Loan Underwriter, Mortgage Salary

Mortgage Loan Underwriters in the United States with more than 10 years of experience in their profession represent just over a half of Mortgage Loan Underwriters. Salaries average out to around $59K annually and spread from $40K to $82K per year. In the world of Mortgage Loan Underwriters, total cash compensation can vary between $40K and $82K. Each package generally includes bonuses and profit sharing proceeds, and in exceptional cases, those amounts can reach heights of $12K and $4K, respectively. This group's pay is mainly influenced by the particular firm, followed by geography and experience level. For the most part, Mortgage Loan Underwriters enjoy their work and report high levels of job satisfaction. Most enjoy medical while a strong majority get dental coverage. Vision coverage is also available to a majority. Female Mortgage Loan Underwriters make up most of the survey respondents at 73 percent. The information for this rundown comes from respondents who completed PayScale's salary questionnaire.
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$39,898 - $78,290
(Median)
$40K
$59K
$78K
MEDIAN: $58,793
10%
50%
90%

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$16.09 - $35.42
(Median)
$16
$25
$35
MEDIAN: $24.00
10%
50%
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$28K$56K$84K
Salary
$39,898 - $78,290  
   
Bonus
$0.00 - $12,087  
Profit Sharing
$151.01 - $3,548  
Commission
$600 - $10,500  
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).
)
$39,880 - $81,802  
Country: United States | Currency: USD | Updated: 1 Apr 2015 | Individuals Reporting: 1,220
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
$16.09 - $35.42  
   
Overtime
$24.91 - $55.56  
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 - $12,087  
   
Commission
$600 - $10,500  
Profit Sharing
$151.01 - $3,548  
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).
)
$39,880 - $81,802  
Country: United States | Currency: USD | Updated: 1 Apr 2015 | 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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Mortgage Loan Underwriters who take an Administrative Assistant role, an upper-level role, may see a decrease in pay. Pay for Administrative Assistants is usually $31K.

Loan Underwriter, Mortgage Job Listings

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Popular Employer Salaries for Loan Underwriter, Mortgage


Wells Fargo Home Mortgage, J.P. Morgan Chase & Co. (JPMCC), Bank of America Corp. (BOFA), Wells Fargo & Co., and Accenture are some prominent firms with considerable interest in employing a large team of Mortgage Loan Underwriters. Wells Fargo & Co. pays the most with a median salary of $60K, though with a large amount of variation, going from a low of $35K to a high of $94K.

Popular Skills for Loan Underwriter, Mortgage


Survey results show that Mortgage Loan Underwriters typically report just a few professional skills. Mastery of Loan Underwriting, Financial Analysis, and Mortgage Loans skills often translates to an increase in salary: 5 percent, 4 percent, and 3 percent, respectively. Those proficient in Loan Underwriting are, more often than not, also skilled 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. 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 $60K. On average, Mortgage Loan Underwriters make $66K following one to two decades on the job. More than 20 years of experience mean a somewhat bigger median paycheck of $69K, but it's not much more than what less experienced people make.

Pay Difference by Location


Dallas 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 Irvine (+16 percent), Houston (+11 percent), St. Louis (+9 percent), and Denver (+9 percent). Falling short of the national average by 18 percent, the area with the worst salaries is Minneapolis.

Related Job Salaries

United States (change)

Experience Affects Loan Underwriter, Mortgage Salaries




National Average
$60,000


Skills That Affect Loan Underwriter, Mortgage Salaries


Financial Analysis
up arrow 4%

Mortgage Loans
up arrow 3%

National Average
$60,000

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 236 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
23%

Common Health Benefits

medical benefits Medical: 85% dental benefits Dental: 78%
vision benefits Vision: 64% employee benefits None: 12%