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The differences between mortgage underwriters and mortgage bankers 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 mortgage banker. Additionally, a mortgage underwriter has an average salary of $55,721, which is higher than the $27,331 average annual salary of a mortgage banker.
The top three skills for a mortgage underwriter include customer service, work ethic and FHA. The most important skills for a mortgage banker are customer service, NMLS, and federal regulations.
| Mortgage Underwriter | Mortgage Banker | |
| Yearly salary | $55,721 | $27,331 |
| Hourly rate | $26.79 | $13.14 |
| Growth rate | 4% | 4% |
| Number of jobs | 9,260 | 24,297 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 65% | Bachelor's Degree, 72% |
| 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 Mortgage Banker is specialized in offering financing to buy homes or refinance previous mortgages. They work as part of a banks loan department.
Mortgage underwriters and mortgage bankers have different pay scales, as shown below.
| Mortgage Underwriter | Mortgage Banker | |
| Average salary | $55,721 | $27,331 |
| Salary range | Between $38,000 And $80,000 | Between $9,000 And $78,000 |
| Highest paying City | New York, NY | - |
| Highest paying state | New Mexico | - |
| Best paying company | CTBC Bank | - |
| Best paying industry | Professional | - |
There are a few differences between a mortgage underwriter and a mortgage banker in terms of educational background:
| Mortgage Underwriter | Mortgage Banker | |
| Most common degree | Bachelor's Degree, 65% | Bachelor's Degree, 72% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage underwriters' and mortgage bankers' demographics:
| Mortgage Underwriter | Mortgage Banker | |
| Average age | 45 | 45 |
| Gender ratio | Male, 39.3% Female, 60.7% | Male, 71.7% Female, 28.3% |
| 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, 9.5% Unknown, 4.7% Hispanic or Latino, 15.7% Asian, 6.5% White, 63.2% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |