Loan broker vs underwriter

The differences between loan brokers and 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 $61,751 average annual salary of an underwriter.

The top three skills for a loan broker include financial statements, customer service and loan applications. The most important skills for an underwriter are customer service, investor guidelines, and mortgage loans.

Loan broker vs underwriter overview

	Loan Broker	Underwriter
Yearly salary	$119,784	$61,751
Hourly rate	$57.59	$29.69
Growth rate	4%	-4%
Number of jobs	15,508	8,510
Job satisfaction	-	3
Most common degree	Bachelor's Degree, 59%	Bachelor's Degree, 66%
Average age	45	44
Years of experience	6	-

Loan broker vs underwriter salary

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

	Loan Broker	Underwriter
Average salary	$119,784	$61,751
Salary range	Between $81,000 And $175,000	Between $39,000 And $96,000
Highest paying City	-	Boston, MA
Highest paying state	-	Massachusetts
Best paying company	-	Google
Best paying industry	-	Manufacturing

Differences between loan broker and underwriter education

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

	Loan Broker	Underwriter
Most common degree	Bachelor's Degree, 59%	Bachelor's Degree, 66%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Loan broker vs underwriter demographics

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

	Loan Broker	Underwriter
Average age	45	44
Gender ratio	Male, 58.8% Female, 41.2%	Male, 38.4% Female, 61.6%
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, 9.2% Unknown, 2.5% Hispanic or Latino, 9.6% Asian, 5.6% White, 72.7% American Indian and Alaska Native, 0.4%
LGBT Percentage	8%	9%

Differences between loan broker and 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.

Underwriter example responsibilities.

Attain Jr. underwriter status and AUS underwriting authority.
Manage AUS findings and analyze approvals and results accordingly.
Complete initial review of appraisals, borrower credit documents, and DU/LP findings according to Fannie Mae and investor guidelines.
Research and develop SBA program.
Work on project putting together HPR policy.
Resolve issues preventing final disposition of REO properties.

Loan broker vs underwriter skills

Common loan broker skills

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

Common underwriter skills

Customer Service, 11%
Investor Guidelines, 6%
Mortgage Loans, 5%
Underwriting Guidelines, 5%
Financial Statements, 4%
FHA, 3%