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The differences between underwriting specialists and commercial loan officers can be seen in a few details. Each job has different responsibilities and duties. Additionally, a commercial loan officer has an average salary of $70,876, which is higher than the $63,325 average annual salary of an underwriting specialist.
The top three skills for an underwriting specialist include customer service, underwriting guidelines and financial statements. The most important skills for a commercial loan officer are customer service, loan portfolio, and financial statements.
| Underwriting Specialist | Commercial Loan Officer | |
| Yearly salary | $63,325 | $70,876 |
| Hourly rate | $30.44 | $34.08 |
| Growth rate | -4% | 4% |
| Number of jobs | 25,164 | 91,582 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 76% |
| Average age | 44 | 45 |
| Years of experience | - | 6 |
An underwriting specialist is responsible for reviewing clients' applications in availing financial services and determining their eligibility by analyzing credit scores and risk potential. Underwriting specialists record all necessary information and may ask for additional requirements for further investigation. They assess policy applications and implement terms and conditions upon approval and ensure that the clients understood the process to prevent miscommunication and payment delays. An underwriting specialist must have extensive knowledge of the loan and insurance disciplines to identify coverage and limitations for efficient contract negotiations.
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 specialists and commercial loan officers have different pay scales, as shown below.
| Underwriting Specialist | Commercial Loan Officer | |
| Average salary | $63,325 | $70,876 |
| Salary range | Between $39,000 And $101,000 | Between $50,000 And $100,000 |
| Highest paying City | Boston, MA | Fort Lee, NJ |
| Highest paying state | Massachusetts | Maine |
| Best paying company | AIG | Glacier Ban |
| Best paying industry | Finance | Finance |
There are a few differences between an underwriting specialist and a commercial loan officer in terms of educational background:
| Underwriting Specialist | Commercial Loan Officer | |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 76% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between underwriting specialists' and commercial loan officers' demographics:
| Underwriting Specialist | Commercial Loan Officer | |
| Average age | 44 | 45 |
| Gender ratio | Male, 39.0% Female, 61.0% | Male, 73.8% Female, 26.2% |
| Race ratio | Black or African American, 8.9% Unknown, 2.5% Hispanic or Latino, 10.0% Asian, 5.8% White, 72.4% 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% |