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Underwriting specialist vs commercial underwriter

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 vs commercial underwriter overview

Underwriting SpecialistCommercial Underwriter
Yearly salary$63,325$59,051
Hourly rate$30.44$28.39
Growth rate-4%-4%
Number of jobs25,16431,908
Job satisfaction--
Most common degreeBachelor's Degree, 73%Bachelor's Degree, 75%
Average age4444
Years of experience--

What does an underwriting specialist do?

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.

What does a commercial underwriter do?

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 specialist vs commercial underwriter salary

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

Underwriting SpecialistCommercial Underwriter
Average salary$63,325$59,051
Salary rangeBetween $39,000 And $101,000Between $41,000 And $84,000
Highest paying CityBoston, MAOlympia, WA
Highest paying stateMassachusettsWashington
Best paying companyAIGJ.P. Morgan
Best paying industryFinanceFinance

Differences between underwriting specialist and commercial underwriter education

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

Underwriting SpecialistCommercial Underwriter
Most common degreeBachelor's Degree, 73%Bachelor's Degree, 75%
Most common majorBusinessBusiness
Most common collegeUniversity of PennsylvaniaUniversity of Pennsylvania

Underwriting specialist vs commercial underwriter demographics

Here are the differences between underwriting specialists' and commercial underwriters' demographics:

Underwriting SpecialistCommercial Underwriter
Average age4444
Gender ratioMale, 39.0% Female, 61.0%Male, 48.7% Female, 51.3%
Race ratioBlack 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 Percentage9%9%

Differences between underwriting specialist and commercial underwriter duties and responsibilities

Underwriting specialist example responsibilities.

  • Risk assessment to achieve profitability on assign book of business through renewal calculations and RFP responses.
  • Manage the execution of underwriting, portfolio analysis and account- base decision making in accordance with establish guidelines and processes.
  • Work closely with post-closing on VA deficiency response and actions, in addition to HUD & FNMA.
  • Analyze risk and apply underwriting guidelines to decision loan applications and grow profitable loan portfolio.
  • Underwrite PPO, EPO, HMO, POS and other health benefits.
  • Mentore, and utilize strong negotiation skills working with diverse group of associates.
  • Show more

Commercial underwriter example responsibilities.

  • Handle new and renewal multi-line policies.
  • Quoted new business and handle multi-line commercial accounts for this retailer.
  • Front office administration; maintain A/R and A/P for 1000+ commercial lines clients and 2000+ personal lines clients.
  • Market banking services to individuals, as well as to small businesses and corporations through networking and cross-selling.
  • Update loan origination systems to ensure that pipeline reports reflect the most current status for active loan in process.
  • Work along with the owner and accounting staff on all financial matters, A/R, A/P, payroll, and taxes.
  • Show more

Underwriting specialist vs commercial underwriter skills

Common underwriting specialist skills
  • Customer Service, 18%
  • Underwriting Guidelines, 9%
  • Financial Statements, 6%
  • Underwriting Process, 5%
  • Life Insurance, 5%
  • Loss Control, 4%
Common commercial underwriter skills
  • Real Estate, 10%
  • Customer Service, 8%
  • Financial Analysis, 8%
  • Credit Analysis, 6%
  • Cash Flow, 4%
  • Risk Management, 4%

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