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The differences between junior underwriters and commercial loan officers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a junior underwriter and a commercial loan officer. Additionally, a commercial loan officer has an average salary of $70,876, which is higher than the $51,782 average annual salary of a junior underwriter.
The top three skills for a junior underwriter include loan programs, income documentation and credit reports. The most important skills for a commercial loan officer are customer service, loan portfolio, and financial statements.
| Junior Underwriter | Commercial Loan Officer | |
| Yearly salary | $51,782 | $70,876 |
| Hourly rate | $24.90 | $34.08 |
| Growth rate | 4% | 4% |
| Number of jobs | 19,456 | 91,582 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 76% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
Working alongside senior underwriters, a junior underwriter is in charge of performing research and analysis to determine the eligibility of clients for insurance products and services. Their responsibilities include gathering and analyzing requirements, inspecting financial histories, participating in handling underwriting conditions, and monitoring current and past loans of a client. Should there be any complicated issues and concerns, they must report to the senior underwriter right away. Furthermore, a junior underwriter must carry out tasks while adhering to the company's policies and regulations.
Commercial loan officers are financial professionals who are responsible for assessing and processing business loan applications at financial institutions. These loan officers must advise clients about their suitable loan and credit options while consulting with managers on credit policies, credit lines, and procedures. They are required to obtain and assess the financial information of applicants that includes their financial statements and credit histories. Commercial loan officers must also collaborate with other financial institutions to set up loan packages for extensive loans.
Junior underwriters and commercial loan officers have different pay scales, as shown below.
| Junior Underwriter | Commercial Loan Officer | |
| Average salary | $51,782 | $70,876 |
| Salary range | Between $34,000 And $77,000 | Between $50,000 And $100,000 |
| Highest paying City | Hicksville, NY | Fort Lee, NJ |
| Highest paying state | New York | Maine |
| Best paying company | Chubb | Glacier Ban |
| Best paying industry | Insurance | Finance |
There are a few differences between a junior underwriter and a commercial loan officer in terms of educational background:
| Junior Underwriter | Commercial Loan Officer | |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 76% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between junior underwriters' and commercial loan officers' demographics:
| Junior Underwriter | Commercial Loan Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 28.7% Female, 71.3% | Male, 73.8% Female, 26.2% |
| Race ratio | Black or African American, 9.0% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.9% American Indian and Alaska Native, 0.5% | Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 15.5% Asian, 6.5% White, 63.6% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |