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The differences between home mortgage consultants and mortgage 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 home mortgage consultant and a mortgage underwriter. Additionally, a mortgage underwriter has an average salary of $55,721, which is higher than the $36,437 average annual salary of a home mortgage consultant.
The top three skills for a home mortgage consultant include customer service, financial professionals and NMLS. The most important skills for a mortgage underwriter are customer service, work ethic, and FHA.
| Home Mortgage Consultant | Mortgage Underwriter | |
| Yearly salary | $36,437 | $55,721 |
| Hourly rate | $17.52 | $26.79 |
| Growth rate | 4% | 4% |
| Number of jobs | 53,987 | 9,260 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 65% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
Mortgage Consultants work to help people or businesses find the right lenders to get a mortgage from. They work with customers to find options that fit their current circumstances and financial capacity. They deal with lending institutions (banks, credit unions, mortgage bankers, or savings and loan associations) and act on behalf of potential borrowers to get the best deals. Consultants prefer working as independent contractors and not work for lending institutions and convince real estate agents to recommend them to clients when they apply for a loan.
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.
Home mortgage consultants and mortgage underwriters have different pay scales, as shown below.
| Home Mortgage Consultant | Mortgage Underwriter | |
| Average salary | $36,437 | $55,721 |
| Salary range | Between $26,000 And $50,000 | Between $38,000 And $80,000 |
| Highest paying City | - | New York, NY |
| Highest paying state | - | New Mexico |
| Best paying company | - | CTBC Bank |
| Best paying industry | - | Professional |
There are a few differences between a home mortgage consultant and a mortgage underwriter in terms of educational background:
| Home Mortgage Consultant | Mortgage Underwriter | |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 65% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between home mortgage consultants' and mortgage underwriters' demographics:
| Home Mortgage Consultant | Mortgage Underwriter | |
| Average age | 45 | 45 |
| Gender ratio | Male, 62.7% Female, 37.3% | Male, 39.3% Female, 60.7% |
| Race ratio | Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 16.1% 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, 63.4% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |