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Loan Underwriter, Mortgage Salary

A little more than 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 $82K per year, and the average comes out to $59K annually. In the world of Mortgage Loan Underwriters, overall cash allowance can occasionally include more than $12K from bonuses and, in some exceptional cases, $4K from profit sharing, causing incomes to vary widely between $40K and $82K. This group's pay is mainly influenced by the company, followed by years of experience and geographic location. Most report receiving medical coverage from their employers and a strong majority collect dental insurance. Job satisfaction is reported as high by the vast majority of workers. Female Mortgage Loan Underwriters make up most of the survey respondents at 73 percent. The data for this synopsis comes from respondents who took the PayScale salary survey.
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$39,979 - $78,660
(Median)
$40K
$59K
$79K
MEDIAN: $59,065
10%
50%
90%

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$16.03 - $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
$39,979 - $78,660  
   
Bonus
$0.00 - $12,095  
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).
)
$40,007 - $82,126  
Country: United States | Currency: USD | Updated: 16 May 2015 | Individuals Reporting: 1,252
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
$16.03 - $35.40  
   
Overtime
$25.05 - $55.65  
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 - $12,095  
   
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).
)
$40,007 - $82,126  
Country: United States | Currency: USD | Updated: 16 May 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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For Mortgage Loan Underwriters, a move to the Administrative Assistant role often correlates with a sharp decline in salary. Administrative Assistants typically 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. U.S. Bank offers the largest salaries in town — $61K on average.

Popular Skills for Loan Underwriter, Mortgage


Just a handful of professional skills are reported by Mortgage Loan Underwriters who took the survey. Loan Underwriting, Financial Analysis, and Mortgage Loans are considered valuable skills that consequently increase employee pay by 5 percent. 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 $50K 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 $70K, but it's not much more than what less experienced people make.

Pay Difference by Location


Irvine is home to an above-average pay rate for Mortgage Loan Underwriters, 18 percent higher than the national average. Mortgage Loan Underwriters can also look forward to large paychecks in cities like Dallas (+16 percent), Houston (+11 percent), New York (+8 percent), and St. Louis (+8 percent). With compensation 14 percent below the national average, Minneapolis is not known for hefty paychecks and actually represents the lowest-paying market.

Related Job Salaries

United States (change)

Experience Affects Loan Underwriter, Mortgage Salaries




National Average
$60,000


Skills That Affect Loan Underwriter, Mortgage Salaries


Mortgage Loans
up arrow 3%

Financial Analysis
up arrow 3%

National Average
$60,000

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 232 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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