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The differences between mortgage underwriters and loan consultants 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 loan consultant. Additionally, a mortgage underwriter has an average salary of $55,721, which is higher than the $38,876 average annual salary of a loan consultant.
The top three skills for a mortgage underwriter include customer service, work ethic and FHA. The most important skills for a loan consultant are loan applications, origination, and customer service.
| Mortgage Underwriter | Loan Consultant | |
| Yearly salary | $55,721 | $38,876 |
| Hourly rate | $26.79 | $18.69 |
| Growth rate | 4% | 4% |
| Number of jobs | 9,260 | 23,448 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 65% | Bachelor's Degree, 62% |
| 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 Loan Consultant specializes in assessing loan applications to ensure potential clients uphold their financial obligations. Their responsibilities include conducting interviews with applicants, reviewing and verifying documentation, and evaluating financial credit and other records. They may also answer inquiries, advise potential clients on which program suits them the best, and help them understand every procedure. Moreover, there are also instances when they must handle delinquent accounts, reach out to clients, and negotiate payment terms when necessary.
Mortgage underwriters and loan consultants have different pay scales, as shown below.
| Mortgage Underwriter | Loan Consultant | |
| Average salary | $55,721 | $38,876 |
| Salary range | Between $38,000 And $80,000 | Between $27,000 And $54,000 |
| Highest paying City | New York, NY | Sioux Falls, SD |
| Highest paying state | New Mexico | South Dakota |
| Best paying company | CTBC Bank | Accion |
| Best paying industry | Professional | Finance |
There are a few differences between a mortgage underwriter and a loan consultant in terms of educational background:
| Mortgage Underwriter | Loan Consultant | |
| Most common degree | Bachelor's Degree, 65% | Bachelor's Degree, 62% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage underwriters' and loan consultants' demographics:
| Mortgage Underwriter | Loan Consultant | |
| Average age | 45 | 45 |
| Gender ratio | Male, 39.3% Female, 60.7% | Male, 57.2% Female, 42.8% |
| 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, 16.0% Asian, 6.4% White, 63.3% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |