Loan Underwriter, Mortgage Salary

With a little 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. Including potential for bonuses, profit sharing and commission — peaking near $12K, $4K, and $24K, respectively — total cash payment to Mortgage Loan Underwriters can bottom out near $41K or top out at around $83K. The specific employer is the biggest factor affecting pay for this group, followed by experience level and location. Work is enjoyable for Mortgage Loan Underwriters, who typically claim high levels of job satisfaction. Most Mortgage Loan Underwriters survey respondents are women (74 percent). Most report receiving medical coverage from their employers and a strong majority collect dental insurance. This report 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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Mortgage Loan Underwriters may see a hefty downturn in earnings if they take top-notch roles like Administrative Assistant. The average pay for an Administrative Assistant is $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, Bank of America Corp. (BOFA), J.P. Morgan Chase & Co. (JPMCC), Wells Fargo & Co., and U.S. Bank, highly regarded companies that employ a generous number of people in this profession. Mortgage Loan Underwriters flock to Chase Bank for generous paychecks, where average earnings of $63K lead the pack in compensation. Other employers shelling out big bucks include Wells Fargo & Co., U.S. Bank, and Bank of America Corp. (BOFA), where Mortgage Loan Underwriters typically earn around $61K, $60K, or $59K, 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


Mortgage Loan Underwriters who responded to the survey indicated only a few skills that they use on the job. Most notably, skills in Loan Underwriting, Mortgage Loans, Financial Analysis, and Loan Processing are correlated to pay that is above average. Skills that pay less than market rate include Loan Processing. 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.


Mortgage Loan Underwriters with more experience do not necessarily bring home bigger paychecks. In fact, experience in this field tends to impact compensation minimally. Those in the early stages of their career can expect to make around $51K; however, individuals with five to 10 years of experience bring in $61K on average — a distinctly larger sum. People with 10 to 20 years of experience make an average of about $66K in this role. Individuals who have achieved more than 20 years of experience don't seem to earn much more than people who have 10 to 20 years under their belts; the more senior group reports an average income of $71K.

Pay Difference by Location

National Average: $61,022

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

For Mortgage Loan Underwriters, busy Atlanta offers a higher-than-average pay rate, 17 percent above 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). The smallest paychecks in the market, 2 percent south of the national average, can be found in 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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