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The differences between 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 $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 credit officer are risk management, credit risk, and credit analysis.
| Underwriter | Credit Officer | |
| Yearly salary | $61,751 | $129,478 |
| Hourly rate | $29.69 | $62.25 |
| Growth rate | -4% | 17% |
| Number of jobs | 8,510 | 60,323 |
| Job satisfaction | 3 | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 69% |
| Average age | 44 | 39 |
| Years of experience | - | 2 |
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.
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.
Underwriters and credit officers have different pay scales, as shown below.
| Underwriter | Credit Officer | |
| Average salary | $61,751 | $129,478 |
| Salary range | Between $39,000 And $96,000 | Between $85,000 And $196,000 |
| Highest paying City | Boston, MA | New York, NY |
| Highest paying state | Massachusetts | New York |
| Best paying company | Farm Credit System | |
| Best paying industry | Manufacturing | Finance |
There are a few differences between an underwriter and a credit officer in terms of educational background:
| Underwriter | Credit Officer | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 69% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between underwriters' and credit officers' demographics:
| Underwriter | Credit Officer | |
| Average age | 44 | 39 |
| Gender ratio | Male, 38.4% Female, 61.6% | Male, 64.4% Female, 35.6% |
| 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, 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% |