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The differences between underwriting consultants and commercial loan officers can be seen in a few details. Each job has different responsibilities and duties. Additionally, an underwriting consultant has an average salary of $71,693, which is higher than the $70,876 average annual salary of a commercial loan officer.
The top three skills for an underwriting consultant include life insurance, national accounts and underwriting guidelines. The most important skills for a commercial loan officer are customer service, loan portfolio, and financial statements.
| Underwriting Consultant | Commercial Loan Officer | |
| Yearly salary | $71,693 | $70,876 |
| Hourly rate | $34.47 | $34.08 |
| Growth rate | -4% | 4% |
| Number of jobs | 6,804 | 91,582 |
| Job satisfaction | 5 | - |
| Most common degree | Bachelor's Degree, 77% | Bachelor's Degree, 76% |
| Average age | 44 | 45 |
| Years of experience | - | 6 |
An underwriting consultant is an individual who provides underwriting guidelines to underwriters as well as coordinates revision of the underwriting manual. Underwriting consultants are required to handle complex cases and situations by using their strong knowledge of company services, product standards, and underwriting policies. They must use their verbal and written communication skills to guide the account management team across several business segments. Underwriting consultants must also assist with special projects and handle confidential matters assigned by the senior consultant or manager.
Commercial loan officers are financial professionals who are responsible for assessing and processing business loan applications at financial institutions. These loan officers must advise clients about their suitable loan and credit options while consulting with managers on credit policies, credit lines, and procedures. They are required to obtain and assess the financial information of applicants that includes their financial statements and credit histories. Commercial loan officers must also collaborate with other financial institutions to set up loan packages for extensive loans.
Underwriting consultants and commercial loan officers have different pay scales, as shown below.
| Underwriting Consultant | Commercial Loan Officer | |
| Average salary | $71,693 | $70,876 |
| Salary range | Between $49,000 And $103,000 | Between $50,000 And $100,000 |
| Highest paying City | Boston, MA | Fort Lee, NJ |
| Highest paying state | Massachusetts | Maine |
| Best paying company | CVS Health | Glacier Ban |
| Best paying industry | Health Care | Finance |
There are a few differences between an underwriting consultant and a commercial loan officer in terms of educational background:
| Underwriting Consultant | Commercial Loan Officer | |
| Most common degree | Bachelor's Degree, 77% | Bachelor's Degree, 76% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between underwriting consultants' and commercial loan officers' demographics:
| Underwriting Consultant | Commercial Loan Officer | |
| Average age | 44 | 45 |
| Gender ratio | Male, 48.2% Female, 51.8% | Male, 73.8% Female, 26.2% |
| Race ratio | Black or African American, 9.1% Unknown, 2.5% Hispanic or Latino, 9.7% Asian, 5.7% White, 72.8% American Indian and Alaska Native, 0.4% | Black or African American, 9.3% Unknown, 4.6% Hispanic or Latino, 15.5% Asian, 6.5% White, 63.6% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 9% | 8% |