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The differences between mortgage underwriters and underwriting managers 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 an underwriting manager takes usually requires 6-8 years. Additionally, an underwriting manager has an average salary of $77,426, 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 underwriting manager are customer service, portfolio, and risk management.
| Mortgage Underwriter | Underwriting Manager | |
| Yearly salary | $55,721 | $77,426 |
| Hourly rate | $26.79 | $37.22 |
| Growth rate | 4% | 17% |
| Number of jobs | 9,260 | 44,546 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 65% | Bachelor's Degree, 73% |
| Average age | 45 | 46 |
| Years of experience | 6 | 8 |
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.
Underwriting managers work mostly in the financial and insurance industries to provide management for all underwriting activities, including loan applications and insurance products. They oversee a team of associate-level staff, assigning them insurance or loan plans to evaluate and underwrite, ensuring that they comprehend expectations and timelines, and provide support by answering questions. They are team leaders, leading associate-level underwriters altogether activities, supporting risk management, and financial due diligence activities. In addition, underwriting managers also play a significant role in developing and enacting policies and procedures in regional offices.
Mortgage underwriters and underwriting managers have different pay scales, as shown below.
| Mortgage Underwriter | Underwriting Manager | |
| Average salary | $55,721 | $77,426 |
| Salary range | Between $38,000 And $80,000 | Between $50,000 And $119,000 |
| Highest paying City | New York, NY | San Francisco, CA |
| Highest paying state | New Mexico | New York |
| Best paying company | CTBC Bank | W. R. Berkley |
| Best paying industry | Professional | Insurance |
There are a few differences between a mortgage underwriter and an underwriting manager in terms of educational background:
| Mortgage Underwriter | Underwriting Manager | |
| Most common degree | Bachelor's Degree, 65% | Bachelor's Degree, 73% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | Stanford University |
Here are the differences between mortgage underwriters' and underwriting managers' demographics:
| Mortgage Underwriter | Underwriting Manager | |
| Average age | 45 | 46 |
| Gender ratio | Male, 39.3% Female, 60.7% | Male, 49.5% Female, 50.5% |
| 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, 7.9% Unknown, 4.1% Hispanic or Latino, 15.3% Asian, 7.8% White, 64.6% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 8% | 11% |