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The differences between underwriting specialists and loan administrators 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 $42,859 average annual salary of a loan administrator.
The top three skills for an underwriting specialist include customer service, underwriting guidelines and financial statements. The most important skills for a loan administrator are customer service, data entry, and loan administration.
| Underwriting Specialist | Loan Administrator | |
| Yearly salary | $63,325 | $42,859 |
| Hourly rate | $30.44 | $20.61 |
| Growth rate | -4% | 4% |
| Number of jobs | 25,164 | 63,708 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 58% |
| 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.
A Loan Administrator is a person that takes care of all the documentation part of the loan process. Loans require a lot of documents and requirements, and a loan administrator is a person that helps the client accomplish all these requirements. It is also their job to help clients resolve issues and problems during the loan process. A Loan Administrator is a crucial and hectic job. The one qualified for this position must be good at handling pressure, be good at resolving issues, handle complaints, and communicate with people.
Underwriting specialists and loan administrators have different pay scales, as shown below.
| Underwriting Specialist | Loan Administrator | |
| Average salary | $63,325 | $42,859 |
| Salary range | Between $39,000 And $101,000 | Between $31,000 And $59,000 |
| Highest paying City | Boston, MA | Seattle, WA |
| Highest paying state | Massachusetts | Hawaii |
| Best paying company | AIG | BNY Mellon |
| Best paying industry | Finance | Finance |
There are a few differences between an underwriting specialist and a loan administrator in terms of educational background:
| Underwriting Specialist | Loan Administrator | |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 58% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between underwriting specialists' and loan administrators' demographics:
| Underwriting Specialist | Loan Administrator | |
| Average age | 44 | 45 |
| Gender ratio | Male, 39.0% Female, 61.0% | Male, 23.2% Female, 76.8% |
| 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, 9.3% Unknown, 4.6% Hispanic or Latino, 16.2% Asian, 6.4% White, 63.0% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 9% | 8% |