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The differences between mortgage 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 $40,527 average annual salary of a mortgage processor.
The top three skills for a mortgage processor include customer service, FHA and va. The most important skills for an underwriter are customer service, investor guidelines, and mortgage loans.
| Mortgage Processor | Underwriter | |
| Yearly salary | $40,527 | $61,751 |
| Hourly rate | $19.48 | $29.69 |
| Growth rate | -3% | -4% |
| Number of jobs | 9,057 | 8,510 |
| Job satisfaction | - | 3 |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 66% |
| Average age | 42 | 44 |
| Years of experience | 4 | - |
A mortgage processor is responsible for reviewing mortgage loan applications, evaluating applicants' documents, and verifying their eligibility for approval. Mortgage processors consider the applicant's financial statements, credit score, and other possible mortgage options. They also interview loan applicants to confirm the accuracy of submitted documents and keep them updated with the progress and final decisions. A mortgage processor works closely with the underwriting department for loan applications subject for further review. The mortgage processor needs to have a broad knowledge of the banking industry and loan procedures to guide the applicants with their application inquiries and concerns.
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 processors and underwriters have different pay scales, as shown below.
| Mortgage Processor | Underwriter | |
| Average salary | $40,527 | $61,751 |
| Salary range | Between $31,000 And $52,000 | Between $39,000 And $96,000 |
| Highest paying City | Phoenix, AZ | Boston, MA |
| Highest paying state | Arizona | Massachusetts |
| Best paying company | CyberCoders | |
| Best paying industry | Professional | Manufacturing |
There are a few differences between a mortgage processor and an underwriter in terms of educational background:
| Mortgage Processor | Underwriter | |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage processors' and underwriters' demographics:
| Mortgage Processor | Underwriter | |
| Average age | 42 | 44 |
| Gender ratio | Male, 24.2% Female, 75.8% | Male, 38.4% Female, 61.6% |
| Race ratio | Black or African American, 13.0% Unknown, 4.2% Hispanic or Latino, 14.1% Asian, 6.6% White, 61.6% 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% |