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The differences between mortgage analysts and mortgage underwriters can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 1-2 years to become a mortgage analyst, becoming a mortgage underwriter takes usually requires 4-6 years. Additionally, a mortgage underwriter has an average salary of $55,721, which is higher than the $32,763 average annual salary of a mortgage analyst.
The top three skills for a mortgage analyst include origination, financial statements and excellent organizational. The most important skills for a mortgage underwriter are customer service, work ethic, and FHA.
| Mortgage Analyst | Mortgage Underwriter | |
| Yearly salary | $32,763 | $55,721 |
| Hourly rate | $15.75 | $26.79 |
| Growth rate | 4% | 4% |
| Number of jobs | 22,208 | 9,260 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 65% |
| Average age | 39 | 45 |
| Years of experience | 2 | 6 |
Mortgage analysts are financial professionals who are responsible for executing mortgage or loan applications by assessing financial risks and rewards. These analysts are required to analyze the financial and supporting documents on incoming applications to determine whether they are consistent with the internal and insurer policies. They must determine their borrowers' creditworthiness by evaluating property values based on appraised market prices. Mortgage analysts should also collaborate with credit bureaus and reporting agencies to investigate the credit ratings of loan applicants.
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.
Mortgage analysts and mortgage underwriters have different pay scales, as shown below.
| Mortgage Analyst | Mortgage Underwriter | |
| Average salary | $32,763 | $55,721 |
| Salary range | Between $13,000 And $77,000 | Between $38,000 And $80,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | New York | New Mexico |
| Best paying company | Citi | CTBC Bank |
| Best paying industry | - | Professional |
There are a few differences between a mortgage analyst and a mortgage underwriter in terms of educational background:
| Mortgage Analyst | Mortgage Underwriter | |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 65% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage analysts' and mortgage underwriters' demographics:
| Mortgage Analyst | Mortgage Underwriter | |
| Average age | 39 | 45 |
| Gender ratio | Male, 54.1% Female, 45.9% | Male, 39.3% Female, 60.7% |
| Race ratio | Black or African American, 8.2% Unknown, 2.7% Hispanic or Latino, 9.8% Asian, 9.6% White, 69.3% American Indian and Alaska Native, 0.3% | 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 | 11% | 8% |