Loan Underwriter, Mortgage Salary

Mortgage Loan Underwriters who are practiced in their profession and carry more than 10 years of experience make up over one-half of Mortgage Loan Underwriters. Pay fluctuates from $40K to $82K per year, but expected earnings average $59K per year. Cash earnings for Mortgage Loan Underwriters — which occasionally include more than $12K from bonuses and more than $4K from profit sharing — stretch from around $40K to approximately $82K. While years of experience and geographic location impact pay for this group, the particular firm is the most influential factor. A large number enjoy medical while a fair number get dental coverage. Vision coverage is also available to a majority. Work is enjoyable for Mortgage Loan Underwriters, who typically claim high levels of job satisfaction. Female Mortgage Loan Underwriters make up most of the survey respondents at 74 percent. The data for this snapshot was collected from individuals who took PayScale's salary survey.
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$40,211 - $78,881

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$16.10 - $35.57

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National Salary Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$28K$56K$84K
Salary
$40,211 - $78,881  
   
Bonus
$0.00 - $12,036  
Profit Sharing
$152.05 - $3,535  
Commission
$590 - $8,139  
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).
)
$40,153 - $81,964  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 1,291
National Hourly Rate Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$19$38$57
Hourly Rate
$16.10 - $35.57  
   
Overtime
$25.39 - $55.93  
National Annualized Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$50K$100K$150K
Bonus
$0.00 - $12,036  
   
Commission
$590 - $8,139  
Profit Sharing
$152.05 - $3,535  
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).
)
$40,153 - $81,964  
Country: United States | Currency: USD | Updated: 18 Jul 2015 | Individuals Reporting: 295
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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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As Mortgage Loan Underwriters make advancements to positions like Administrative Assistant, salaries may go down sharply. Usually, Administrative Assistants make $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 some prominent firms with considerable interest in employing a large team of Mortgage Loan Underwriters. Mortgage Loan Underwriters flock to U.S. Bank for generous paychecks, where average earnings of $61K lead the pack in compensation.

Popular Skills for Loan Underwriter, Mortgage


Typical Mortgage Loan Underwriters report a focused set of job skills. Most notably, skills in Loan Underwriting, Mortgage Loans, Financial Analysis, and Loan Processing are correlated to pay that is above average. At the other end of the pay range are skills like Loan Processing. It is often found that people who know Loan Underwriting are 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.


More years of relevant experience do not necessarily translate to higher paychecks. Salaries of relatively inexperienced workers fall in the neighborhood of $50K, but folks who have racked up five to 10 years see a notably higher median of $60K. Mortgage Loan Underwriters see a median salary of $66K after reaching one to two decades on the job. Veterans who have surpassed the 20-year mark may make only slightly more than those who are navigating the mid-career stage; the more senior group reports median earnings of around $70K.

Pay Difference by Location


For Mortgage Loan Underwriters, Dallas provides a pay rate that is 18 percent greater than the national average. Mortgage Loan Underwriters will also find cushy salaries in Irvine (+13 percent), Houston (+12 percent), Phoenix (+10 percent), and New York (+8 percent). Those in the field find the lowest salaries in Minneapolis, 12 percent below the national average.

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Experience Affects Loan Underwriter, Mortgage Salaries




National Average
$60,000


Skills That Affect Loan Underwriter, Mortgage Salaries

Loan Underwriting
up arrow 4%

Mortgage Loans
up arrow 3%

Financial Analysis
up arrow 2%

National Average
$60,000

Loan Processing
up arrow 4%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 227 votes.

Gender

Female
74 %
Male
26 %

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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