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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 | Foreclosure Specialist | |
| Yearly salary | $64,163 | $41,088 |
| Hourly rate | $30.85 | $19.75 |
| Growth rate | -4% | -3% |
| Number of jobs | 39,026 | 8,166 |
| Job satisfaction | 3 | - |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 50% |
| Average age | 44 | 43 |
| Years of experience | - | - |
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.
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 underwriters and foreclosure specialists have different pay scales, as shown below.
| Insurance Underwriter | Foreclosure Specialist | |
| Average salary | $64,163 | $41,088 |
| Salary range | Between $35,000 And $116,000 | Between $28,000 And $58,000 |
| Highest paying City | Hartford, CT | - |
| Highest paying state | Connecticut | - |
| Best paying company | Citi | - |
| Best paying industry | - | - |
There are a few differences between an insurance underwriter and a foreclosure specialist in terms of educational background:
| Insurance Underwriter | Foreclosure Specialist | |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 50% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between insurance underwriters' and foreclosure specialists' demographics:
| Insurance Underwriter | Foreclosure Specialist | |
| Average age | 44 | 43 |
| Gender ratio | Male, 33.4% Female, 66.6% | Male, 32.2% Female, 67.8% |
| Race ratio | Black 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 Percentage | 9% | 4% |