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The differences between senior underwriters and mortgage 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 $55,721 average annual salary of a mortgage underwriter.
The top three skills for a senior underwriter include customer service, portfolio and underwriting guidelines. The most important skills for a mortgage underwriter are customer service, work ethic, and FHA.
| Senior Underwriter | Mortgage Underwriter | |
| Yearly salary | $69,375 | $55,721 |
| Hourly rate | $33.35 | $26.79 |
| Growth rate | -4% | 4% |
| Number of jobs | 6,726 | 9,260 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 65% |
| 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 underwriter is responsible for reviewing mortgage loan applications and deciding on its approval or rejection by evaluating the submitted documents and the applicant's eligibility. Mortgage underwriters create assessment reports, research on the applicant's credit score, analyze potential loan risk, and request for additional documentation as needed. A mortgage underwriter must have extensive knowledge of the loan disciplines and processes, including its legislative procedures and regulations, to provide accurate decisions or discuss necessary findings to the loan officer for advice.
Senior underwriters and mortgage underwriters have different pay scales, as shown below.
| Senior Underwriter | Mortgage Underwriter | |
| Average salary | $69,375 | $55,721 |
| Salary range | Between $44,000 And $108,000 | Between $38,000 And $80,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | New York | New Mexico |
| Best paying company | Capital Group | CTBC Bank |
| Best paying industry | Insurance | Professional |
There are a few differences between a senior underwriter and a mortgage underwriter in terms of educational background:
| Senior Underwriter | Mortgage Underwriter | |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 65% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between senior underwriters' and mortgage underwriters' demographics:
| Senior Underwriter | Mortgage Underwriter | |
| Average age | 44 | 45 |
| Gender ratio | Male, 42.0% Female, 58.0% | Male, 39.3% Female, 60.7% |
| 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, 63.4% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 9% | 8% |