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The differences between senior underwriters and consumer loan 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 $53,525 average annual salary of a consumer loan underwriter.
The top three skills for a senior underwriter include customer service, portfolio and underwriting guidelines. The most important skills for a consumer loan underwriter are financial statements, loan applications, and strong analytical.
| Senior Underwriter | Consumer Loan Underwriter | |
| Yearly salary | $69,375 | $53,525 |
| Hourly rate | $33.35 | $25.73 |
| Growth rate | -4% | 4% |
| Number of jobs | 6,726 | 17,495 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 66% |
| 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.
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 underwriters and consumer loan underwriters have different pay scales, as shown below.
| Senior Underwriter | Consumer Loan Underwriter | |
| Average salary | $69,375 | $53,525 |
| Salary range | Between $44,000 And $108,000 | Between $37,000 And $76,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | Capital Group | Marcus & Millichap |
| Best paying industry | Insurance | Finance |
There are a few differences between a senior underwriter and a consumer loan underwriter in terms of educational background:
| Senior Underwriter | 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 underwriters' and consumer loan underwriters' demographics:
| Senior Underwriter | Consumer Loan Underwriter | |
| Average age | 44 | 45 |
| Gender ratio | Male, 42.0% Female, 58.0% | Male, 42.6% Female, 57.4% |
| 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, 9.2% Unknown, 4.6% Hispanic or Latino, 15.9% Asian, 6.4% White, 63.5% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 9% | 8% |