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The differences between senior underwriters and credit officers can be seen in a few details. Each job has different responsibilities and duties. Additionally, a credit officer has an average salary of $129,478, 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 credit officer are risk management, credit risk, and credit analysis.
| Senior Underwriter | Credit Officer | |
| Yearly salary | $69,375 | $129,478 |
| Hourly rate | $33.35 | $62.25 |
| Growth rate | -4% | 17% |
| Number of jobs | 6,726 | 60,323 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 69% |
| Average age | 44 | 39 |
| Years of experience | - | 2 |
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 credit officer is responsible for evaluating financial documents and account statements to determine the eligibility of an applicant for a loan option. Credit officers communicate with the applicant to discuss the loan process, explain the terms of service, and provide them alternative options that would fit their payment ability and loan needs. They create financial reports and recommend the qualified applicant to the manager for approval. A credit officer should have excellent communication and analytical skills, ensuring that the loan policies adhere to the federal and state regulations.
Senior underwriters and credit officers have different pay scales, as shown below.
| Senior Underwriter | Credit Officer | |
| Average salary | $69,375 | $129,478 |
| Salary range | Between $44,000 And $108,000 | Between $85,000 And $196,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | Capital Group | Farm Credit System |
| Best paying industry | Insurance | Finance |
There are a few differences between a senior underwriter and a credit officer in terms of educational background:
| Senior Underwriter | Credit Officer | |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 69% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between senior underwriters' and credit officers' demographics:
| Senior Underwriter | Credit Officer | |
| Average age | 44 | 39 |
| Gender ratio | Male, 42.0% Female, 58.0% | Male, 64.4% Female, 35.6% |
| 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, 8.0% Unknown, 2.7% Hispanic or Latino, 9.7% Asian, 10.7% White, 68.6% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 9% | 11% |