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The differences between senior underwriters and commercial loan officers can be seen in a few details. Each job has different responsibilities and duties. Additionally, a commercial loan officer has an average salary of $70,876, which is higher than the $69,375 average annual salary of a senior underwriter.
The top three skills for a senior underwriter include customer service, portfolio and underwriting guidelines. The most important skills for a commercial loan officer are customer service, loan portfolio, and financial statements.
| Senior Underwriter | Commercial Loan Officer | |
| Yearly salary | $69,375 | $70,876 |
| Hourly rate | $33.35 | $34.08 |
| Growth rate | -4% | 4% |
| Number of jobs | 6,726 | 91,582 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 76% |
| Average age | 44 | 45 |
| Years of experience | - | 6 |
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.
Commercial loan officers are financial professionals who are responsible for assessing and processing business loan applications at financial institutions. These loan officers must advise clients about their suitable loan and credit options while consulting with managers on credit policies, credit lines, and procedures. They are required to obtain and assess the financial information of applicants that includes their financial statements and credit histories. Commercial loan officers must also collaborate with other financial institutions to set up loan packages for extensive loans.
Senior underwriters and commercial loan officers have different pay scales, as shown below.
| Senior Underwriter | Commercial Loan Officer | |
| Average salary | $69,375 | $70,876 |
| Salary range | Between $44,000 And $108,000 | Between $50,000 And $100,000 |
| Highest paying City | New York, NY | Fort Lee, NJ |
| Highest paying state | New York | Maine |
| Best paying company | Capital Group | Glacier Ban |
| Best paying industry | Insurance | Finance |
There are a few differences between a senior underwriter and a commercial loan officer in terms of educational background:
| Senior Underwriter | Commercial Loan Officer | |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 76% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between senior underwriters' and commercial loan officers' demographics:
| Senior Underwriter | Commercial Loan Officer | |
| Average age | 44 | 45 |
| Gender ratio | Male, 42.0% Female, 58.0% | Male, 73.8% Female, 26.2% |
| Race ratio | 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% | Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 15.5% Asian, 6.5% White, 63.6% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 9% | 8% |