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The differences between senior credit analysts and consumer loan underwriters can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 1-2 years to become a senior credit analyst, becoming a consumer loan underwriter takes usually requires 4-6 years. Additionally, a senior credit analyst has an average salary of $86,364, which is higher than the $53,525 average annual salary of a consumer loan underwriter.
The top three skills for a senior credit analyst include credit analysis, customer service and real estate. The most important skills for a consumer loan underwriter are financial statements, loan applications, and strong analytical.
| Senior Credit Analyst | Consumer Loan Underwriter | |
| Yearly salary | $86,364 | $53,525 |
| Hourly rate | $41.52 | $25.73 |
| Growth rate | 17% | 4% |
| Number of jobs | 15,221 | 17,495 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 66% |
| Average age | 39 | 45 |
| Years of experience | 2 | 6 |
A senior credit analyst is responsible for reviewing the loan applications of an individual and organization, determining their eligibility by evaluating their credit scores and financial history. Senior credit analysts assess the applicant's capability to pay according to terms and conditions and loan payment plans. They submit recommendation reports of qualified applicants for further investigation and have them submit additional documents as needed. A senior credit analyst decides on credit limits and may provide the applicants' loan and credit alternatives, requiring them to have excellent knowledge of the financial industry and loan options.
A consumer loan underwriter, or often known as a loan officer, is a financial professional who works at a credit union or other financial institution to approve or disapprove loans to clients. Consumer loan underwriters must review and verify the information provided by loan applicants and then decide on approving or denying a loan according to the policies of the institution. They must determine maximum loss potential by identifying all loans that are associated with a borrower where fraud may have occurred. Consumer loan underwriters must also demonstrate experience in underwriting conventional and FHA loans.
Senior credit analysts and consumer loan underwriters have different pay scales, as shown below.
| Senior Credit Analyst | Consumer Loan Underwriter | |
| Average salary | $86,364 | $53,525 |
| Salary range | Between $59,000 And $125,000 | Between $37,000 And $76,000 |
| Highest paying City | White Plains, NY | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | Apple | Marcus & Millichap |
| Best paying industry | Finance | Finance |
There are a few differences between a senior credit analyst and a consumer loan underwriter in terms of educational background:
| Senior Credit Analyst | Consumer Loan Underwriter | |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between senior credit analysts' and consumer loan underwriters' demographics:
| Senior Credit Analyst | Consumer Loan Underwriter | |
| Average age | 39 | 45 |
| Gender ratio | Male, 54.6% Female, 45.4% | Male, 42.6% Female, 57.4% |
| Race ratio | Black or African American, 8.3% Unknown, 2.7% Hispanic or Latino, 9.9% Asian, 10.0% White, 68.8% American Indian and Alaska Native, 0.3% | Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 15.9% Asian, 6.4% White, 63.5% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 11% | 8% |