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The differences between loan advisers 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 loan adviser and a mortgage underwriter. Additionally, a mortgage underwriter has an average salary of $55,721, which is higher than the $40,365 average annual salary of a loan adviser.
The top three skills for a loan adviser include customer service, origination and mortgage loans. The most important skills for a mortgage underwriter are customer service, work ethic, and FHA.
| Loan Adviser | Mortgage Underwriter | |
| Yearly salary | $40,365 | $55,721 |
| Hourly rate | $19.41 | $26.79 |
| Growth rate | 4% | 4% |
| Number of jobs | 24,189 | 9,260 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 65% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A loan adviser evaluates and assesses mortgage applications to ensure that the client is capable and capacitated to pay their finances and obligations. They conduct one on one interviews with the client, verifies the documents presented, and handles the approval process. They can often be seen in a bank or a credit institution that gives support to the clients and borrowers. This career is considered a vital part of a bank as it determines the possible increase of a company's profit by their loan programs.
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.
Loan advisers and mortgage underwriters have different pay scales, as shown below.
| Loan Adviser | Mortgage Underwriter | |
| Average salary | $40,365 | $55,721 |
| Salary range | Between $28,000 And $56,000 | Between $38,000 And $80,000 |
| Highest paying City | - | New York, NY |
| Highest paying state | - | New Mexico |
| Best paying company | - | CTBC Bank |
| Best paying industry | - | Professional |
There are a few differences between a loan adviser and a mortgage underwriter in terms of educational background:
| Loan Adviser | Mortgage Underwriter | |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 65% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan advisers' and mortgage underwriters' demographics:
| Loan Adviser | Mortgage Underwriter | |
| Average age | 45 | 45 |
| Gender ratio | Male, 47.7% Female, 52.3% | Male, 39.3% Female, 60.7% |
| Race ratio | Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 16.1% Asian, 6.4% White, 63.1% 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% |