Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between mortgage underwriters 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 underwriter and a consumer loan underwriter. Additionally, a mortgage underwriter has an average salary of $55,721, which is higher than the $53,525 average annual salary of a consumer loan underwriter.
The top three skills for a mortgage underwriter include customer service, work ethic and FHA. The most important skills for a consumer loan underwriter are financial statements, loan applications, and strong analytical.
| Mortgage Underwriter | Consumer Loan Underwriter | |
| Yearly salary | $55,721 | $53,525 |
| Hourly rate | $26.79 | $25.73 |
| Growth rate | 4% | 4% |
| Number of jobs | 9,260 | 17,495 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 65% | Bachelor's Degree, 66% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
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.
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 underwriters and consumer loan underwriters have different pay scales, as shown below.
| Mortgage Underwriter | Consumer Loan Underwriter | |
| Average salary | $55,721 | $53,525 |
| Salary range | Between $38,000 And $80,000 | Between $37,000 And $76,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | New Mexico | New York |
| Best paying company | CTBC Bank | Marcus & Millichap |
| Best paying industry | Professional | Finance |
There are a few differences between a mortgage underwriter and a consumer loan underwriter in terms of educational background:
| Mortgage Underwriter | Consumer Loan Underwriter | |
| Most common degree | Bachelor's Degree, 65% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage underwriters' and consumer loan underwriters' demographics:
| Mortgage Underwriter | Consumer Loan Underwriter | |
| Average age | 45 | 45 |
| Gender ratio | Male, 39.3% Female, 60.7% | Male, 42.6% Female, 57.4% |
| Race ratio | 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% | 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% |