Loan Underwriter, Mortgage Salary (United States)

Mortgage Loan Underwriters in the United States are often veterans in their line of work, with 51 percent bringing more than 10 years of experience to the table. Salaries slide in at $58,273 annually on average but can range from $39,151 to $80,145 per year. The most influential factor affecting pay for this group is the specific employer, though the particular city and experience level have a (lesser) impact as well. A solid majority report receiving medical coverage from their employers and most collect dental insurance. Men are in the minority in the field, with female Mortgage Loan Underwriters making up 73 percent of workers. Job satisfaction is high and work is enjoyable for most Mortgage Loan Underwriters. This outline is derived from replies to PayScale's salary survey.
Loan Underwriter, Mortgage Salary (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$39,295 - $76,548
(Median)
39K
46K
57K
68K
77K
MEDIAN: $56,934
10%
25%
50%
75%
90%
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Loan Underwriter, Mortgage Salary (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$15.54 - $34.99
(Median)
16
18
24
30
35
MEDIAN: $24.00
10%
25%
50%
75%
90%
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National Salary Data

 (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$27K$54K$81K
Salary
$39,295 - $76,548  
   
Bonus
$0.00 - $12,102  
Profit Sharing
$154.56 - $4,810  
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).
)
$39,151 - $80,145  
PayScale
Country: United States | Currency: USD | Updated: 3 Sep 2014 | Individuals Reporting: 1,210
National Hourly Rate Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$19$38$57
Hourly Rate
$15.54 - $34.99  
   
Overtime
$23.64 - $55.12  
National Annualized Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$50K$100K$150K
Bonus
$0.00 - $12,102  
   
Profit Sharing
$154.56 - $4,810  
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).
)
$39,151 - $80,145  
PayScale
Country: United States | Currency: USD | Updated: 3 Sep 2014 | Individuals Reporting: 289
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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
  • Prepare reports based on the results from the risk analysis for use in decision-making.
  • Analyze credit data and financial statements of individuals or firms to determine the risk involved in extending credit or lending money.

Common Career Paths for Loan Underwriter, Mortgage

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As Mortgage Loan Underwriters transition into upper-level roles, they actually see a sharp decline in salary. For instance, an Administrative Assistant will usually earn less than his or her lower-level colleagues.

Loan Underwriter, Mortgage Job Listings

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Popular Employer Salaries for Loan Underwriter, Mortgage

Leading companies who hire large numbers of Mortgage Loan Underwriters include Wells Fargo Home Mortgage, Bank of America Corp. (BOFA), J.P. Morgan Chase & Co. (JPMCC), Wells Fargo & Co., and Accenture. Although Wells Fargo & Co. boasts the highest average salary in town at $66,000, employee compensation still varies greatly—workers can make as little as $35K or as much as $100K.
Accenture employees cannot expect much in terms of compensation—the median salary amounts to only $38,500, 71 percent lower than the top payer. J.P. Morgan Chase & Co. (JPMCC) also ranks near the bottom for pay.

Popular Skills for Loan Underwriter, Mortgage

Mortgage Loan Underwriters who responded to the survey report just a handful of professional skills. Those familiar with Loan Underwriting, Mortgage Loans and Financial Analysis will likely experience a boost in pay, earning 6 percent, 5 percent, and 5 percent above the national average, respectively. Those educated in Loan Underwriting tend to be well-versed in Financial Analysis.

Pay by Experience Level for Loan Underwriter, Mortgage

Median of all compensation (including tips, bonus, and overtime) by years of experience.
For Mortgage Loan Underwriters, experience in the field does not tend to play a major role in salary decisions; in general, pay does not go up drastically with more experience, and earnings grow incrementally instead. At career start, salaries are typically $48K, which grows to $58K after five to 10 years. Earnings total $65K after one to two decades. Once they've gotten two decades of experience under their belts, Mortgage Loan Underwriters encounter slower salary growth; at this point, they earn $68K annually. Mortgage Loan Underwriters with one to 10 years of experience are most common in the field, followed by those with 10 to 20 years and more than 20 years.

Pay Difference By Location

up arrow 18%
up arrow 17%
Denver
up arrow 16%
New York
up arrow 12%
St. Louis
up arrow 10%
Houston
up arrow 9%
Cleveland
up arrow 7%
San Diego
up arrow 7%
up arrow 3%
Phoenix
up arrow 1%
Tampa
0%
National Average
$58,000
Minneapolis
up arrow 18%
Larger circles over a city indicate a job is popular in that location.
With a pay rate for Mortgage Loan Underwriters that is 18 percent greater than the national average, Dallas offers a comfortable salary for those in this profession. Irvine, Denver, New York, and St. Louis also offer top salaries for Mortgage Loan Underwriters. Workers in these cities can expect to earn about 17 percent, 16 percent, 12 percent, and 10 percent more, respectively. Minneapolis is home to the smallest salaries in the field, lagging the national average by 18 percent.

Related Job Salaries

Experience Affects Loan Underwriter, Mortgage Salaries

National Average
$58,000

Skills That Affect Loan Underwriter, Mortgage Salaries

National Average
$58,000

Job Satisfaction

Extremely satisfied Image
Extremely satisfied
Rated 5 out of 5 based on 236 votes.

Gender

Female
73%
female alumni
 
Male
27%
male alumni

Years of Experience

Less than 1 year
3%
1-4 years
25%
5-9 years
21%
10-19 years
30%
20 years or more
21%

Common Health Benefits

medical benefits Medical: 85% dental benefits Dental: 77%
vision benefits Vision: 62% employee benefits None: 13%
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