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The differences between senior loan officers and mortgage underwriters can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a senior loan officer and a mortgage underwriter. Additionally, a mortgage underwriter has an average salary of $55,721, which is higher than the $37,162 average annual salary of a senior loan officer.
The top three skills for a senior loan officer include customer service, loan applications and origination. The most important skills for a mortgage underwriter are customer service, work ethic, and FHA.
| Senior Loan Officer | Mortgage Underwriter | |
| Yearly salary | $37,162 | $55,721 |
| Hourly rate | $17.87 | $26.79 |
| Growth rate | 4% | 4% |
| Number of jobs | 65,807 | 9,260 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 65% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A senior loan officer is responsible for authorizing loan applications after evaluating the applicant's loan eligibility upon submitting documents and other requirements. Senior loan officers assist the loan staff for the approval or rejection of the application, providing alternatives for the applicants based on their credibility. They monitor the loan process, create loan contracts, ensuring that the payment plans meet the federal laws and regulations. A senior loan officer must have extensive knowledge of the financial industry to prepare proposals timely and accurately.
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.
Senior loan officers and mortgage underwriters have different pay scales, as shown below.
| Senior Loan Officer | Mortgage Underwriter | |
| Average salary | $37,162 | $55,721 |
| Salary range | Between $29,000 And $46,000 | Between $38,000 And $80,000 |
| Highest paying City | Miami, FL | New York, NY |
| Highest paying state | Hawaii | New Mexico |
| Best paying company | Salal Credit Union | CTBC Bank |
| Best paying industry | Finance | Professional |
There are a few differences between a senior loan officer and a mortgage underwriter in terms of educational background:
| Senior Loan Officer | Mortgage Underwriter | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 65% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between senior loan officers' and mortgage underwriters' demographics:
| Senior Loan Officer | Mortgage Underwriter | |
| Average age | 45 | 45 |
| Gender ratio | Male, 69.4% Female, 30.6% | Male, 39.3% Female, 60.7% |
| 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, 15.9% Asian, 6.4% White, 63.4% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |