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The differences between underwriting specialists and commercial underwriters can be seen in a few details. Each job has different responsibilities and duties. Additionally, an underwriting specialist has an average salary of $63,325, which is higher than the $59,051 average annual salary of a commercial underwriter.
The top three skills for an underwriting specialist include customer service, underwriting guidelines and financial statements. The most important skills for a commercial underwriter are real estate, customer service, and financial analysis.
| Underwriting Specialist | Commercial Underwriter | |
| Yearly salary | $63,325 | $59,051 |
| Hourly rate | $30.44 | $28.39 |
| Growth rate | -4% | -4% |
| Number of jobs | 25,164 | 31,908 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 75% |
| Average age | 44 | 44 |
| Years of experience | - | - |
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.
A commercial underwriter is responsible for processing commercial loan applications, evaluating payment agreements and terms of service, validating customers' information, and requesting additional documents as needed. Commercial underwriters analyze the credit qualifications of an applicant, including financial history, account statements, and outstanding loan applications, if any. They identify potential credit risks for the loan request and advice the applicants for alternative loan options according to their needs and qualifications. A commercial underwriter responds to the applicants' inquiries and concerns regarding their loan applications and provides timely decisions for their requests.
Underwriting specialists and commercial underwriters have different pay scales, as shown below.
| Underwriting Specialist | Commercial Underwriter | |
| Average salary | $63,325 | $59,051 |
| Salary range | Between $39,000 And $101,000 | Between $41,000 And $84,000 |
| Highest paying City | Boston, MA | Olympia, WA |
| Highest paying state | Massachusetts | Washington |
| Best paying company | AIG | J.P. Morgan |
| Best paying industry | Finance | Finance |
There are a few differences between an underwriting specialist and a commercial underwriter in terms of educational background:
| Underwriting Specialist | Commercial Underwriter | |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 75% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between underwriting specialists' and commercial underwriters' demographics:
| Underwriting Specialist | Commercial Underwriter | |
| Average age | 44 | 44 |
| Gender ratio | Male, 39.0% Female, 61.0% | Male, 48.7% Female, 51.3% |
| 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, 9.9% Unknown, 2.5% Hispanic or Latino, 9.3% Asian, 5.5% White, 72.4% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 9% | 9% |