Loan Underwriter, Mortgage Salary

The average Mortgage Loan Underwriter in the United States can expect to rake in roughly $62K annually. The specific employer is the biggest factor affecting pay for this group, followed by geography and years of experience. Men are in the minority of survey respondents, with female Mortgage Loan Underwriters making up 74 percent. Most report receiving medical coverage from their employers and a strong majority collect dental insurance. Job satisfaction for Mortgage Loan Underwriters is high. Respondents to the PayScale salary survey provided the data for this report.
Read More
$43,148 - $83,601
$43K
$62K
$84K
MEDIAN: $61,879
10%
50%
90%

Add this chart to your site: 640px    300px

$17.16 - $37.18
$17
$26
$37
MEDIAN: $25.62
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
$43,148 - $83,601  
   
Bonus
$1,453 - $14,962  
Profit Sharing
$1,011  
Commission
$9,600  
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).
)
$41,874 - $86,849  
Country: United States | Currency: USD | Updated: 25 Mar 2017 | Individuals Reporting: 763
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
$17.16 - $37.18  
   
Hourly Tips
$0.00  
Overtime
$30.07 - $59.62  
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
$1,453 - $14,962  
   
Commission
$9,600  
Profit Sharing
$1,011  
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).
)
$41,874 - $86,849  
Country: United States | Currency: USD | Updated: 25 Mar 2017 | Individuals Reporting: 214

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


Though some Mortgage Loan Underwriters move into positions like Manager of Underwriting (where the average salary is $88K), this progression is not the norm.

Loan Underwriter, Mortgage Job Listings

Search for more jobs:

Popular Employer Salaries for Loan Underwriter, Mortgage


Dominating the field, Wells Fargo Home Mortgage, J.P. Morgan Chase & Co. (JPMCC), Wells Fargo & Co., Chase Bank, and Bank of America Corp. (BOFA) are top firms with a reputation for hiring a great number of Mortgage Loan Underwriters. Quicken Loans offers the largest salaries in town — $82K on average. Also paying near the top of the field are Primary Residential Mortgage, Inc. at $73K, Chase Bank at $66K, and Wells Fargo Home Mortgage, where Mortgage Loan Underwriters annually earn $63K.

U.S. Bank, Bank of America Corp. (BOFA) and Wells Fargo & Co. are three other employers with a reputation for below-average pay, showing salaries around $56K, $60K, and $60K.

Popular Skills for Loan Underwriter, Mortgage


Survey results suggest that Mortgage Loan Underwriters put a wide range of professional skills to use. Most notably, facility with Risk Management / Risk Control and Data Analysis are correlated to pay that is significantly above average, leading to increases of 24 percent and 17 percent, respectively. Skills that pay less than market rate include Loan Processing. Those familiar with Loan Underwriting also tend to know Financial Analysis.

Pay by Experience Level for Loan Underwriter, Mortgage

Pay by Experience for a Loan Underwriter, Mortgage has a positive trend. An entry-level Loan Underwriter, Mortgage with less than 5 years of experience can expect to earn an average total compensation of $53,000 based on 381 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Loan Underwriter, Mortgage with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $62,000 based on 290 salaries. An experienced Loan Underwriter, Mortgage which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $67,000 based on 353 salaries. A Loan Underwriter, Mortgage with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $73,000 based on 211 salaries.

Pay Difference by Location

National Average: $62,368

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

For Mortgage Loan Underwriters, busy Charlotte offers a higher-than-average pay rate, 23 percent above the national average. Mortgage Loan Underwriters can also look forward to large paychecks in cities like Phoenix (+20 percent), Minneapolis (+14 percent), San Antonio (+10 percent), and San Francisco (+9 percent). Falling short of the national average by 15 percent, the area with the worst salaries is Fort Worth. Employers also pay below the national average in Richmond (13 percent lower) and Denver (8 percent lower).

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 127 votes.
Less than 1 year
3%
1-4 years
27%
5-9 years
20%
10-19 years
28%
20 years or more
22%
Location:
Years in Fields/Career:
United States (change)

Experience Affects Loan Underwriter, Mortgage Salaries

▲18%

▲7%

▼0%

National Average
$62,000

▼15%

Skills That Affect Loan Underwriter, Mortgage Salaries

Risk Management / Risk Control
▲24%

Data Analysis
▲17%


Mortgage Loans
▼0%

National Average
$62,000

UNDERWRITER
▼2%


Loan Processing
▼3%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 127 votes.

Gender

Female
74 %
Male
26 %

Years of Experience

Less than 1 year
3%
1-4 years
27%
5-9 years
20%
10-19 years
28%
20 years or more
22%

Common Health Benefits

medical benefits
Medical: 85%
dental benefits
Dental: 78%
vision benefits
Vision: 68%
no benefits
None: 11%