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The differences between junior underwriters and mortgage loan specialists can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a junior underwriter, becoming a mortgage loan specialist takes usually requires 2-4 years. Additionally, a junior underwriter has an average salary of $51,782, which is higher than the $41,186 average annual salary of a mortgage loan specialist.
The top three skills for a junior underwriter include loan programs, income documentation and credit reports. The most important skills for a mortgage loan specialist are customer service, FHA, and escrow accounts.
| Junior Underwriter | Mortgage Loan Specialist | |
| Yearly salary | $51,782 | $41,186 |
| Hourly rate | $24.90 | $19.80 |
| Growth rate | 4% | -3% |
| Number of jobs | 19,456 | 33,704 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 56% |
| Average age | 45 | 42 |
| Years of experience | 6 | 4 |
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.
Also called a loan officer, a mortgage loan specialist assists clients in finding the appropriate financial aid for homes and other properties. Mortgage loan specialists look for new applicants, secure the right loans, assist with the documentation, and supervise the financing process. They collect and review the financial information of their clients for loan grant eligibility. It is important that they develop skills in financial processes, customer service, time management, and communication.
Junior underwriters and mortgage loan specialists have different pay scales, as shown below.
| Junior Underwriter | Mortgage Loan Specialist | |
| Average salary | $51,782 | $41,186 |
| Salary range | Between $34,000 And $77,000 | Between $27,000 And $62,000 |
| Highest paying City | Hicksville, NY | Uniondale, NY |
| Highest paying state | New York | West Virginia |
| Best paying company | Chubb | The PNC Financial Services Group |
| Best paying industry | Insurance | Finance |
There are a few differences between a junior underwriter and a mortgage loan specialist in terms of educational background:
| Junior Underwriter | Mortgage Loan Specialist | |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 56% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between junior underwriters' and mortgage loan specialists' demographics:
| Junior Underwriter | Mortgage Loan Specialist | |
| Average age | 45 | 42 |
| Gender ratio | Male, 28.7% Female, 71.3% | Male, 33.9% Female, 66.1% |
| 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, 13.3% Unknown, 4.4% Hispanic or Latino, 14.4% Asian, 7.7% White, 59.7% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 8% | 7% |