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The differences between underwriting technicians and underwriters can be seen in a few details. Each job has different responsibilities and duties. Additionally, an underwriter has an average salary of $61,751, which is higher than the $44,704 average annual salary of an underwriting technician.
The top three skills for an underwriting technician include cancellations, insurance policies and data entry. The most important skills for an underwriter are customer service, investor guidelines, and mortgage loans.
| Underwriting Technician | Underwriter | |
| Yearly salary | $44,704 | $61,751 |
| Hourly rate | $21.49 | $29.69 |
| Growth rate | -4% | -4% |
| Number of jobs | 8,615 | 8,510 |
| Job satisfaction | - | 3 |
| Most common degree | Bachelor's Degree, 54% | Bachelor's Degree, 66% |
| Average age | 44 | 44 |
| Years of experience | - | - |
Underwriting technicians may also be known as underwriters or underwriting assistants. They determine which customers qualify for various insurance policies or loans. Their duties include finding information, writing quote letters, checking customer eligibility, and arranging loans. They are expected to carry out background checks and credit history checks for clients seeking insurance. They diligently analyze applications of clients based on certain criteria.
An underwriter's duties depend on the line of work or industry involved, such as mortgage companies, insurance, or lending firms. However, an Underwriter's responsibility will mainly revolve around using their extensive expertise on how a company will achieve financial gains, and assessing the possible financial risks of a client by reviewing various aspects to determine their capacity to uphold monetary obligations. Most of the time, the Underwriter's tasks will also involve evaluating a client's credit history, health, assets, overall financial history.
Underwriting technicians and underwriters have different pay scales, as shown below.
| Underwriting Technician | Underwriter | |
| Average salary | $44,704 | $61,751 |
| Salary range | Between $28,000 And $69,000 | Between $39,000 And $96,000 |
| Highest paying City | - | Boston, MA |
| Highest paying state | - | Massachusetts |
| Best paying company | - | |
| Best paying industry | - | Manufacturing |
There are a few differences between an underwriting technician and an underwriter in terms of educational background:
| Underwriting Technician | Underwriter | |
| Most common degree | Bachelor's Degree, 54% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between underwriting technicians' and underwriters' demographics:
| Underwriting Technician | Underwriter | |
| Average age | 44 | 44 |
| Gender ratio | Male, 25.2% Female, 74.8% | Male, 38.4% Female, 61.6% |
| Race ratio | Black or African American, 8.9% Unknown, 2.5% Hispanic or Latino, 9.6% Asian, 5.6% White, 73.1% American Indian and Alaska Native, 0.4% | Black or African American, 9.2% Unknown, 2.5% Hispanic or Latino, 9.6% Asian, 5.6% White, 72.7% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 9% | 9% |