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The differences between underwriting specialists and loan analysts 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 $37,857 average annual salary of a loan analyst.
The top three skills for an underwriting specialist include customer service, underwriting guidelines and financial statements. The most important skills for a loan analyst are loan documentation, customer service, and real estate.
| Underwriting Specialist | Loan Analyst | |
| Yearly salary | $63,325 | $37,857 |
| Hourly rate | $30.44 | $18.20 |
| Growth rate | -4% | 4% |
| Number of jobs | 25,164 | 24,756 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 66% |
| 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 analyst is responsible for determining the eligibility of loan applicants in purchasing loan services by analyzing their application documents, account statements, and financial and credit status. Loan analysts evaluate loan agreements and payment plans and explain feasibility to the customers and loan officers before granting the loan. They also provide loan options and alternatives to the clients according to their needs and risk limitations. A loan analyst must have excellent knowledge of the loan and financial industry, especially in handling credit policies and loan processes and ensuring timely submission of reports.
Underwriting specialists and loan analysts have different pay scales, as shown below.
| Underwriting Specialist | Loan Analyst | |
| Average salary | $63,325 | $37,857 |
| Salary range | Between $39,000 And $101,000 | Between $24,000 And $58,000 |
| Highest paying City | Boston, MA | Raleigh, NC |
| Highest paying state | Massachusetts | South Dakota |
| Best paying company | AIG | Barclays |
| Best paying industry | Finance | Finance |
There are a few differences between an underwriting specialist and a loan analyst in terms of educational background:
| Underwriting Specialist | Loan Analyst | |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between underwriting specialists' and loan analysts' demographics:
| Underwriting Specialist | Loan Analyst | |
| Average age | 44 | 45 |
| Gender ratio | Male, 39.0% Female, 61.0% | Male, 43.2% Female, 56.8% |
| 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, 9.2% Unknown, 4.6% Hispanic or Latino, 15.9% Asian, 6.4% White, 63.4% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 9% | 8% |