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The differences between mortgage underwriters and escrow officers 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 an escrow officer. Additionally, a mortgage underwriter has an average salary of $55,721, which is higher than the $50,270 average annual salary of an escrow officer.
The top three skills for a mortgage underwriter include customer service, work ethic and FHA. The most important skills for an escrow officer are customer service, HOA, and title insurance.
| Mortgage Underwriter | Escrow Officer | |
| Yearly salary | $55,721 | $50,270 |
| Hourly rate | $26.79 | $24.17 |
| Growth rate | 4% | 4% |
| Number of jobs | 9,260 | 62,077 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 65% | Bachelor's Degree, 47% |
| 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.
Escrow officers, commonly known as loan officers, are responsible for real estate processing and finalizing deals. They ensure all documents are authentic and prepared, property titles are clear, and financial obligations have been thoroughly met by the buyer and seller. They verify the document of land ownership, checking property title, and consulting with potential buyers, sellers, and lending firms. It is also their responsibility to handle the deposition of funds and processing of legal documents, including paperwork to finalize the transaction.
Mortgage underwriters and escrow officers have different pay scales, as shown below.
| Mortgage Underwriter | Escrow Officer | |
| Average salary | $55,721 | $50,270 |
| Salary range | Between $38,000 And $80,000 | Between $36,000 And $70,000 |
| Highest paying City | New York, NY | Walnut Creek, CA |
| Highest paying state | New Mexico | New Mexico |
| Best paying company | CTBC Bank | Fidelity National Financial |
| Best paying industry | Professional | Finance |
There are a few differences between a mortgage underwriter and an escrow officer in terms of educational background:
| Mortgage Underwriter | Escrow Officer | |
| Most common degree | Bachelor's Degree, 65% | Bachelor's Degree, 47% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage underwriters' and escrow officers' demographics:
| Mortgage Underwriter | Escrow Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 39.3% Female, 60.7% | Male, 14.9% Female, 85.1% |
| 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, 8.8% Unknown, 4.6% Hispanic or Latino, 16.0% Asian, 6.2% White, 64.0% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |