Loan Underwriter, Mortgage Salary (United States)

Seasoned employees—those with more than 10 years of experience in the field—make up the largest chunk of Mortgage Loan Underwriters in the United States, more than half. There is a range in pay— $39,151 to $80,145 per year—with average salary amounting to $58,273 per year. Total cash compensation varies from around $39,295 to approximately $76,548; higher pay grades include potential for bonuses and profit sharing as high as $12,102 and $4,810, respectively. This group's pay is mainly influenced by the particular firm, followed by geography and years of experience. Most enjoy medical and dental coverage in this occupation, and more than half get vision benefits. Female Mortgage Loan Underwriters make up most of the field at 73 percent. Most Mortgage Loan Underwriters like their work and job satisfaction is high. This synopsis is derived from the responses of individuals who took PayScale's 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  
PayScale
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  
PayScale
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, career advancements often correlate with a sharp decline in salary. Lower-level Mortgage Loan Underwriters typically earn much more than those in higher-end positions like Administrative Assistant.

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 Accenture are all popular places to work. Wells Fargo & Co. pays the most with a median salary of $66,000, though with a large amount of variation, going from a low of $35K to a high of $100K for base pay.
The consistently lowest paying firm on the list is Accenture, where the median salary is just $38,500—71 percent less than the top paying company. J.P. Morgan Chase & Co. (JPMCC) is yet another employer known for handing out relatively lightweight salaries.

Popular Skills for Loan Underwriter, Mortgage

Mortgage Loan Underwriters only report a few specific skills. Those who are competent in Loan Underwriting, Mortgage Loans, and Financial Analysis will get paid more than those who are unfamiliar with these skills: 6 percent, 5 percent, and 5 percent, respectively. Most people experienced in 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.
Across the entire workforce, experience and pay tend to be weakly linked—those with more experience do not necessarily bring in much higher salaries. After five to 10 years, starting salaries jump from $48K to $58K. Those with one to two decades of experience under their belt tend to see salaries around $65K. After two decades on the job, Mortgage Loan Underwriters see salary growth dwindle, averaging $68K. Mortgage Loan Underwriters with one to 10 years of experience are most common in the field, followed by those with 10 to 20 years and more than 20 years. Workers who have been working for more than 20 years are hardest to find.

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.
Home to some of the best pay for Mortgage Loan Underwriters, Dallas offers exceptional salaries, 18 percent above the national average. Mortgage Loan Underwriters will also find cushy salaries in Irvine (+17 percent), Denver (+16 percent), New York (+12 percent), and St. Louis (+10 percent). In Minneapolis, salaries are 18 percent below the national average and represent the lowest-paying market.

Related Job Salaries

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%
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