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The differences between underwriters and mortgage bankers can be seen in a few details. Each job has different responsibilities and duties. Additionally, an underwriter has an average salary of $61,751, which is higher than the $27,331 average annual salary of a mortgage banker.
The top three skills for an underwriter include customer service, investor guidelines and mortgage loans. The most important skills for a mortgage banker are customer service, NMLS, and federal regulations.
| Underwriter | Mortgage Banker | |
| Yearly salary | $61,751 | $27,331 |
| Hourly rate | $29.69 | $13.14 |
| Growth rate | -4% | 4% |
| Number of jobs | 8,510 | 24,297 |
| Job satisfaction | 3 | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 72% |
| 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.
A Mortgage Banker is specialized in offering financing to buy homes or refinance previous mortgages. They work as part of a banks loan department.
Underwriters and mortgage bankers have different pay scales, as shown below.
| Underwriter | Mortgage Banker | |
| Average salary | $61,751 | $27,331 |
| Salary range | Between $39,000 And $96,000 | Between $9,000 And $78,000 |
| Highest paying City | Boston, MA | - |
| Highest paying state | Massachusetts | - |
| Best paying company | - | |
| Best paying industry | Manufacturing | - |
There are a few differences between an underwriter and a mortgage banker in terms of educational background:
| Underwriter | Mortgage Banker | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 72% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between underwriters' and mortgage bankers' demographics:
| Underwriter | Mortgage Banker | |
| Average age | 44 | 45 |
| Gender ratio | Male, 38.4% Female, 61.6% | Male, 71.7% Female, 28.3% |
| 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, 9.5% 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% |