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The differences between mortgage loan processors and underwriters can be seen in a few details. Each job has different responsibilities and duties. Additionally, an underwriter has an average salary of $61,751, 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 an underwriter are customer service, investor guidelines, and mortgage loans.
| Mortgage Loan Processor | Underwriter | |
| Yearly salary | $43,594 | $61,751 |
| Hourly rate | $20.96 | $29.69 |
| Growth rate | -3% | -4% |
| Number of jobs | 16,276 | 8,510 |
| Job satisfaction | - | 3 |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 66% |
| Average age | 42 | 44 |
| Years of experience | 4 | - |
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.
An underwriter's duties depend on the line of work or industry involved, such as mortgage companies, insurance, or lending firms. However, an Underwriter's responsibility will mainly revolve around using their extensive expertise on how a company will achieve financial gains, and assessing the possible financial risks of a client by reviewing various aspects to determine their capacity to uphold monetary obligations. Most of the time, the Underwriter's tasks will also involve evaluating a client's credit history, health, assets, overall financial history.
Mortgage loan processors and underwriters have different pay scales, as shown below.
| Mortgage Loan Processor | Underwriter | |
| Average salary | $43,594 | $61,751 |
| Salary range | Between $33,000 And $57,000 | Between $39,000 And $96,000 |
| Highest paying City | San Francisco, CA | Boston, MA |
| Highest paying state | Massachusetts | Massachusetts |
| Best paying company | Amplify Credit Union | |
| Best paying industry | Professional | Manufacturing |
There are a few differences between a mortgage loan processor and an underwriter in terms of educational background:
| Mortgage Loan Processor | Underwriter | |
| Most common degree | Bachelor's Degree, 50% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage loan processors' and underwriters' demographics:
| Mortgage Loan Processor | Underwriter | |
| Average age | 42 | 44 |
| Gender ratio | Male, 21.7% Female, 78.3% | Male, 38.4% Female, 61.6% |
| 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, 2.5% Hispanic or Latino, 9.6% Asian, 5.6% White, 72.7% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 9% |