Loan broker vs senior underwriter

The differences between loan brokers and senior underwriters can be seen in a few details. Each job has different responsibilities and duties. Additionally, a loan broker has an average salary of $119,784, which is higher than the $69,375 average annual salary of a senior underwriter.

The top three skills for a loan broker include financial statements, customer service and loan applications. The most important skills for a senior underwriter are customer service, portfolio, and underwriting guidelines.

Loan broker vs senior underwriter overview

	Loan Broker	Senior Underwriter
Yearly salary	$119,784	$69,375
Hourly rate	$57.59	$33.35
Growth rate	4%	-4%
Number of jobs	15,508	6,726
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 59%	Bachelor's Degree, 71%
Average age	45	44
Years of experience	6	-

Loan broker vs senior underwriter salary

Loan brokers and senior underwriters have different pay scales, as shown below.

	Loan Broker	Senior Underwriter
Average salary	$119,784	$69,375
Salary range	Between $81,000 And $175,000	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

Differences between loan broker and senior underwriter education

There are a few differences between a loan broker and a senior underwriter in terms of educational background:

	Loan Broker	Senior Underwriter
Most common degree	Bachelor's Degree, 59%	Bachelor's Degree, 71%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Loan broker vs senior underwriter demographics

Here are the differences between loan brokers' and senior underwriters' demographics:

	Loan Broker	Senior Underwriter
Average age	45	44
Gender ratio	Male, 58.8% Female, 41.2%	Male, 42.0% Female, 58.0%
Race ratio	Black or African American, 9.1% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.2% White, 63.8% 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%

Differences between loan broker and senior underwriter duties and responsibilities

Loan broker example responsibilities.

Supervise and manage the processing staff and also underwrite conventional loans for correspondent lenders.
Prepare loan packages for submittal to SBA.
Quoted rates for various scenarios, and lock FHA and VA loans.
Engage in full spectrum of commercial lending SBA, conventional and non-conventional.
Originate full line of mortgage products including conforming, non-conforming, FHA and VA.
Interview prospective lenders to for additional services; significantly expand company lender sources in both purchase and refinance markets.

Senior underwriter example responsibilities.

Manage AUS findings and analyze approvals and results accordingly.
Perform underwriter approval/declines on FHA, VA, FmHA and conventional loan applications providing financing for one-to-four family residential properties.
Fix and n variable annuities.
Check for the accuracy and proper recording of UCC filings and mortgages.
Order and review flood searches, title reports, UCC searches, appraisals, insurance policies and binders, and contracts.
Review preliminary HUD-1 for accuracy.

Loan broker vs senior underwriter skills

Common loan broker skills

Financial Statements, 22%
Customer Service, 22%
Loan Applications, 10%
Commercial Loans, 8%
Loan Process, 7%
FHA, 7%

Common senior underwriter skills

Customer Service, 11%
Portfolio, 8%
Underwriting Guidelines, 5%
Strong Analytical, 4%
SR, 4%
Excellent Interpersonal, 4%