Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between underwriters and senior underwriters can be seen in a few details. Each job has different responsibilities and duties. Additionally, a senior underwriter has an average salary of $69,375, 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 senior underwriter are customer service, portfolio, and underwriting guidelines.
| Underwriter | Senior Underwriter | |
| Yearly salary | $61,751 | $69,375 |
| Hourly rate | $29.69 | $33.35 |
| Growth rate | -4% | -4% |
| Number of jobs | 8,510 | 6,726 |
| Job satisfaction | 3 | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 71% |
| Average age | 44 | 44 |
| Years of experience | - | - |
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 underwriter is responsible for evaluating the eligibility of an applicant for loan application processing. Senior underwriters verify the applicant's information, including their credit score and other valid documents, ensuring that the applicant fulfills the loan application's parameters. They check the applicant's portfolios and provide them the next necessary steps and the alternatives for loan types. A senior underwriter must have excellent knowledge of the loan processes and underwriting procedures to analyze applications and make accurate decisions.
Underwriters and senior underwriters have different pay scales, as shown below.
| Underwriter | Senior Underwriter | |
| Average salary | $61,751 | $69,375 |
| Salary range | Between $39,000 And $96,000 | Between $44,000 And $108,000 |
| Highest paying City | Boston, MA | New York, NY |
| Highest paying state | Massachusetts | New York |
| Best paying company | Capital Group | |
| Best paying industry | Manufacturing | Insurance |
There are a few differences between an underwriter and a senior underwriter in terms of educational background:
| Underwriter | Senior Underwriter | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 71% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between underwriters' and senior underwriters' demographics:
| Underwriter | Senior Underwriter | |
| Average age | 44 | 44 |
| Gender ratio | Male, 38.4% Female, 61.6% | Male, 42.0% Female, 58.0% |
| 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, 9.3% Unknown, 2.5% Hispanic or Latino, 9.4% Asian, 5.6% White, 72.9% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 9% | 9% |