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The differences between mortgage loan processors and mortgage underwriters can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become a mortgage loan processor, 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 $43,594 average annual salary of a mortgage loan processor.
The top three skills for a mortgage loan processor include customer service, FHA and va. The most important skills for a mortgage underwriter are customer service, work ethic, and FHA.
| Mortgage Loan Processor | Mortgage Underwriter | |
| Yearly salary | $43,594 | $55,721 |
| Hourly rate | $20.96 | $26.79 |
| Growth rate | -3% | 4% |
| Number of jobs | 16,276 | 9,260 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 65% |
| Average age | 42 | 45 |
| Years of experience | 4 | 6 |
A mortgage loan processor is a person who is responsible for the preparation of mortgage applications and any other paperwork. Mortgage loan processors interview the loan applicants, assist them in selecting the right mortgage, and approve or reject their applications. They are expected to have excellent communication, extraordinary interpersonal abilities, and strong attention to detail. Their job involves working with the loan officer and the underwriter. Also, they must be equipped with management skills and aptitude in math.
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 loan processors and mortgage underwriters have different pay scales, as shown below.
| Mortgage Loan Processor | Mortgage Underwriter | |
| Average salary | $43,594 | $55,721 |
| Salary range | Between $33,000 And $57,000 | Between $38,000 And $80,000 |
| Highest paying City | San Francisco, CA | New York, NY |
| Highest paying state | Massachusetts | New Mexico |
| Best paying company | Amplify Credit Union | CTBC Bank |
| Best paying industry | Professional | Professional |
There are a few differences between a mortgage loan processor and a mortgage underwriter in terms of educational background:
| Mortgage Loan Processor | Mortgage Underwriter | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 65% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage loan processors' and mortgage underwriters' demographics:
| Mortgage Loan Processor | Mortgage Underwriter | |
| Average age | 42 | 45 |
| Gender ratio | Male, 21.7% Female, 78.3% | Male, 39.3% Female, 60.7% |
| Race ratio | Black or African American, 13.3% Unknown, 4.3% Hispanic or Latino, 14.2% Asian, 6.8% White, 61.1% American Indian and Alaska Native, 0.4% | 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 | 7% | 8% |