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Insurance underwriter vs foreclosure specialist

The differences between insurance underwriters and foreclosure specialists can be seen in a few details. Each job has different responsibilities and duties. Additionally, an insurance underwriter has an average salary of $64,163, which is higher than the $41,088 average annual salary of a foreclosure specialist.

The top three skills for an insurance underwriter include health insurance, insurance underwriting and insurance coverage. The most important skills for a foreclosure specialist are foreclosure process, insurer, and loss mitigation.

Insurance underwriter vs foreclosure specialist overview

Insurance UnderwriterForeclosure Specialist
Yearly salary$64,163$41,088
Hourly rate$30.85$19.75
Growth rate-4%-3%
Number of jobs39,0268,166
Job satisfaction3-
Most common degreeBachelor's Degree, 67%Bachelor's Degree, 50%
Average age4443
Years of experience--

What does an insurance underwriter do?

An insurance underwriter specializes in identifying and assessing financial risks in insurance policies. It is their duty to gather and review insurance applications, understand the coverage of policies and claims, determine a client's ability to uphold financial obligations by studying their personal information, and develop strategies to prevent the impact of risks and financial losses. They may also negotiate with external parties while adhering to the company's rules and regulations. Moreover, there are instances when an insurance underwriter must produce progress reports and presentations for managers and executives.

What does a foreclosure specialist do?

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.

Insurance underwriter vs foreclosure specialist salary

Insurance underwriters and foreclosure specialists have different pay scales, as shown below.

Insurance UnderwriterForeclosure Specialist
Average salary$64,163$41,088
Salary rangeBetween $35,000 And $116,000Between $28,000 And $58,000
Highest paying CityHartford, CT-
Highest paying stateConnecticut-
Best paying companyCiti-
Best paying industry--

Differences between insurance underwriter and foreclosure specialist education

There are a few differences between an insurance underwriter and a foreclosure specialist in terms of educational background:

Insurance UnderwriterForeclosure Specialist
Most common degreeBachelor's Degree, 67%Bachelor's Degree, 50%
Most common majorBusinessBusiness
Most common collegeUniversity of PennsylvaniaUniversity of Pennsylvania

Insurance underwriter vs foreclosure specialist demographics

Here are the differences between insurance underwriters' and foreclosure specialists' demographics:

Insurance UnderwriterForeclosure Specialist
Average age4443
Gender ratioMale, 33.4% Female, 66.6%Male, 32.2% Female, 67.8%
Race ratioBlack or African American, 9.2% Unknown, 2.5% Hispanic or Latino, 9.9% Asian, 5.7% White, 72.3% American Indian and Alaska Native, 0.4%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%
LGBT Percentage9%4%

Differences between insurance underwriter and foreclosure specialist duties and responsibilities

Insurance underwriter example responsibilities.

  • Manage patient's records, appointments, and account balances while adhering to HIPPA standards.
  • Manage A/R, A/P, credentialing, surgery scheduling, and coordinate patient referrals to other physicians.
  • Manage operating procedure and accounting systems for payroll, operating expenses, supplies and inventory management and commercial accounts.
  • Prepare all HCFA billing with proper ICD-9 codes and CPT codes for accurate turn around time on payments.
  • Follow up with insurance carriers and patients to expedite the recovery of payment obligations
  • File insurance and process billing and payments, coordinate patients financial arrangements, present treatment plans, verify insurance coverage.
  • Show more

Foreclosure specialist example responsibilities.

  • Manage a SharePoint site to store all materials.
  • Manage property inspection process through network of accredit REO inspectors.
  • Manage both conforming and non-conforming loans according to FNMA guidelines to maximize recovery.
  • Work closely with assign eviction and foreclosure attorneys towards a successful lockout.
  • Communicate with attorneys in reference to their claims submit to FHLMC.
  • Update files in AS400 as well as LPS to reflect sales, mediation depositions and hearings.
  • Show more

Insurance underwriter vs foreclosure specialist skills

Common insurance underwriter skills
  • Health Insurance, 11%
  • Insurance Underwriting, 8%
  • Insurance Coverage, 8%
  • Customer Service, 8%
  • Underwriting Guidelines, 7%
  • Insurance Products, 6%
Common foreclosure specialist skills
  • Foreclosure Process, 9%
  • Insurer, 6%
  • Loss Mitigation, 5%
  • Litigation, 5%
  • Real Estate, 5%
  • MSP, 5%

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