigation. The most important skills for a consumer loan underwriter are financial statements, loan applications, and strong analytical.
| Foreclosure Specialist | Consumer Loan Underwriter | |
| Yearly salary | $41,088 | $53,525 |
| Hourly rate | $19.75 | $25.73 |
| Growth rate | -3% | 4% |
| Number of jobs | 8,166 | 17,495 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 66% |
| Average age | 43 | 45 |
| Years of experience | - | 6 |
A foreclosure specialist is a real estate professional that manages foreclosure processes. Serving in this role means that you will have responsibilities such as ensuring that aspects related to foreclosure meet all government regulations from the federal level to the state level and that deadlines are met and duly communicated to all parties involved. You may have to work with mortgage holders that run the risk of default, in which case you will be tasked with renegotiating loan agreement changes.
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.
Foreclosure specialists and consumer loan underwriters have different pay scales, as shown below.
| Foreclosure Specialist | Consumer Loan Underwriter | |
| Average salary | $41,088 | $53,525 |
| Salary range | Between $28,000 And $58,000 | Between $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 |
There are a few differences between a foreclosure specialist and a consumer loan underwriter in terms of educational background:
| Foreclosure Specialist | Consumer Loan Underwriter | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between foreclosure specialists' and consumer loan underwriters' demographics:
| Foreclosure Specialist | Consumer Loan Underwriter | |
| Average age | 43 | 45 |
| Gender ratio | Male, 32.2% Female, 67.8% | Male, 42.6% Female, 57.4% |
| Race ratio | Black or African American, 8.6% Unknown, 3.9% Hispanic or Latino, 9.6% Asian, 10.0% White, 67.6% American Indian and Alaska Native, 0.3% | 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 Percentage | 4% | 8% |