Loan Underwriter, Mortgage Salary

With just over a half of Mortgage Loan Underwriters in the United States reporting more than 10 years of experience in the field, this area is heavily weighted toward experienced professionals. Pay ranges from $40K to $82K per year and averages out to $59K annually. Total cash compensation to Mortgage Loan Underwriters approaches anywhere from $40K on the lower end to $82K on the higher end; in exceptional cases, this can include more than $12K from bonuses and upwards of $4K from profit sharing. The most influential factor affecting pay for this group is the company, though experience level and geographic location have a (lesser) impact as well. Most workers in this position report high levels of job satisfaction. Female Mortgage Loan Underwriters make up most of the survey respondents at 74 percent. Most enjoy medical while a strong majority get dental coverage. Vision coverage is also available to the larger part. The figures in this rundown are based on the results of PayScale's salary questionnaire.
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$40,081 - $78,818
(Median)
$40K
$59K
$79K
MEDIAN: $59,124
10%
50%
90%

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$16.05 - $35.45
(Median)
$16
$25
$35
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
$40,081 - $78,818  
   
Bonus
$0.00 - $12,122  
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).
)
$40,046 - $82,084  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 1,280
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
$16.05 - $35.45  
   
Overtime
$25.09 - $55.77  
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 - $12,122  
   
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).
)
$40,046 - $82,084  
Country: United States | Currency: USD | Updated: 20 Jun 2015 | Individuals Reporting: 291
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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 may experience a considerable drop in salary when they transition into an upper level Administrative Assistant position, where pay tends to be around $31K.

Loan Underwriter, Mortgage Job Listings

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Popular Employer Salaries for Loan Underwriter, Mortgage


Mortgage Loan Underwriters flock to Wells Fargo Home Mortgage, J.P. Morgan Chase & Co. (JPMCC), Bank of America Corp. (BOFA), Wells Fargo & Co., and U.S. Bank, highly regarded companies that employ a generous number of people in this profession. Heading up the field in terms of compensation, U.S. Bank offers the most; Mortgage Loan Underwriters earn $61K on average there.

Popular Skills for Loan Underwriter, Mortgage


Mortgage Loan Underwriters who responded to the survey report just a handful of professional skills. Most notably, facility with Loan Underwriting, Mortgage Loans, and Financial Analysis are correlated to pay that is above average, leading to an increase of 4 percent. The majority of those who know Loan Underwriting also know Financial Analysis.

Pay by Experience Level for Loan Underwriter, Mortgage

Median of all compensation (including tips, bonus, and overtime) by years of experience.


Mortgage Loan Underwriters with a lot of experience do not necessarily enjoy more money. Salaries of relatively inexperienced workers fall in the neighborhood of $50K, but folks who have racked up five to 10 years see a notably higher median of $60K. After working for 10 to 20 years, Mortgage Loan Underwriters make a median salary of $66K. 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 Mortgage Loan Underwriters, Dallas provides a pay rate that is 18 percent greater than 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 St. Louis (+7 percent). In Minneapolis, salaries are 12 percent below the national average and represent the lowest-paying market.

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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 229 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: 65% employee benefits None: 12%
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