Loan Underwriter, Mortgage Salary

Mortgage Loan Underwriters in the United States with more than 10 years of experience in their profession represent approximately half of Mortgage Loan Underwriters. Salaries average out to around $63K annually and spread from $43K to $88K per year. Earnings for this group are mostly affected by the particular firm, followed by geography and years of experience. The majority of Mortgage Loan Underwriters claim high levels of job satisfaction. Most report receiving medical coverage from their employers and a strong majority collect dental insurance. Female Mortgage Loan Underwriters make up most of the survey respondents at 75 percent. The figures in this overview were provided by individuals who took PayScale's salary questionnaire.
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$43,998 - $84,855
$44K
$63K
$85K
MEDIAN: $63,342
10%
50%
90%

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$17.59 - $37.62
$18
$26
$38
MEDIAN: $25.81
10%
50%
90%

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$0$88K
Salary $43,998 - $84,855
Bonus $1,374 - $14,978
Profit Sharing $1,000
Commission $9,600
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).
)
$42,583 - $88,326
  • Country: United States
  • Currency: USD
  • Updated: 11 Jul 2017
  • Individuals Reporting: 766
Hourly Data $0$59
Hourly Rate $17.59 - $37.62
Hourly Tips $0.00
Overtime $30.02 - $59.81
Annual Data $0$88K
Bonus $1,374 - $14,978
Commission $9,600
Profit Sharing $1,000
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).
)
$42,583 - $88,326
  • Country: United States
  • Currency: USD
  • Updated: 11 Jul 2017
  • Individuals Reporting: 217

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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

  • Analyze credit data and financial statements of individuals or firms to determine the risk involved in extending credit or lending money.
  • Prepare reports based on the results from the risk analysis for use in decision-making.

Common Career Paths for Loan Underwriter, Mortgage


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Though some Mortgage Loan Underwriters move into positions like Manager of Underwriting (where the average salary is $88K), this progression is not the norm.

Loan Underwriter, Mortgage Job Listings

Popular Employer Salaries for Loan Underwriter, Mortgage


Wells Fargo Home Mortgage, J.P. Morgan Chase & Co. (JPMCC), Wells Fargo & Co., Chase Bank, and Bank of America Corp. (BOFA) are all popular places to work. The biggest paychecks can be found at Quicken Loans — the median salary there is $82K. Also paying near the top of the field are Primary Residential Mortgage, Inc. at $73K, Chase Bank at $66K, and Wells Fargo Home Mortgage, where Mortgage Loan Underwriters annually earn $63K.

Employees at U.S. Bank, Bank of America Corp. (BOFA), and Wells Fargo & Co. can also expect below-average earnings of $56K, $60K, and $60K.

Popular Skills for Loan Underwriter, Mortgage


Mortgage Loan Underwriters report using a wide range of professional skills. Most notably, facility with Risk Management / Risk Control and Data Analysis are correlated to pay that is significantly above average, leading to increases of 22 percent and 14 percent, respectively. Skills that pay less than market rate include Loan Processing, Financial Analysis, and UNDERWRITER. Most people who know Loan Underwriting also know Financial Analysis.

Pay by Experience Level for Loan Underwriter, Mortgage

Pay by Experience for a Loan Underwriter, Mortgage has a positive trend. An entry-level Loan Underwriter, Mortgage with less than 5 years of experience can expect to earn an average total compensation of $53,000 based on 381 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Loan Underwriter, Mortgage with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $62,000 based on 290 salaries. An experienced Loan Underwriter, Mortgage which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $67,000 based on 353 salaries. A Loan Underwriter, Mortgage with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $73,000 based on 211 salaries.

Pay Difference by Location

National Average: $63,665

Larger city markers indicate a job is popular in that location.

For Mortgage Loan Underwriters, Charlotte provides a pay rate that is 20 percent greater than the national average. Mortgage Loan Underwriters can also look forward to large paychecks in cities like Phoenix (+17 percent), Minneapolis (+12 percent), San Antonio (+8 percent), and San Francisco (+7 percent). Those in the field find the lowest salaries in Fort Worth, 16 percent below the national average. Below-median salaries also turn up in Richmond and Denver (15 percent lower and 10 percent lower, respectively).

Loan Underwriter, Mortgage Reviews

Q: What is it like working as a Loan Underwriter, Mortgage?

Loan Underwriter, Mortgage in Miramar:
Pros: Helping people.
Cons: Tedious workgroup.

Related Job Salaries

Key Stats for Loan Underwriter, Mortgage

Gender

Female
75 %
Male
25 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 141 votes.
Less than 1 year
3%
1-4 years
26%
5-9 years
20%
10-19 years
29%
20 years or more
22%
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Location:
Years in Fields/Career:
United States (change)

Experience Affects Loan Underwriter, Mortgage Salaries

▲15%

▲5%

National Average
$64,000

▼2%

▼17%

Skills That Affect Loan Underwriter, Mortgage Salaries

Risk Management / Risk Control
▲22%

Data Analysis
▲14%

National Average
$64,000


Mortgage Loans
▼2%

UNDERWRITER
▼4%


Loan Processing
▼5%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 141 votes.

Gender

Female
75 %
Male
25 %

Years of Experience

Less than 1 year
3%
1-4 years
26%
5-9 years
20%
10-19 years
29%
20 years or more
22%

Common Health Benefits

medical benefits
Medical: 84%
dental benefits
Dental: 77%
vision benefits
Vision: 68%
no benefits
None: 12%
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