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The differences between underwriting specialists and senior underwriters can be seen in a few details. Each job has different responsibilities and duties. Additionally, a senior underwriter has an average salary of $69,375, which is higher than the $63,325 average annual salary of an underwriting specialist.
The top three skills for an underwriting specialist include customer service, underwriting guidelines and financial statements. The most important skills for a senior underwriter are customer service, portfolio, and underwriting guidelines.
| Underwriting Specialist | Senior Underwriter | |
| Yearly salary | $63,325 | $69,375 |
| Hourly rate | $30.44 | $33.35 |
| Growth rate | -4% | -4% |
| Number of jobs | 25,164 | 6,726 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 71% |
| Average age | 44 | 44 |
| Years of experience | - | - |
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 senior underwriter is responsible for evaluating the eligibility of an applicant for loan application processing. Senior underwriters verify the applicant's information, including their credit score and other valid documents, ensuring that the applicant fulfills the loan application's parameters. They check the applicant's portfolios and provide them the next necessary steps and the alternatives for loan types. A senior underwriter must have excellent knowledge of the loan processes and underwriting procedures to analyze applications and make accurate decisions.
Underwriting specialists and senior underwriters have different pay scales, as shown below.
| Underwriting Specialist | Senior Underwriter | |
| Average salary | $63,325 | $69,375 |
| Salary range | Between $39,000 And $101,000 | Between $44,000 And $108,000 |
| Highest paying City | Boston, MA | New York, NY |
| Highest paying state | Massachusetts | New York |
| Best paying company | AIG | Capital Group |
| Best paying industry | Finance | Insurance |
There are a few differences between an underwriting specialist and a senior underwriter in terms of educational background:
| Underwriting Specialist | Senior Underwriter | |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 71% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between underwriting specialists' and senior underwriters' demographics:
| Underwriting Specialist | Senior Underwriter | |
| Average age | 44 | 44 |
| Gender ratio | Male, 39.0% Female, 61.0% | Male, 42.0% Female, 58.0% |
| 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, 2.5% Hispanic or Latino, 9.4% Asian, 5.6% White, 72.9% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 9% | 9% |