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The differences between underwriting specialists and loan officers 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 $45,817 average annual salary of a loan officer.
The top three skills for an underwriting specialist include customer service, underwriting guidelines and financial statements. The most important skills for a loan officer are customer service, origination, and loan origination.
| Underwriting Specialist | Loan Officer | |
| Yearly salary | $63,325 | $45,817 |
| Hourly rate | $30.44 | $22.03 |
| Growth rate | -4% | 4% |
| Number of jobs | 25,164 | 63,663 |
| Job satisfaction | - | 4.5 |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 61% |
| 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.
Loan officers are responsible for assisting borrowers on the best type of loans to avail and guiding the clients throughout the application process. A loan officer must be highly knowledgeable about different lending products, payment plans, loan regulations, and essential files for fast loan approval. Loan officers also act as the first point of contact, conducting an initial screening of the customers, process loan contracts and appropriate documentation, update account records, and respond to customer's inquiries. A loan officer also has the right to reject loan applicants who do not meet loan qualifications.
Underwriting specialists and loan officers have different pay scales, as shown below.
| Underwriting Specialist | Loan Officer | |
| Average salary | $63,325 | $45,817 |
| Salary range | Between $39,000 And $101,000 | Between $30,000 And $69,000 |
| Highest paying City | Boston, MA | New York, NY |
| Highest paying state | Massachusetts | New York |
| Best paying company | AIG | Bangor Savings Bank |
| Best paying industry | Finance | Finance |
There are a few differences between an underwriting specialist and a loan officer in terms of educational background:
| Underwriting Specialist | Loan Officer | |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 61% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between underwriting specialists' and loan officers' demographics:
| Underwriting Specialist | Loan Officer | |
| Average age | 44 | 45 |
| Gender ratio | Male, 39.0% Female, 61.0% | Male, 55.3% Female, 44.7% |
| 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, 9.0% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.9% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 9% | 8% |