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The differences between lenders and consumer loan 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 lender and a consumer loan underwriter. Additionally, a consumer loan underwriter has an average salary of $53,525, which is higher than the $37,723 average annual salary of a lender.
The top three skills for a lender include customer service, loan applications and business development. The most important skills for a consumer loan underwriter are financial statements, loan applications, and strong analytical.
| Lender | Consumer Loan Underwriter | |
| Yearly salary | $37,723 | $53,525 |
| Hourly rate | $18.14 | $25.73 |
| Growth rate | 4% | 4% |
| Number of jobs | 6,465 | 17,495 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 66% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A Lender is a financial institution, an individual, or a private or public group that provides loans to a business or an individual. As a lender, you will evaluate a borrower's creditworthiness by assessing loan applications. You will be responsible for determining an applicant's financial eligibility and all applicable metrics and ratios. Other duties might include setting up plans for debt payment, counseling clients on restrictions and policies, and maintaining and updating account records. Also, you will need to update your knowledge on the different loan types and financial services.
A consumer loan underwriter, or often known as a loan officer, is a financial professional who works at a credit union or other financial institution to approve or disapprove loans to clients. Consumer loan underwriters must review and verify the information provided by loan applicants and then decide on approving or denying a loan according to the policies of the institution. They must determine maximum loss potential by identifying all loans that are associated with a borrower where fraud may have occurred. Consumer loan underwriters must also demonstrate experience in underwriting conventional and FHA loans.
Lenders and consumer loan underwriters have different pay scales, as shown below.
| Lender | Consumer Loan Underwriter | |
| Average salary | $37,723 | $53,525 |
| Salary range | Between $25,000 And $55,000 | Between $37,000 And $76,000 |
| Highest paying City | Seattle, WA | New York, NY |
| Highest paying state | South Dakota | New York |
| Best paying company | Citi | Marcus & Millichap |
| Best paying industry | Finance | Finance |
There are a few differences between a lender and a consumer loan underwriter in terms of educational background:
| Lender | Consumer Loan Underwriter | |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between lenders' and consumer loan underwriters' demographics:
| Lender | Consumer Loan Underwriter | |
| Average age | 45 | 45 |
| Gender ratio | Male, 49.2% Female, 50.8% | Male, 42.6% Female, 57.4% |
| Race ratio | Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 16.3% Asian, 6.3% White, 62.9% 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, 63.5% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |