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Loan Underwriter, Mortgage Salary

A little over a half of Mortgage Loan Underwriters in the United States are seasoned employees who have more than 10 years of experience in the field. Pay ranges from $40K to $81K per year, and the average comes out to $58K annually. Total cash compensation to Mortgage Loan Underwriters bottoms out near $40K and approaches $81K on the high end; the biggest paychecks include approximately $12K from bonuses and almost $4K from profit sharing. Compensation for this group is mainly affected by the specific employer, but geography and experience level are influential factors as well. Job satisfaction for Mortgage Loan Underwriters is high. Most report receiving medical coverage from their employers and a strong majority collect dental insurance. Men are in the minority of survey respondents, with female Mortgage Loan Underwriters making up 73 percent. The figures in this rundown are based on the results of PayScale's salary questionnaire.
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$39,469 - $77,021
(Median)
$39K
$58K
$77K
MEDIAN: $57,983
10%
50%
90%

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$16.01 - $34.95
(Median)
$16
$25
$35
MEDIAN: $24.00
10%
50%
90%

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Show Annual Salary Show Hourly Rate
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
$39,469 - $77,021  
   
Bonus
$0.00 - $12,094  
Profit Sharing
$150.00 - $3,561  
Commission
$590 - $10,682  
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).
)
$39,705 - $80,683  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 1,208
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
$16.01 - $34.95  
   
Overtime
$24.35 - $54.87  
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 - $12,094  
   
Commission
$590 - $10,682  
Profit Sharing
$150.00 - $3,561  
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).
)
$39,705 - $80,683  
Country: United States | Currency: USD | Updated: 11 Dec 2014 | Individuals Reporting: 277
United States (change)

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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There are some Mortgage Loan Underwriters — though it's uncommon — that transition into Managers of Underwriting, where earnings are an average $87K annually.

Loan Underwriter, Mortgage Job Listings

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Popular Employer Salaries for Loan Underwriter, Mortgage


Many Mortgage Loan Underwriters can be found at Wells Fargo Home Mortgage, Bank of America Corp. (BOFA), J.P. Morgan Chase & Co. (JPMCC), Wells Fargo & Co., and Accenture, firms that are at the top of the field. Although Wells Fargo & Co. leads the field in pay with a median salary of $66K, employees there receive a wide spread of salaries, from $35K on the low end all the way up to $95K at the top.

Popular Skills for Loan Underwriter, Mortgage


Survey takers who work as Mortgage Loan Underwriters usually report a few specific skills. Most notably, facility with Loan Underwriting, Financial Analysis, and Mortgage Loans are correlated to pay that is above average, leading to increases ranging from 3 percent to 5 percent. 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.


Experience and pay tend to be weakly linked for Mortgage Loan Underwriters — those with more experience do not necessarily bring in higher earnings. Survey participants with less than five years' experience pocket $49K on average, but those with five to 10 years of experience enjoy a much bigger median of $59K. People with 10 to 20 years of experience make an average of about $65K in this role. Respondents who claim more than 20 years of experience may encounter pay that doesn't quite reflect their extensive experience; these veterans report a median income of around $69K.

Pay Difference by Location


Mortgage Loan Underwriters will find that Irvine offers an impressive pay rate, one which exceeds the national average by 18 percent. Mortgage Loan Underwriters can also look forward to large paychecks in cities like Dallas (+16 percent), Denver (+12 percent), New York (+10 percent), and Houston (+10 percent). Trailing the national average by 19 percent, Minneapolis is the market with the smallest paychecks. Below-median salaries also turn up in Columbus and Orlando (7 percent lower and 4 percent lower, respectively).

Related Job Salaries

Experience Affects Loan Underwriter, Mortgage Salaries



National Average
$59,000



Skills That Affect Loan Underwriter, Mortgage Salaries


Financial Analysis
up arrow 4%

Mortgage Loans
up arrow 3%

National Average
$59,000

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 230 votes.

Gender

Female
73 %
Male
27 %

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: 77%
vision benefits Vision: 63% employee benefits None: 13%