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The differences between mortgage underwriters and insurance underwriters can be seen in a few details. Each job has different responsibilities and duties. Additionally, an insurance underwriter has an average salary of $64,163, which is higher than the $55,721 average annual salary of a mortgage underwriter.
The top three skills for a mortgage underwriter include customer service, work ethic and FHA. The most important skills for an insurance underwriter are health insurance, insurance underwriting, and insurance coverage.
| Mortgage Underwriter | Insurance Underwriter | |
| Yearly salary | $55,721 | $64,163 |
| Hourly rate | $26.79 | $30.85 |
| Growth rate | 4% | -4% |
| Number of jobs | 9,260 | 39,026 |
| Job satisfaction | - | 3 |
| Most common degree | Bachelor's Degree, 65% | Bachelor's Degree, 67% |
| Average age | 45 | 44 |
| Years of experience | 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.
An insurance underwriter specializes in identifying and assessing financial risks in insurance policies. It is their duty to gather and review insurance applications, understand the coverage of policies and claims, determine a client's ability to uphold financial obligations by studying their personal information, and develop strategies to prevent the impact of risks and financial losses. They may also negotiate with external parties while adhering to the company's rules and regulations. Moreover, there are instances when an insurance underwriter must produce progress reports and presentations for managers and executives.
Mortgage underwriters and insurance underwriters have different pay scales, as shown below.
| Mortgage Underwriter | Insurance Underwriter | |
| Average salary | $55,721 | $64,163 |
| Salary range | Between $38,000 And $80,000 | Between $35,000 And $116,000 |
| Highest paying City | New York, NY | Hartford, CT |
| Highest paying state | New Mexico | Connecticut |
| Best paying company | CTBC Bank | Citi |
| Best paying industry | Professional | - |
There are a few differences between a mortgage underwriter and an insurance underwriter in terms of educational background:
| Mortgage Underwriter | Insurance Underwriter | |
| Most common degree | Bachelor's Degree, 65% | Bachelor's Degree, 67% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage underwriters' and insurance underwriters' demographics:
| Mortgage Underwriter | Insurance Underwriter | |
| Average age | 45 | 44 |
| Gender ratio | Male, 39.3% Female, 60.7% | Male, 33.4% Female, 66.6% |
| 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, 2.5% Hispanic or Latino, 9.9% Asian, 5.7% White, 72.3% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 8% | 9% |