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The differences between insurance underwriters and loan originators 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 $41,291 average annual salary of a loan originator.
The top three skills for an insurance underwriter include health insurance, insurance underwriting and insurance coverage. The most important skills for a loan originator are customer service, origination, and FHA.
| Insurance Underwriter | Loan Originator | |
| Yearly salary | $64,163 | $41,291 |
| Hourly rate | $30.85 | $19.85 |
| Growth rate | -4% | 4% |
| Number of jobs | 39,026 | 10,716 |
| Job satisfaction | 3 | - |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 61% |
| Average age | 44 | 45 |
| Years of experience | - | 6 |
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 Loan Originator is a potential liaison between borrowers and lenders. They help borrowers complete loan applications and evaluate which loans are most appropriate for the customers.
Insurance underwriters and loan originators have different pay scales, as shown below.
| Insurance Underwriter | Loan Originator | |
| Average salary | $64,163 | $41,291 |
| Salary range | Between $35,000 And $116,000 | Between $28,000 And $60,000 |
| Highest paying City | Hartford, CT | New York, NY |
| Highest paying state | Connecticut | South Dakota |
| Best paying company | Citi | Centennial Bank |
| Best paying industry | - | Transportation |
There are a few differences between an insurance underwriter and a loan originator in terms of educational background:
| Insurance Underwriter | Loan Originator | |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 61% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between insurance underwriters' and loan originators' demographics:
| Insurance Underwriter | Loan Originator | |
| Average age | 44 | 45 |
| Gender ratio | Male, 33.4% Female, 66.6% | Male, 54.0% Female, 46.0% |
| 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, 9.2% Unknown, 4.6% Hispanic or Latino, 16.1% Asian, 6.4% White, 63.2% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 9% | 8% |