Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between senior loan officers and senior underwriters can be seen in a few details. Each job has different responsibilities and duties. Additionally, a senior underwriter has an average salary of $69,375, 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 senior underwriter are customer service, portfolio, and underwriting guidelines.
| Senior Loan Officer | Senior Underwriter | |
| Yearly salary | $37,162 | $69,375 |
| Hourly rate | $17.87 | $33.35 |
| Growth rate | 4% | -4% |
| Number of jobs | 65,807 | 6,726 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 71% |
| Average age | 45 | 44 |
| Years of experience | 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 senior underwriter is responsible for evaluating the eligibility of an applicant for loan application processing. Senior underwriters verify the applicant's information, including their credit score and other valid documents, ensuring that the applicant fulfills the loan application's parameters. They check the applicant's portfolios and provide them the next necessary steps and the alternatives for loan types. A senior underwriter must have excellent knowledge of the loan processes and underwriting procedures to analyze applications and make accurate decisions.
Senior loan officers and senior underwriters have different pay scales, as shown below.
| Senior Loan Officer | Senior Underwriter | |
| Average salary | $37,162 | $69,375 |
| Salary range | Between $29,000 And $46,000 | Between $44,000 And $108,000 |
| Highest paying City | Miami, FL | New York, NY |
| Highest paying state | Hawaii | New York |
| Best paying company | Salal Credit Union | Capital Group |
| Best paying industry | Finance | Insurance |
There are a few differences between a senior loan officer and a senior underwriter in terms of educational background:
| Senior Loan Officer | Senior Underwriter | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 71% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between senior loan officers' and senior underwriters' demographics:
| Senior Loan Officer | Senior Underwriter | |
| Average age | 45 | 44 |
| Gender ratio | Male, 69.4% Female, 30.6% | Male, 42.0% Female, 58.0% |
| 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, 9.3% Unknown, 2.5% Hispanic or Latino, 9.4% Asian, 5.6% White, 72.9% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 8% | 9% |