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The differences between underwriters and senior loan processors 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 $50,297 average annual salary of a senior loan processor.
The top three skills for an underwriter include customer service, investor guidelines and mortgage loans. The most important skills for a senior loan processor are customer service, FHA, and va.
| Underwriter | Senior Loan Processor | |
| Yearly salary | $61,751 | $50,297 |
| Hourly rate | $29.69 | $24.18 |
| Growth rate | -4% | 4% |
| Number of jobs | 8,510 | 21,995 |
| Job satisfaction | 3 | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 50% |
| 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 senior loan processor works in a financial institution to solicit, negotiate, and coordinate consumers' and commercial loans. Old loan processors must review and verify loan documents and ensure that the required documents are complete and accurate. In the case of missing documentation, senior loan processors must communicate with customers to avoid loan approval delay. Old loan processors must also obtain a bachelor's degree in finance, business administration, or any other related field.
Underwriters and senior loan processors have different pay scales, as shown below.
| Underwriter | Senior Loan Processor | |
| Average salary | $61,751 | $50,297 |
| Salary range | Between $39,000 And $96,000 | Between $33,000 And $75,000 |
| Highest paying City | Boston, MA | Baltimore, MD |
| Highest paying state | Massachusetts | Hawaii |
| Best paying company | Accenture | |
| Best paying industry | Manufacturing | Professional |
There are a few differences between an underwriter and a senior loan processor in terms of educational background:
| Underwriter | Senior Loan Processor | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 50% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between underwriters' and senior loan processors' demographics:
| Underwriter | Senior Loan Processor | |
| Average age | 44 | 45 |
| Gender ratio | Male, 38.4% Female, 61.6% | Male, 23.0% Female, 77.0% |
| 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, 9.1% Unknown, 4.6% Hispanic or Latino, 15.8% Asian, 6.3% White, 63.6% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 9% | 8% |