Mortgage Loan Underwriters in the United States with more than 10 years of experience in their profession represent nearly one-half of Mortgage Loan Underwriters. Salaries average out to around $62K annually and spread from $42K to $86K per year. The most important factor affecting compensation for this group is the specific employer, followed by geography and years of experience. Medical benefits are awarded to most, and a strong majority earn dental coverage. Job satisfaction is reported as high by the vast majority of workers. Men are in the minority of survey respondents, with female Mortgage Loan Underwriters making up 74 percent. Respondents to the PayScale salary survey provided the data for this report.
Read More
$43,078 - $82,864
$43K
$62K
$83K
MEDIAN: $61,699
10%
50%
90%

Add this chart to your site: 640px    300px

$17.26 - $36.39
$17
$26
$36
MEDIAN: $25.00
10%
50%
90%

Add this chart to your site: 640px    300px

National Salary Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$29K$58K$87K
Salary
$43,078 - $82,864  
   
Bonus
$1,488 - $15,575  
Profit Sharing
$1,024  
Commission
$5,000  
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$41,916 - $86,266  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 820
National Hourly Rate Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$20$40$60
Hourly Rate
$17.26 - $36.39  
   
Hourly Tips
$0.00  
Overtime
$30.10 - $59.09  
National Annualized Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$50K$100K$150K
Bonus
$1,488 - $15,575  
   
Commission
$5,000  
Profit Sharing
$1,024  
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$41,916 - $86,266  
Country: United States | Currency: USD | Updated: 28 Oct 2016 | Individuals Reporting: 220

Find Out Exactly What You Should Be Paid

United States (change)

Employers: Start Here »

Job Description for Loan Underwriter, Mortgage

Mortgage loan underwriters are responsible for approving or rejecting mortgages. To make this decision, the mortgage underwriter must generate a risk report and demonstrate how the contents of the report are within the lender's guidelines for approval, or how the contents of the report fail to meet the guidelines. The first thing that mortgage underwriters do is obtain and review credit reports for prospective debtors. Next, they obtain information from prospective debtors about their income, and possibly their assets and other debts. Afterward, mortgage underwriters will determine what collateral is available that can be used to back the mortgage.

Read More...

Loan Underwriter, Mortgage Tasks

  • Analyze credit data and financial statements of individuals or firms to determine the risk involved in extending credit or lending money.
  • Prepare reports based on the results from the risk analysis for use in decision-making.

Common Career Paths for Loan Underwriter, Mortgage


Add this chart to your site:   640px 640px    300px 300px


Mortgage Loan Underwriters who move on to become Managers of Underwriting may enjoy significant pay raises, as Managers of Underwriting get paid an average of $88K per year.

Loan Underwriter, Mortgage Job Listings

Search for more jobs:

Popular Employer Salaries for Loan Underwriter, Mortgage


Wells Fargo Home Mortgage, J.P. Morgan Chase & Co. (JPMCC), Bank of America Corp. (BOFA), Wells Fargo & Co., and Accenture are all popular places to work. Heading up the field in terms of compensation, Quicken Loans offers the most; Mortgage Loan Underwriters earn $82K on average there. Mortgage Loan Underwriters can also look forward to large paychecks at Chase Bank ($71K), U.S. Bank ($67K), and J.P. Morgan Chase & Co. (JPMCC) ($65K).

Others at the bottom of the scale for this job include Wells Fargo & Co. at $52K, Bank of America Corp. (BOFA) at $55K, and Wells Fargo Home Mortgage, where $60K is the norm.

Popular Skills for Loan Underwriter, Mortgage


Survey results suggest that Mortgage Loan Underwriters put a wide range of professional skills to use. Most notably, skills in Risk Management / Risk Control, Loan Underwriting, Mortgage Loans, and Financial Analysis are correlated to pay that is above average. The majority of those who know Loan Underwriting also know Financial Analysis.

Pay by Experience Level for Loan Underwriter, Mortgage

Median of all compensation (including tips, bonus, and overtime) by years of experience.


Experience does not seem to be a strong driver of pay increase in this role. Respondents with less than five years' experience take home $53K on average. In contrast, those who have been around for five to 10 years earn a noticeably higher average of $62K. Mortgage Loan Underwriters with one to two decades of relevant experience report an average salary of approximately $67K. In the end, more experience does seem to mean larger paychecks; seasoned Mortgage Loan Underwriters with more than 20 years of experience earn a predictably higher median salary of $73K.

Pay Difference by Location

National Average: $62,233

Larger city markers indicate a job is popular in that location.

Charlotte is home to an above-average pay rate for Mortgage Loan Underwriters, 22 percent higher than the national average. Mortgage Loan Underwriters can also look forward to large paychecks in cities like Dallas (+16 percent), Chicago (+15 percent), Minneapolis (+14 percent), and Phoenix (+13 percent). In Richmond, salaries are 14 percent below the national average and represent the lowest-paying market. Not at the bottom but still paying below the median are employers in Milwaukee and Columbus (13 percent lower and 4 percent lower, respectively).

Related Job Salaries

Key Stats for Loan Underwriter, Mortgage

Gender

Female
74 %
Male
26 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 136 votes.
Less than 1 year
3%
1-4 years
27%
5-9 years
19%
10-19 years
29%
20 years or more
23%
Location:
Years in Fields/Career:
United States (change)

Experience Affects Loan Underwriter, Mortgage Salaries




National Average
$62,000


Skills That Affect Loan Underwriter, Mortgage Salaries

Risk Management / Risk Control
up arrow 15%

Loan Underwriting
up arrow 1%

Mortgage Loans
0%

National Average
$62,000

Financial Analysis
up arrow 1%

Loan Processing
up arrow 1%

UNDERWRITER
up arrow 2%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 136 votes.

Gender

Female
74 %
Male
26 %

Years of Experience

Less than 1 year
3%
1-4 years
27%
5-9 years
19%
10-19 years
29%
20 years or more
23%

Common Health Benefits

medical benefits
Medical: 84%
dental benefits
Dental: 76%
vision benefits
Vision: 65%
dental benefits
None: 12%
ADVERTISEMENT