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Loan Underwriter, Mortgage Salary (United States)

Mortgage Loan Underwriters in the United States tend to be well-versed in their field, and about one-half have more than 10 years of experience. Salary is expected to be around $57K annually, but may range from $39K to $80K per year. Total incomes of Mortgage Loan Underwriters incorporate potential for, in a few cases, more than $12K from bonuses and close to $5K from profit sharing; these performance components cause packages to range between $39K and $80K. This group's pay is mainly influenced by the company, followed by geography and years of experience. A solid majority enjoy medical while most get dental coverage. Vision coverage is also available to a majority. Female Mortgage Loan Underwriters make up most of the field at 73 percent. Most workers in this position report high levels of job satisfaction. The data in this summary comes from the PayScale 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  
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  
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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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

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. Wells Fargo & Co. offers the largest salaries in town ($66K on average), but the considerable range in workers' salaries creates a rather varied pay scale that stretches from $35K to $95K.
J.P. Morgan Chase & Co. (JPMCC) and Wells Fargo Home Mortgage also scrape the bottom of the pay scale, with typical earnings hovering around $51K and $56K.

Popular Skills for Loan Underwriter, Mortgage

Survey takers who work as Mortgage Loan Underwriters report a focused set of job skills. Skill set and salary are closely correlated, and individuals who are practiced in Loan Underwriting, Mortgage Loans and Financial Analysis abilities will see corresponding pay increases of 6 percent, 5 percent, and 5 percent. For most people, competency in Loan Underwriting indicates knowledge of 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, level of experience appears to be a somewhat less important part of the salary calculation — more experience does not correlate to noticeably higher pay. Although individuals who have less than five years' experience earn $48K on average, people with five to 10 years benefit from a notably larger average of $58K. Mortgage Loan Underwriters claiming one to two decades of experience make an estimated median of $65K. Mortgage Loan Underwriters with more than 20 years of experience report incomes that are only modestly higher; the median for these old hands hovers around $68K. The majority of Mortgage Loan Underwriters have only one to 10 years of practice in the field. Workers with 10 to 20 years make up the second biggest group followed by those with more than 20 years under their belt.

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.
For Mortgage Loan Underwriters, Dallas provides a pay rate that is 18 percent greater than the national average. Other urban areas shelling out big bucks include Irvine, Denver, New York, and St. Louis, where Mortgage Loan Underwriters typically earn around 17 percent, 16 percent, 12 percent, and 10 percent more than usual. The lowest-paying market is Minneapolis, which sits 18 percent below the national average.

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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%