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The differences between senior underwriters and mortgage bankers 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 $27,331 average annual salary of a mortgage banker.
The top three skills for a senior underwriter include customer service, portfolio and underwriting guidelines. The most important skills for a mortgage banker are customer service, NMLS, and federal regulations.
| Senior Underwriter | Mortgage Banker | |
| Yearly salary | $69,375 | $27,331 |
| Hourly rate | $33.35 | $13.14 |
| Growth rate | -4% | 4% |
| Number of jobs | 6,726 | 24,297 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 72% |
| 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 Mortgage Banker is specialized in offering financing to buy homes or refinance previous mortgages. They work as part of a banks loan department.
Senior underwriters and mortgage bankers have different pay scales, as shown below.
| Senior Underwriter | Mortgage Banker | |
| Average salary | $69,375 | $27,331 |
| Salary range | Between $44,000 And $108,000 | Between $9,000 And $78,000 |
| Highest paying City | New York, NY | - |
| Highest paying state | New York | - |
| Best paying company | Capital Group | - |
| Best paying industry | Insurance | - |
There are a few differences between a senior underwriter and a mortgage banker in terms of educational background:
| Senior Underwriter | Mortgage Banker | |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 72% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between senior underwriters' and mortgage bankers' demographics:
| Senior Underwriter | Mortgage Banker | |
| Average age | 44 | 45 |
| Gender ratio | Male, 42.0% Female, 58.0% | Male, 71.7% Female, 28.3% |
| 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, 9.5% Unknown, 4.7% Hispanic or Latino, 15.7% Asian, 6.5% White, 63.2% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 9% | 8% |