Loan Underwriter, Mortgage Salary

With slightly more than 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 $41K to $83K per year and averages out to $60K annually. The final incomes of Mortgage Loan Underwriters generally vary between $41K and $83K; higher pay grades include potential for bonuses, profit sharing, and commissions as high as $12K, $4K, and $24K, respectively. This group's pay is mainly influenced by the specific employer, followed by career length and geographic location. Most workers in this position report high levels of job satisfaction. Most enjoy medical while a strong majority get dental coverage. Vision coverage is also available to the larger part. Female Mortgage Loan Underwriters make up most of the survey respondents at 74 percent. This overview is based on answers to PayScale's salary questionnaire.
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$41,081 - $79,695
(Median)
$41K
$60K
$80K
MEDIAN: $60,072
10%
50%
90%

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$16.67 - $35.73
(Median)
$17
$25
$36
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$28K$56K$84K
Salary
$41,081 - $79,695  
   
Bonus
$0.00 - $12,318  
Profit Sharing
$152.05 - $3,535  
Commission
$362.41 - $23,839  
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).
)
$40,863 - $83,284  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 1,374
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$19$38$57
Hourly Rate
$16.67 - $35.73  
   
Overtime
$26.78 - $56.31  
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
$0.00 - $12,318  
   
Commission
$362.41 - $23,839  
Profit Sharing
$152.05 - $3,535  
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).
)
$40,863 - $83,284  
Country: United States | Currency: USD | Updated: 12 Jan 2016 | Individuals Reporting: 327
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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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For Mortgage Loan Underwriters, a move to the Administrative Assistant role often correlates with a sharp decline in salary. Administrative Assistants typically make $31K.

Loan Underwriter, Mortgage Job Listings

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Popular Employer Salaries for Loan Underwriter, Mortgage


Wells Fargo Home Mortgage, Bank of America Corp. (BOFA), J.P. Morgan Chase & Co. (JPMCC), Wells Fargo & Co., and U.S. Bank are among the top companies that take on many Mortgage Loan Underwriters. Chase Bank offers the highest compensation with a median salary of $63K. Wells Fargo & Co., U.S. Bank, and Bank of America Corp. (BOFA) are a few other companies that offer generous salaries, with Mortgage Loan Underwriters earning around $61K, $60K, or $59K at each firm, respectively.

Others at the bottom of the scale for this job include J.P. Morgan Chase & Co. (JPMCC) at $55K, and Wells Fargo Home Mortgage where $56K is the norm, but it is worth noting that some Mortgage Loan Underwriters there earn up to $87K.

Popular Skills for Loan Underwriter, Mortgage


Survey takers who work as Mortgage Loan Underwriters usually report a few specific skills. Most notably, skills in Loan Underwriting, Mortgage Loans, Financial Analysis, and Loan Processing are correlated to pay that is above average. At the other end of the pay range are skills like Loan Processing. Most people familiar with 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 more experience do not necessarily bring home bigger paychecks. In fact, experience in this field tends to impact compensation minimally. Salaries for the relatively untried average out to around $51K, but survey participants with five to 10 years of experience earn a significantly higher median of $61K. On average, Mortgage Loan Underwriters make $66K following one to two decades on the job. Veterans who have surpassed the 20-year mark may make only slightly more than those who are navigating the mid-career stage; the more senior group reports median earnings of around $71K.

Pay Difference by Location

National Average: $61,022

Larger city markers indicate a job is popular in that location.

Atlanta is home to an above-average pay rate for Mortgage Loan Underwriters, 17 percent higher than the national average. Mortgage Loan Underwriters can also look forward to large paychecks in cities like Dallas (+16 percent), Phoenix (+13 percent), Houston (+13 percent), and Irvine (+12 percent). Falling short of the national average by 2 percent, the area with the worst salaries is Columbus.

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Experience Affects Loan Underwriter, Mortgage Salaries




National Average
$61,000


Skills That Affect Loan Underwriter, Mortgage Salaries

Loan Underwriting
up arrow 2%

Mortgage Loans
up arrow 2%

Financial Analysis
up arrow 1%

National Average
$61,000

Loan Processing
up arrow 5%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 242 votes.

Gender

Female
74 %
Male
26 %

Years of Experience

Less than 1 year
2%
1-4 years
24%
5-9 years
20%
10-19 years
31%
20 years or more
23%

Common Health Benefits

medical benefits
Medical: 85%
dental benefits
Dental: 77%
medical benefits
Vision: 64%
dental benefits
None: 12%
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