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The differences between insurance underwriters and mortgage bankers 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 $27,331 average annual salary of a mortgage banker.
The top three skills for an insurance underwriter include health insurance, insurance underwriting and insurance coverage. The most important skills for a mortgage banker are customer service, NMLS, and federal regulations.
| Insurance Underwriter | Mortgage Banker | |
| Yearly salary | $64,163 | $27,331 |
| Hourly rate | $30.85 | $13.14 |
| Growth rate | -4% | 4% |
| Number of jobs | 39,026 | 24,297 |
| Job satisfaction | 3 | - |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 72% |
| 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 Mortgage Banker is specialized in offering financing to buy homes or refinance previous mortgages. They work as part of a banks loan department.
Insurance underwriters and mortgage bankers have different pay scales, as shown below.
| Insurance Underwriter | Mortgage Banker | |
| Average salary | $64,163 | $27,331 |
| Salary range | Between $35,000 And $116,000 | Between $9,000 And $78,000 |
| 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 mortgage banker in terms of educational background:
| Insurance Underwriter | Mortgage Banker | |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 72% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between insurance underwriters' and mortgage bankers' demographics:
| Insurance Underwriter | Mortgage Banker | |
| Average age | 44 | 45 |
| Gender ratio | Male, 33.4% Female, 66.6% | Male, 71.7% Female, 28.3% |
| 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, 9.5% Unknown, 4.7% Hispanic or Latino, 15.7% Asian, 6.5% White, 63.2% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 9% | 8% |