Mortgage Loan Underwriters who are practiced in their profession and carry more than 10 years of experience make up half of Mortgage Loan Underwriters. Pay fluctuates from $42K to $87K per year, but expected earnings average $62K annually. While geography and experience level impact pay for this group, the company is the most influential factor. For the most part, Mortgage Loan Underwriters enjoy their work and report high levels of job satisfaction. Most report receiving medical coverage from their employers and a strong majority collect dental insurance. Female Mortgage Loan Underwriters make up most of the survey respondents at 73 percent. This report is based on responses to the PayScale salary survey.
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$43,399 - $83,392
$43K
$62K
$83K
MEDIAN: $61,980
10%
50%
90%

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$17.44 - $36.94
$17
$26
$37
MEDIAN: $25.00
10%
50%
90%

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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
$43,399 - $83,392  
   
Bonus
$1,499 - $15,376  
Profit Sharing
$1,098  
Commission
$8,000  
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).
)
$42,346 - $86,699  
Country: United States | Currency: USD | Updated: 18 Jan 2017 | Individuals Reporting: 798
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
$17.44 - $36.94  
   
Hourly Tips
$0.00  
Overtime
$30.08 - $59.69  
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
$1,499 - $15,376  
   
Commission
$8,000  
Profit Sharing
$1,098  
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).
)
$42,346 - $86,699  
Country: United States | Currency: USD | Updated: 18 Jan 2017 | Individuals Reporting: 220

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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.

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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


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Mortgage Loan Underwriters do not often transition into Manager of Underwriting roles. The role averages $88K per year.

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

National Average: $62,597

Larger city markers indicate a job is popular in that 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.

Related Job Salaries

Key Stats for Loan Underwriter, Mortgage

Gender

Female
73 %
Male
27 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 129 votes.
Less than 1 year
3%
1-4 years
26%
5-9 years
20%
10-19 years
29%
20 years or more
22%
Location:
Years in Fields/Career:
United States (change)

Experience Affects Loan Underwriter, Mortgage Salaries



National Average
$63,000



Skills That Affect Loan Underwriter, Mortgage Salaries

Risk Management / Risk Control
up arrow 16%

Data Analysis
up arrow 16%



National Average
$63,000

Loan Processing
up arrow 2%


UNDERWRITER
up arrow 3%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 129 votes.

Gender

Female
73 %
Male
27 %

Years of Experience

Less than 1 year
3%
1-4 years
26%
5-9 years
20%
10-19 years
29%
20 years or more
22%

Common Health Benefits

medical benefits
Medical: 85%
dental benefits
Dental: 77%
vision benefits
Vision: 67%
dental benefits
None: 12%
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