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
Mortgage Loan Underwriters fill the offices of leading firms Wells Fargo Home Mortgage, J.P. Morgan Chase & Co. (JPMCC), Bank of America Corp. (BOFA), Wells Fargo & Co., and Chase Bank. The biggest paychecks can be found at Quicken Loans — the median salary there is $82K. Other employers shelling out big bucks include Chase Bank, U.S. Bank, and J.P. Morgan Chase & Co. (JPMCC), where Mortgage Loan Underwriters typically earn around $71K, $67K, or $64K, respectively.
Workers also receive paychecks lighter than average at Wells Fargo & Co. ($52K), Bank of America Corp. (BOFA) ($60K), and Wells Fargo Home Mortgage ($62K).
Popular Skills for Loan Underwriter, Mortgage
Mortgage Loan Underwriters generally report applying a varied skill set to their work. Most notably, skills in Data Analysis, Risk Management / Risk Control, Loan Underwriting, and Mortgage Loans are correlated to pay that is above average. It is often found that people who know Loan Underwriting are also skilled in Financial Analysis.
Pay by Experience Level for Loan Underwriter, Mortgage
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Experience and pay tend to be weakly linked for Mortgage Loan Underwriters — those with more experience do not necessarily bring in higher earnings. Relatively untried employees who have less than five years' experience make $53K, but folks with five to 10 years under their belts enjoy an appreciably larger median of $62K. Mortgage Loan Underwriters who work for 10 to 20 years in their occupation tend to earn about $67K. After two decades in the workforce, the average Mortgage Loan Underwriter generally earns more than ever; median pay for this group is estimated at $74K.
Pay Difference by Location
With a pay rate for Mortgage Loan Underwriters that is 22 percent greater than the national average, Charlotte offers a comfortable salary for those in this profession. Mortgage Loan Underwriters can also look forward to large paychecks in cities like Minneapolis (+20 percent), Phoenix (+15 percent), Dallas (+11 percent), and Atlanta (+9 percent). Falling short of the national average by 15 percent, the area with the worst salaries is Fort Worth. Employers pay around 6 percent less in Denver and 3 percent less in Columbus, below-median salaries for those in this field.
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