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Underwriting consultant vs underwriter

The differences between underwriting consultants and underwriters 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 $61,751 average annual salary of an underwriter.

The top three skills for an underwriting consultant include life insurance, national accounts and underwriting guidelines. The most important skills for an underwriter are customer service, investor guidelines, and mortgage loans.

Underwriting consultant vs underwriter overview

Underwriting ConsultantUnderwriter
Yearly salary$71,693$61,751
Hourly rate$34.47$29.69
Growth rate-4%-4%
Number of jobs6,8048,510
Job satisfaction53
Most common degreeBachelor's Degree, 77%Bachelor's Degree, 66%
Average age4444
Years of experience--

What does an underwriting consultant do?

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.

What does an underwriter do?

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.

Underwriting consultant vs underwriter salary

Underwriting consultants and underwriters have different pay scales, as shown below.

Underwriting ConsultantUnderwriter
Average salary$71,693$61,751
Salary rangeBetween $49,000 And $103,000Between $39,000 And $96,000
Highest paying CityBoston, MABoston, MA
Highest paying stateMassachusettsMassachusetts
Best paying companyCVS HealthGoogle
Best paying industryHealth CareManufacturing

Differences between underwriting consultant and underwriter education

There are a few differences between an underwriting consultant and an underwriter in terms of educational background:

Underwriting ConsultantUnderwriter
Most common degreeBachelor's Degree, 77%Bachelor's Degree, 66%
Most common majorBusinessBusiness
Most common collegeUniversity of PennsylvaniaUniversity of Pennsylvania

Underwriting consultant vs underwriter demographics

Here are the differences between underwriting consultants' and underwriters' demographics:

Underwriting ConsultantUnderwriter
Average age4444
Gender ratioMale, 48.2% Female, 51.8%Male, 38.4% Female, 61.6%
Race ratioBlack 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, 9.2% Unknown, 2.5% Hispanic or Latino, 9.6% Asian, 5.6% White, 72.7% American Indian and Alaska Native, 0.4%
LGBT Percentage9%9%

Differences between underwriting consultant and underwriter duties and responsibilities

Underwriting consultant example responsibilities.

  • Risk assessment to achieve profitability on assign book of business through renewal calculations and RFP responses.
  • Provide evidence and assurance that the credit quality of the portfolio remains within standards establish by senior management.
  • Review lender appeals to determine if the documentation provide cures the deficiencies.
  • Direct responsibility for monitoring and auditing lending activity and loan portfolio to ensure compliance with regulations.
  • Review of appeals; concluding and processing the finalization; communicating the adjustments to the original underwriter for educational purposes.
  • Monitor performance, to include turn-times, productivity, volume, QC audits on a daily basis.
    • Show more

Underwriter example responsibilities.

  • Attain Jr. underwriter status and AUS underwriting authority.
  • Manage AUS findings and analyze approvals and results accordingly.
  • Complete initial review of appraisals, borrower credit documents, and DU/LP findings according to Fannie Mae and investor guidelines.
  • Research and develop SBA program.
  • Work on project putting together HPR policy.
  • Resolve issues preventing final disposition of REO properties.
    • Show more

Underwriting consultant vs underwriter skills

Common underwriting consultant skills
  • Life Insurance, 16%
  • National Accounts, 10%
  • Underwriting Guidelines, 9%
  • Underwriting Decisions, 8%
  • Underwriting Process, 4%
  • Underwriting Policies, 4%
Common underwriter skills
  • Customer Service, 11%
  • Investor Guidelines, 6%
  • Mortgage Loans, 5%
  • Underwriting Guidelines, 5%
  • Financial Statements, 4%
  • FHA, 3%

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Updated January 8, 2025

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