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The differences between underwriters and commercial loan officers can be seen in a few details. Each job has different responsibilities and duties. Additionally, a commercial loan officer has an average salary of $70,876, which is higher than the $61,751 average annual salary of an underwriter.
The top three skills for an underwriter include customer service, investor guidelines and mortgage loans. The most important skills for a commercial loan officer are customer service, loan portfolio, and financial statements.
| Underwriter | Commercial Loan Officer | |
| Yearly salary | $61,751 | $70,876 |
| Hourly rate | $29.69 | $34.08 |
| Growth rate | -4% | 4% |
| Number of jobs | 8,510 | 91,582 |
| Job satisfaction | 3 | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 76% |
| Average age | 44 | 45 |
| Years of experience | - | 6 |
An underwriter's duties depend on the line of work or industry involved, such as mortgage companies, insurance, or lending firms. However, an Underwriter's responsibility will mainly revolve around using their extensive expertise on how a company will achieve financial gains, and assessing the possible financial risks of a client by reviewing various aspects to determine their capacity to uphold monetary obligations. Most of the time, the Underwriter's tasks will also involve evaluating a client's credit history, health, assets, overall financial history.
Commercial loan officers are financial professionals who are responsible for assessing and processing business loan applications at financial institutions. These loan officers must advise clients about their suitable loan and credit options while consulting with managers on credit policies, credit lines, and procedures. They are required to obtain and assess the financial information of applicants that includes their financial statements and credit histories. Commercial loan officers must also collaborate with other financial institutions to set up loan packages for extensive loans.
Underwriters and commercial loan officers have different pay scales, as shown below.
| Underwriter | Commercial Loan Officer | |
| Average salary | $61,751 | $70,876 |
| Salary range | Between $39,000 And $96,000 | Between $50,000 And $100,000 |
| Highest paying City | Boston, MA | Fort Lee, NJ |
| Highest paying state | Massachusetts | Maine |
| Best paying company | Glacier Ban | |
| Best paying industry | Manufacturing | Finance |
There are a few differences between an underwriter and a commercial loan officer in terms of educational background:
| Underwriter | Commercial Loan Officer | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 76% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between underwriters' and commercial loan officers' demographics:
| Underwriter | Commercial Loan Officer | |
| Average age | 44 | 45 |
| Gender ratio | Male, 38.4% Female, 61.6% | Male, 73.8% Female, 26.2% |
| Race ratio | Black or African American, 9.2% Unknown, 2.5% Hispanic or Latino, 9.6% Asian, 5.6% White, 72.7% American Indian and Alaska Native, 0.4% | Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 15.5% Asian, 6.5% White, 63.6% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 9% | 8% |