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The differences between underwriting specialists and mortgage bankers 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 $27,331 average annual salary of a mortgage banker.
The top three skills for an underwriting specialist include customer service, underwriting guidelines and financial statements. The most important skills for a mortgage banker are customer service, NMLS, and federal regulations.
| Underwriting Specialist | Mortgage Banker | |
| Yearly salary | $63,325 | $27,331 |
| Hourly rate | $30.44 | $13.14 |
| Growth rate | -4% | 4% |
| Number of jobs | 25,164 | 24,297 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 72% |
| 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 Mortgage Banker is specialized in offering financing to buy homes or refinance previous mortgages. They work as part of a banks loan department.
Underwriting specialists and mortgage bankers have different pay scales, as shown below.
| Underwriting Specialist | Mortgage Banker | |
| Average salary | $63,325 | $27,331 |
| Salary range | Between $39,000 And $101,000 | Between $9,000 And $78,000 |
| 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 mortgage banker in terms of educational background:
| Underwriting Specialist | Mortgage Banker | |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 72% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between underwriting specialists' and mortgage bankers' demographics:
| Underwriting Specialist | Mortgage Banker | |
| Average age | 44 | 45 |
| Gender ratio | Male, 39.0% Female, 61.0% | Male, 71.7% Female, 28.3% |
| 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, 9.5% Unknown, 4.7% Hispanic or Latino, 15.7% Asian, 6.5% White, 63.2% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 9% | 8% |