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The differences between loan managers 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 manager and a mortgage underwriter. Additionally, a mortgage underwriter has an average salary of $55,721, which is higher than the $39,623 average annual salary of a loan manager.
The top three skills for a loan manager include loan applications, customer service and real estate. The most important skills for a mortgage underwriter are customer service, work ethic, and FHA.
| Loan Manager | Mortgage Underwriter | |
| Yearly salary | $39,623 | $55,721 |
| Hourly rate | $19.05 | $26.79 |
| Growth rate | 4% | 4% |
| Number of jobs | 11,965 | 9,260 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 65% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A loan manager is a person who supervises and oversees the financial system and the cash flow of a company. They are responsible for the assessment, examination, approval, and even rejection of loan application based on the financial capacity and capability of a loan applicant. A loan manager determines and classifies the possible financial risk and problems that could be encountered. Also, they are the one who controls lending activities for all loan programs, manages all collections, as well as ensuring that the policies of the company are implemented.
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 managers and mortgage underwriters have different pay scales, as shown below.
| Loan Manager | Mortgage Underwriter | |
| Average salary | $39,623 | $55,721 |
| Salary range | Between $27,000 And $58,000 | Between $38,000 And $80,000 |
| Highest paying City | Jersey City, NJ | New York, NY |
| Highest paying state | New Jersey | New Mexico |
| Best paying company | Pacific Investment Management Company LLC | CTBC Bank |
| Best paying industry | Finance | Professional |
There are a few differences between a loan manager and a mortgage underwriter in terms of educational background:
| Loan Manager | Mortgage Underwriter | |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 65% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan managers' and mortgage underwriters' demographics:
| Loan Manager | Mortgage Underwriter | |
| Average age | 45 | 45 |
| Gender ratio | Male, 46.5% Female, 53.5% | Male, 39.3% Female, 60.7% |
| Race ratio | Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 15.9% Asian, 6.4% White, 63.5% 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% |