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Loan Underwriter, Mortgage Salary

A little over a half of Mortgage Loan Underwriters in the United States have been in the field for more than 10 years. Pay can fall anywhere from $40K to $82K per year, but median earnings come to around $59K per year. Cash earnings for Mortgage Loan Underwriters — including $12K in bonuses and $4K in profit sharing proceeds near the top of the pay scale — generally stretch from $40K to $82K depending on individual performance. Compensation for this group is mainly affected by the company, but the particular city and experience level are influential factors as well. Most Mortgage Loan Underwriters survey respondents are women (73 percent). The majority of Mortgage Loan Underwriters claim high levels of job satisfaction. A large number report receiving medical coverage from their employers and a fair number collect dental insurance. This overview is based on answers to PayScale's salary questionnaire.
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$39,950 - $78,731
(Median)
$40K
$59K
$79K
MEDIAN: $58,969
10%
50%
90%

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$15.96 - $35.40
(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
$39,950 - $78,731  
   
Bonus
$0.00 - $12,075  
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).
)
$39,972 - $82,141  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 1,239
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
$15.96 - $35.40  
   
Overtime
$24.95 - $55.69  
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 - $12,075  
   
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).
)
$39,972 - $82,141  
Country: United States | Currency: USD | Updated: 2 May 2015 | Individuals Reporting: 288

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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 move into an Administrative Assistant role may often bring in a much lower salary. On average, Administrative Assistants earn $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 U.S. Bank are all popular places to work. For Mortgage Loan Underwriters, comfortable salaries can be found at U.S. Bank; in fact, median earnings sit around $60K, the highest in the area.

Popular Skills for Loan Underwriter, Mortgage


Professional skills reported by Mortgage Loan Underwriters are few in number. Most notably, skills in Loan Underwriting, Financial Analysis, and Mortgage Loans are correlated to pay that is above average, with boosts of 5 percent, 4 percent, and 3 percent, respectively. Most people who know 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.


Mortgage Loan Underwriters do not generally earn higher incomes from more experience in the field. Salaries of relatively inexperienced workers fall in the neighborhood of $49K, but folks who have racked up five to 10 years see a notably higher median of $60K. The average pay reported by folks with 10 to 20 years of experience is around $66K. 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 $70K.

Pay Difference by Location


Home to some of the best pay for Mortgage Loan Underwriters, Irvine offers exceptional salaries, 18 percent above the national average. Mortgage Loan Underwriters will also find cushy salaries in Dallas (+16 percent), Houston (+12 percent), New York (+8 percent), and St. Louis (+8 percent). Minneapolis ranks last in the field for pay, reporting salaries 17 percent below the national average. Employers in Raleigh and Columbus also lean toward paying below-median salaries (4 percent lower and 3 percent lower, respectively).

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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 234 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%
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