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The differences between underwriting specialists and foreclosure specialists 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 $41,088 average annual salary of a foreclosure specialist.
The top three skills for an underwriting specialist include customer service, underwriting guidelines and financial statements. The most important skills for a foreclosure specialist are foreclosure process, insurer, and loss mitigation.
| Underwriting Specialist | Foreclosure Specialist | |
| Yearly salary | $63,325 | $41,088 |
| Hourly rate | $30.44 | $19.75 |
| Growth rate | -4% | -3% |
| Number of jobs | 25,164 | 8,166 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 50% |
| Average age | 44 | 43 |
| 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 foreclosure specialist is a real estate professional that manages foreclosure processes. Serving in this role means that you will have responsibilities such as ensuring that aspects related to foreclosure meet all government regulations from the federal level to the state level and that deadlines are met and duly communicated to all parties involved. You may have to work with mortgage holders that run the risk of default, in which case you will be tasked with renegotiating loan agreement changes.
Underwriting specialists and foreclosure specialists have different pay scales, as shown below.
| Underwriting Specialist | Foreclosure Specialist | |
| Average salary | $63,325 | $41,088 |
| Salary range | Between $39,000 And $101,000 | Between $28,000 And $58,000 |
| Highest paying City | Boston, MA | - |
| Highest paying state | Massachusetts | - |
| Best paying company | AIG | - |
| Best paying industry | Finance | - |
There are a few differences between an underwriting specialist and a foreclosure specialist in terms of educational background:
| Underwriting Specialist | Foreclosure Specialist | |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 50% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between underwriting specialists' and foreclosure specialists' demographics:
| Underwriting Specialist | Foreclosure Specialist | |
| Average age | 44 | 43 |
| Gender ratio | Male, 39.0% Female, 61.0% | Male, 32.2% Female, 67.8% |
| 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, 8.6% Unknown, 3.9% Hispanic or Latino, 9.6% Asian, 10.0% White, 67.6% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 9% | 4% |