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The differences between loan advisers 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 $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 senior underwriter are customer service, portfolio, and underwriting guidelines.
| Loan Adviser | Senior Underwriter | |
| Yearly salary | $40,365 | $69,375 |
| Hourly rate | $19.41 | $33.35 |
| Growth rate | 4% | -4% |
| Number of jobs | 24,189 | 6,726 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 71% |
| Average age | 45 | 44 |
| Years of experience | 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 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.
Loan advisers and senior underwriters have different pay scales, as shown below.
| Loan Adviser | Senior Underwriter | |
| Average salary | $40,365 | $69,375 |
| Salary range | Between $28,000 And $56,000 | Between $44,000 And $108,000 |
| Highest paying City | - | New York, NY |
| Highest paying state | - | New York |
| Best paying company | - | Capital Group |
| Best paying industry | - | Insurance |
There are a few differences between a loan adviser and a senior underwriter in terms of educational background:
| Loan Adviser | Senior Underwriter | |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 71% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan advisers' and senior underwriters' demographics:
| Loan Adviser | Senior Underwriter | |
| Average age | 45 | 44 |
| Gender ratio | Male, 47.7% Female, 52.3% | Male, 42.0% Female, 58.0% |
| 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, 9.3% 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% |