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The differences between insurance underwriters and mortgage consultants 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 $38,934 average annual salary of a mortgage consultant.
The top three skills for an insurance underwriter include health insurance, insurance underwriting and insurance coverage. The most important skills for a mortgage consultant are customer service, origination, and NMLS.
| Insurance Underwriter | Mortgage Consultant | |
| Yearly salary | $64,163 | $38,934 |
| Hourly rate | $30.85 | $18.72 |
| Growth rate | -4% | 4% |
| Number of jobs | 39,026 | 24,057 |
| Job satisfaction | 3 | - |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 67% |
| 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 consultant is an individual who helps customers and businesses identify the best option for mortgage deals based on their financial resources. To maintain an excellent relationship with clients, mortgage consultants must possess a broad knowledge of the company's products to answer all the clients' queries and concerns. They help clients gather and analyze documents that are required for loan approval and create accurate mortgage information. They also develop relationships with banks and real estate agents to help promote bank mortgages for clients.
Insurance underwriters and mortgage consultants have different pay scales, as shown below.
| Insurance Underwriter | Mortgage Consultant | |
| Average salary | $64,163 | $38,934 |
| Salary range | Between $35,000 And $116,000 | Between $23,000 And $63,000 |
| Highest paying City | Hartford, CT | New York, NY |
| Highest paying state | Connecticut | New York |
| Best paying company | Citi | Centennial Bank |
| Best paying industry | - | Finance |
There are a few differences between an insurance underwriter and a mortgage consultant in terms of educational background:
| Insurance Underwriter | Mortgage Consultant | |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 67% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between insurance underwriters' and mortgage consultants' demographics:
| Insurance Underwriter | Mortgage Consultant | |
| Average age | 44 | 45 |
| Gender ratio | Male, 33.4% Female, 66.6% | Male, 58.2% Female, 41.8% |
| 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, 9.3% Unknown, 4.6% Hispanic or Latino, 16.2% Asian, 6.4% White, 62.9% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 9% | 8% |