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The differences between underwriters and mortgage consultants 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 $38,934 average annual salary of a mortgage consultant.
The top three skills for an underwriter include customer service, investor guidelines and mortgage loans. The most important skills for a mortgage consultant are customer service, origination, and NMLS.
| Underwriter | Mortgage Consultant | |
| Yearly salary | $61,751 | $38,934 |
| Hourly rate | $29.69 | $18.72 |
| Growth rate | -4% | 4% |
| Number of jobs | 8,510 | 24,057 |
| Job satisfaction | 3 | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 67% |
| 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 consultant is an individual who helps customers and businesses identify the best option for mortgage deals based on their financial resources. To maintain an excellent relationship with clients, mortgage consultants must possess a broad knowledge of the company's products to answer all the clients' queries and concerns. They help clients gather and analyze documents that are required for loan approval and create accurate mortgage information. They also develop relationships with banks and real estate agents to help promote bank mortgages for clients.
Underwriters and mortgage consultants have different pay scales, as shown below.
| Underwriter | Mortgage Consultant | |
| Average salary | $61,751 | $38,934 |
| Salary range | Between $39,000 And $96,000 | Between $23,000 And $63,000 |
| Highest paying City | Boston, MA | New York, NY |
| Highest paying state | Massachusetts | New York |
| Best paying company | Centennial Bank | |
| Best paying industry | Manufacturing | Finance |
There are a few differences between an underwriter and a mortgage consultant in terms of educational background:
| Underwriter | Mortgage Consultant | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 67% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between underwriters' and mortgage consultants' demographics:
| Underwriter | Mortgage Consultant | |
| Average age | 44 | 45 |
| Gender ratio | Male, 38.4% Female, 61.6% | Male, 58.2% Female, 41.8% |
| 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, 16.2% Asian, 6.4% White, 62.9% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 9% | 8% |