Junior Underwriter Salary
Median pay for Junior Underwriters in the United States lies in the neighborhood of $45K per year. Career length and the particular city each impact pay for this group, with the former having the largest influence. Job satisfaction is reported as high by the vast majority of workers. Most Junior Underwriters survey respondents are women (70 percent). Medical benefits are awarded to a large number, and a fair number earn dental coverage. The numbers in this rundown were provided by PayScale's salary survey participants.
Job Description for Junior Underwriter
A junior underwriter generally work under an underwriter, helping carry out the duties required in determining whether or not a loan should be given. The junior underwriter performs many of the same duties as an underwriter, such as investigating loan eligibility, making decisions on whether or not loans are to be granted, and explaining why a loan was granted or denied as required. Quality checks and reports are often required of a junior underwriter. They also put together documentation, update data, and create reports relating to the loans.Read More...
The junior underwriter has to look over loan applications to ensure there are no discrepancies and that all necessary signatures have been obtained. Therefore, attention to detail is essential. The junior underwriter keeps track of customer records as well. Communication with the customer and employees in other parts of the company is done electronically, in person, and through the phone. The junior loan officer must update systems according to changes in policies, technology, and rates, so adaptability and the ability to learn quickly is a must.
Most junior underwriter positions require a minimum of a associate’s degree, though many require a bachelor’s degree and experience in the banking field. Generally, this is a full-time job that takes place during regular office hours, though availability outside those hours may sometimes be required. Computer skills are essential, as many processes are somewhat automated and require use of programs such as Microsoft Excel and DecisionPro.
Junior Underwriter Tasks
- Assist with underwriting process.
- Sign off on underwriting conditions.
- Enter and track information, ensure files are completed.
- Review and monitor loans.
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Pay by Experience Level for Junior Underwriter
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Relatively untried employees who have less than five years' experience have a median salary of $44K. Those who have been around for five to 10 years can expect to take home more — $48K on average. Junior Underwriters with one to two decades of relevant experience report an average salary of approximately $54K. Junior Underwriters who have racked up more than two decades of experience report lower incomes overall; the average sum for this crowd comes out to only $52K.
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