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The differences between junior underwriters and mortgage underwriters 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 mortgage underwriter. Additionally, a mortgage underwriter has an average salary of $55,721, 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 mortgage underwriter are customer service, work ethic, and FHA.
| Junior Underwriter | Mortgage Underwriter | |
| Yearly salary | $51,782 | $55,721 |
| Hourly rate | $24.90 | $26.79 |
| Growth rate | 4% | 4% |
| Number of jobs | 19,456 | 9,260 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 65% |
| 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.
A mortgage underwriter is responsible for reviewing mortgage loan applications and deciding on its approval or rejection by evaluating the submitted documents and the applicant's eligibility. Mortgage underwriters create assessment reports, research on the applicant's credit score, analyze potential loan risk, and request for additional documentation as needed. A mortgage underwriter must have extensive knowledge of the loan disciplines and processes, including its legislative procedures and regulations, to provide accurate decisions or discuss necessary findings to the loan officer for advice.
Junior underwriters and mortgage underwriters have different pay scales, as shown below.
| Junior Underwriter | Mortgage Underwriter | |
| Average salary | $51,782 | $55,721 |
| Salary range | Between $34,000 And $77,000 | Between $38,000 And $80,000 |
| Highest paying City | Hicksville, NY | New York, NY |
| Highest paying state | New York | New Mexico |
| Best paying company | Chubb | CTBC Bank |
| Best paying industry | Insurance | Professional |
There are a few differences between a junior underwriter and a mortgage underwriter in terms of educational background:
| Junior Underwriter | Mortgage Underwriter | |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 65% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between junior underwriters' and mortgage underwriters' demographics:
| Junior Underwriter | Mortgage Underwriter | |
| Average age | 45 | 45 |
| Gender ratio | Male, 28.7% Female, 71.3% | Male, 39.3% Female, 60.7% |
| 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, 9.2% Unknown, 4.6% Hispanic or Latino, 15.9% Asian, 6.4% White, 63.4% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |