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The differences between loan originators and consumer loan 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 originator and a consumer loan underwriter. Additionally, a consumer loan underwriter has an average salary of $53,525, which is higher than the $41,291 average annual salary of a loan originator.
The top three skills for a loan originator include customer service, origination and FHA. The most important skills for a consumer loan underwriter are financial statements, loan applications, and strong analytical.
| Loan Originator | Consumer Loan Underwriter | |
| Yearly salary | $41,291 | $53,525 |
| Hourly rate | $19.85 | $25.73 |
| Growth rate | 4% | 4% |
| Number of jobs | 10,716 | 17,495 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 66% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A Loan Originator is a potential liaison between borrowers and lenders. They help borrowers complete loan applications and evaluate which loans are most appropriate for the customers.
A consumer loan underwriter, or often known as a loan officer, is a financial professional who works at a credit union or other financial institution to approve or disapprove loans to clients. Consumer loan underwriters must review and verify the information provided by loan applicants and then decide on approving or denying a loan according to the policies of the institution. They must determine maximum loss potential by identifying all loans that are associated with a borrower where fraud may have occurred. Consumer loan underwriters must also demonstrate experience in underwriting conventional and FHA loans.
Loan originators and consumer loan underwriters have different pay scales, as shown below.
| Loan Originator | Consumer Loan Underwriter | |
| Average salary | $41,291 | $53,525 |
| Salary range | Between $28,000 And $60,000 | Between $37,000 And $76,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | South Dakota | New York |
| Best paying company | Centennial Bank | Marcus & Millichap |
| Best paying industry | Transportation | Finance |
There are a few differences between a loan originator and a consumer loan underwriter in terms of educational background:
| Loan Originator | Consumer Loan Underwriter | |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan originators' and consumer loan underwriters' demographics:
| Loan Originator | Consumer Loan Underwriter | |
| Average age | 45 | 45 |
| Gender ratio | Male, 54.0% Female, 46.0% | Male, 42.6% Female, 57.4% |
| Race ratio | Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 16.1% Asian, 6.4% White, 63.2% 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, 63.5% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |