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The differences between mortgage underwriters and mortgage processors can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a mortgage underwriter, becoming a mortgage processor takes usually requires 2-4 years. Additionally, a mortgage underwriter has an average salary of $55,721, which is higher than the $40,527 average annual salary of a mortgage processor.
The top three skills for a mortgage underwriter include customer service, work ethic and FHA. The most important skills for a mortgage processor are customer service, FHA, and va.
| Mortgage Underwriter | Mortgage Processor | |
| Yearly salary | $55,721 | $40,527 |
| Hourly rate | $26.79 | $19.48 |
| Growth rate | 4% | -3% |
| Number of jobs | 9,260 | 9,057 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 65% | Bachelor's Degree, 52% |
| Average age | 45 | 42 |
| Years of experience | 6 | 4 |
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 processor is responsible for reviewing mortgage loan applications, evaluating applicants' documents, and verifying their eligibility for approval. Mortgage processors consider the applicant's financial statements, credit score, and other possible mortgage options. They also interview loan applicants to confirm the accuracy of submitted documents and keep them updated with the progress and final decisions. A mortgage processor works closely with the underwriting department for loan applications subject for further review. The mortgage processor needs to have a broad knowledge of the banking industry and loan procedures to guide the applicants with their application inquiries and concerns.
Mortgage underwriters and mortgage processors have different pay scales, as shown below.
| Mortgage Underwriter | Mortgage Processor | |
| Average salary | $55,721 | $40,527 |
| Salary range | Between $38,000 And $80,000 | Between $31,000 And $52,000 |
| Highest paying City | New York, NY | Phoenix, AZ |
| Highest paying state | New Mexico | Arizona |
| Best paying company | CTBC Bank | CyberCoders |
| Best paying industry | Professional | Professional |
There are a few differences between a mortgage underwriter and a mortgage processor in terms of educational background:
| Mortgage Underwriter | Mortgage Processor | |
| Most common degree | Bachelor's Degree, 65% | Bachelor's Degree, 52% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between mortgage underwriters' and mortgage processors' demographics:
| Mortgage Underwriter | Mortgage Processor | |
| Average age | 45 | 42 |
| Gender ratio | Male, 39.3% Female, 60.7% | Male, 24.2% Female, 75.8% |
| 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, 13.0% Unknown, 4.2% Hispanic or Latino, 14.1% Asian, 6.6% White, 61.6% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 8% | 7% |