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The differences between lenders and senior underwriters can be seen in a few details. Each job has different responsibilities and duties. Additionally, a senior underwriter has an average salary of $69,375, 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 senior underwriter are customer service, portfolio, and underwriting guidelines.
| Lender | Senior Underwriter | |
| Yearly salary | $37,723 | $69,375 |
| Hourly rate | $18.14 | $33.35 |
| Growth rate | 4% | -4% |
| Number of jobs | 6,465 | 6,726 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 71% |
| Average age | 45 | 44 |
| Years of experience | 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 senior underwriter is responsible for evaluating the eligibility of an applicant for loan application processing. Senior underwriters verify the applicant's information, including their credit score and other valid documents, ensuring that the applicant fulfills the loan application's parameters. They check the applicant's portfolios and provide them the next necessary steps and the alternatives for loan types. A senior underwriter must have excellent knowledge of the loan processes and underwriting procedures to analyze applications and make accurate decisions.
Lenders and senior underwriters have different pay scales, as shown below.
| Lender | Senior Underwriter | |
| Average salary | $37,723 | $69,375 |
| Salary range | Between $25,000 And $55,000 | Between $44,000 And $108,000 |
| Highest paying City | Seattle, WA | New York, NY |
| Highest paying state | South Dakota | New York |
| Best paying company | Citi | Capital Group |
| Best paying industry | Finance | Insurance |
There are a few differences between a lender and a senior underwriter in terms of educational background:
| Lender | Senior Underwriter | |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 71% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between lenders' and senior underwriters' demographics:
| Lender | Senior Underwriter | |
| Average age | 45 | 44 |
| Gender ratio | Male, 49.2% Female, 50.8% | Male, 42.0% Female, 58.0% |
| 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, 9.3% Unknown, 2.5% Hispanic or Latino, 9.4% Asian, 5.6% White, 72.9% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 8% | 9% |