Loan Underwriter, Mortgage Salary
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...
After mortgage underwriters have information on the debtors' credit, ability to repay, and possible collateral, the underwriters will generate reports that sum up the risks posed by offering the prospective debtors the requested mortgages. At this point, the underwriters may write in conditions for the mortgages. After analyzing all of the risks as a whole, the underwriters will then make a decision to either approve or reject the mortgages. However, the job does not end here. In either situation, the underwriters may need to explain the basis of their decisions to the clients, support staff or superiors. Excellent interpersonal skills are necessary to convince individuals who have a different tolerance for risk and who disagree with the mortgage underwriters' decisions.
Mortgage underwriters usually work in an office environment for banks and other lending institutions. The educational requirements vary, but the most important requirements are that the underwriter have appropriate certifications and an in depth understanding of the process and laws related to mortgage underwriting.
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.
Loan Underwriter, Mortgage Job Listings
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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
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).
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Key Stats for Loan Underwriter, Mortgage
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