Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between underwriting specialists and mortgage consultants 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 $38,934 average annual salary of a mortgage consultant.
The top three skills for an underwriting specialist include customer service, underwriting guidelines and financial statements. The most important skills for a mortgage consultant are customer service, origination, and NMLS.
| Underwriting Specialist | Mortgage Consultant | |
| Yearly salary | $63,325 | $38,934 |
| Hourly rate | $30.44 | $18.72 |
| Growth rate | -4% | 4% |
| Number of jobs | 25,164 | 24,057 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 67% |
| 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 consultant is an individual who helps customers and businesses identify the best option for mortgage deals based on their financial resources. To maintain an excellent relationship with clients, mortgage consultants must possess a broad knowledge of the company's products to answer all the clients' queries and concerns. They help clients gather and analyze documents that are required for loan approval and create accurate mortgage information. They also develop relationships with banks and real estate agents to help promote bank mortgages for clients.
Underwriting specialists and mortgage consultants have different pay scales, as shown below.
| Underwriting Specialist | Mortgage Consultant | |
| Average salary | $63,325 | $38,934 |
| Salary range | Between $39,000 And $101,000 | Between $23,000 And $63,000 |
| Highest paying City | Boston, MA | New York, NY |
| Highest paying state | Massachusetts | New York |
| Best paying company | AIG | Centennial Bank |
| Best paying industry | Finance | Finance |
There are a few differences between an underwriting specialist and a mortgage consultant in terms of educational background:
| Underwriting Specialist | Mortgage Consultant | |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 67% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between underwriting specialists' and mortgage consultants' demographics:
| Underwriting Specialist | Mortgage Consultant | |
| Average age | 44 | 45 |
| Gender ratio | Male, 39.0% Female, 61.0% | Male, 58.2% Female, 41.8% |
| 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, 62.9% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 9% | 8% |