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The differences between mortgage 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 mortgage originator and a consumer loan underwriter. Additionally, a consumer loan underwriter has an average salary of $53,525, which is higher than the $31,380 average annual salary of a mortgage originator.
The top three skills for a mortgage originator include customer service, origination and bank products. The most important skills for a consumer loan underwriter are financial statements, loan applications, and strong analytical.
| Mortgage Originator | Consumer Loan Underwriter | |
| Yearly salary | $31,380 | $53,525 |
| Hourly rate | $15.09 | $25.73 |
| Growth rate | 4% | 4% |
| Number of jobs | 11,164 | 17,495 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 66% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A Mortgage Originator is someone who will work with a borrower to process and complete a home loan application. They work closely with loan processors and underwriters to collect the required documentation until it is approved. Mortgage Origniators are responsible for guiding clients through the approval stage by assisting them with the paperwork, determining the loan amount, and taking and verifying documentation. They guide borrowers in deciding which mortgage type is right for them.
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.
Mortgage originators and consumer loan underwriters have different pay scales, as shown below.
| Mortgage Originator | Consumer Loan Underwriter | |
| Average salary | $31,380 | $53,525 |
| Salary range | Between $16,000 And $57,000 | Between $37,000 And $76,000 |
| Highest paying City | - | New York, NY |
| Highest paying state | - | New York |
| Best paying company | - | Marcus & Millichap |
| Best paying industry | - | Finance |
There are a few differences between a mortgage originator and a consumer loan underwriter in terms of educational background:
| Mortgage Originator | Consumer Loan Underwriter | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage originators' and consumer loan underwriters' demographics:
| Mortgage Originator | Consumer Loan Underwriter | |
| Average age | 45 | 45 |
| Gender ratio | Male, 56.2% Female, 43.8% | Male, 42.6% Female, 57.4% |
| Race ratio | Black or African American, 10.0% Unknown, 4.7% Hispanic or Latino, 15.2% Asian, 6.1% 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, 63.5% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |