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The differences between senior underwriters and loan managers 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 $39,623 average annual salary of a loan manager.
The top three skills for a senior underwriter include customer service, portfolio and underwriting guidelines. The most important skills for a loan manager are loan applications, customer service, and real estate.
| Senior Underwriter | Loan Manager | |
| Yearly salary | $69,375 | $39,623 |
| Hourly rate | $33.35 | $19.05 |
| Growth rate | -4% | 4% |
| Number of jobs | 6,726 | 11,965 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 59% |
| 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 loan manager is a person who supervises and oversees the financial system and the cash flow of a company. They are responsible for the assessment, examination, approval, and even rejection of loan application based on the financial capacity and capability of a loan applicant. A loan manager determines and classifies the possible financial risk and problems that could be encountered. Also, they are the one who controls lending activities for all loan programs, manages all collections, as well as ensuring that the policies of the company are implemented.
Senior underwriters and loan managers have different pay scales, as shown below.
| Senior Underwriter | Loan Manager | |
| Average salary | $69,375 | $39,623 |
| Salary range | Between $44,000 And $108,000 | Between $27,000 And $58,000 |
| Highest paying City | New York, NY | Jersey City, NJ |
| Highest paying state | New York | New Jersey |
| Best paying company | Capital Group | Pacific Investment Management Company LLC |
| Best paying industry | Insurance | Finance |
There are a few differences between a senior underwriter and a loan manager in terms of educational background:
| Senior Underwriter | Loan Manager | |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 59% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between senior underwriters' and loan managers' demographics:
| Senior Underwriter | Loan Manager | |
| Average age | 44 | 45 |
| Gender ratio | Male, 42.0% Female, 58.0% | Male, 46.5% Female, 53.5% |
| 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% |