Loan Underwriter, Mortgage Salary

More than half of Mortgage Loan Underwriters in the United States are seasoned employees who have more than 10 years of experience in the field. Pay ranges from $40K to $82K per year, and the average comes out to $59K annually. Total cash earnings of Mortgage Loan Underwriters range from $40K on the low end to $82K on the high end; the final amount can include bonuses and profit sharing proceeds that occasionally exceed $12K and $4K, respectively. Compensation for this group is mainly affected by the specific employer, but career duration and location are influential factors as well. Medical benefits are awarded to most, and a strong majority earn dental coverage. Men are in the minority of survey respondents, with female Mortgage Loan Underwriters making up 74 percent. Job satisfaction is high and work is enjoyable for most Mortgage Loan Underwriters. The figures in this overview were provided by individuals who took PayScale's salary questionnaire.
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$40,133 - $78,893
(Median)
$40K
$59K
$79K
MEDIAN: $59,178
10%
50%
90%

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$15.92 - $35.51
(Median)
$16
$25
$36
MEDIAN: $24.00
10%
50%
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$28K$56K$84K
Salary
$40,133 - $78,893  
   
Bonus
$0.00 - $12,040  
Profit Sharing
$151.01 - $3,548  
Commission
$600 - $10,500  
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).
)
$40,048 - $82,011  
Country: United States | Currency: USD | Updated: 2 Jul 2015 | Individuals Reporting: 1,279
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
$15.92 - $35.51  
   
Overtime
$25.11 - $55.93  
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 - $12,040  
   
Commission
$600 - $10,500  
Profit Sharing
$151.01 - $3,548  
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).
)
$40,048 - $82,011  
Country: United States | Currency: USD | Updated: 2 Jul 2015 | Individuals Reporting: 290
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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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Mortgage Loan Underwriters' salaries may sharply decline when they move into higher-end positions like Administrative Assistant. The typical income for an Administrative Assistant is $31K.

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 U.S. Bank are among the top companies that take on many Mortgage Loan Underwriters. U.S. Bank offers the highest compensation with a median salary of $61K.

Popular Skills for Loan Underwriter, Mortgage


Survey takers who work as Mortgage Loan Underwriters typically report just a few professional skills. Those who have experience with Loan Underwriting, Mortgage Loans, and Financial Analysis can expect to be compensated well for these skills. 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.


For Mortgage Loan Underwriters, experience does not seem to be a major factor in determining pay. Those in the early stages of their career can expect to make around $50K; however, individuals with five to 10 years of experience bring in $60K on average — a distinctly larger sum. On average, Mortgage Loan Underwriters make $66K following one to two decades on the job. Individuals who report more than two decades of experience seem to make only slightly more than folks in the 10-to-20 year range; the more senior group sees median earnings in the comparatively modest ballpark of $70K.

Pay Difference by Location


For those looking to make money, Mortgage Loan Underwriters in Dallas enjoy an exceptional pay rate, 18 percent above the national average. Mortgage Loan Underwriters can also look forward to large paychecks in cities like Irvine (+16 percent), Houston (+12 percent), New York (+8 percent), and Jacksonville (+7 percent). Trailing the national average by 12 percent, Minneapolis is the market with the smallest paychecks.

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Experience Affects Loan Underwriter, Mortgage Salaries




National Average
$60,000


Skills That Affect Loan Underwriter, Mortgage Salaries

Loan Underwriting
up arrow 4%

Mortgage Loans
up arrow 3%

Financial Analysis
up arrow 3%

National Average
$60,000

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 227 votes.

Gender

Female
74 %
Male
26 %

Years of Experience

Less than 1 year
2%
1-4 years
25%
5-9 years
20%
10-19 years
30%
20 years or more
22%

Common Health Benefits

medical benefits Medical: 85% dental benefits Dental: 78%
vision benefits Vision: 64% employee benefits None: 12%
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