Manager, Underwriting Salary

Managers of Underwriting in the United States are often veterans in their line of work, with more than three-fourths bringing more than 10 years of experience to the table. Salaries slide in at $86K annually on average but can range from $63K to $136K per year. Total cash earnings of Managers of Underwriting range from $63K on the low end to $136K on the high end; the final amount can include bonuses and profit sharing proceeds that occasionally exceed $24K and $15K, respectively. Geography is the biggest factor affecting pay for this group, followed by career length. Most report receiving medical coverage from their employers and a strong majority collect dental insurance. The majority of Managers of Underwriting claim high levels of job satisfaction. Men are slightly outnumbered by their female counterparts who answered the questionnaire, who make up a slight majority at 54 percent. This snapshot results from replies to PayScale's salary survey.
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$61,758 - $121,207
$62K
$86K
$120K
MEDIAN: $85,726
10%
50%
90%

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$19.99 - $59.60
$20
$36
$60
MEDIAN: $35.73
10%
50%
90%

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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$50K$100K$150K
Salary
$61,758 - $121,207  
   
Bonus
$1,924 - $24,475  
Profit Sharing
$0.00 - $15,033  
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).
)
$63,150 - $136,395  
Country: United States | Currency: USD | Updated: 4 May 2017 | Individuals Reporting: 297
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$25$50$75
Hourly Rate
$19.99 - $59.60  
   
Overtime
$52.27  
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
$1,924 - $24,475  
   
Profit Sharing
$0.00 - $15,033  
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).
)
$63,150 - $136,395  
Country: United States | Currency: USD | Updated: 4 May 2017 | Individuals Reporting: 10

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United States (change)

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Job Description for Manager, Underwriting

An underwriting manager manages the process of ascertaining client eligibility; that is, they supervise the employees who work directly with clients to assess whether or not they are qualified to receive the company's product. The manager might also work directly with clients. Most often, underwriting refers to the business conducted by financial institutes such as banks, credit unions, and other lenders; underwriting is also common in the insurance and real estate industries. An underwriting manager typically has his or her own office and spends the day working directly with other employees and/or clients. They verify employment documents, perform background checks, assess eligibility and risks, and prepare paperwork. The underwriting manager is responsible for making eligibility decisions as well.

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Manager, Underwriting Tasks

  • Recruit, manage, train, and evaluate the underwriting staff.
  • Assist in the development of agency objectives and budgets.
  • Establish key contacts and positive relationships with customers.
  • Respond to requests from loan officers and underwriters, and serve as the technical expert on issues such as risk analysis, rate development, and general underwriting responsibilities.
  • Manage the profit, growth, and retention of assigned business segments, and develop and oversee account earning plans.

Common Career Paths for Manager, Underwriting


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While not commonly seen, Managers of Underwriting who transition into a VP of Underwriting position may see a rise in pay. The median salary for VPs of Underwriting is $130K per year. With an annual salary of $118K, Underwriting Director is the most common role for Managers of Underwriting to subsequently assume on their way up the ladder. Transitioning into a Mortgage Loan Underwriter role — which usually pays $56K — is also typical for Managers of Underwriting, though less common by comparison.

Manager, Underwriting Job Listings

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Popular Skills for Manager, Underwriting


Survey results suggest that Managers of Underwriting put a wide range of professional skills to use. Most notably, skills in Operations Management, Financial Analysis, Mortgage Loans, and Loan Underwriting are correlated to pay that is above average, with boosts in pay of 8 percent. At the other end of the pay range are skills like Customer Relationship Management and Risk Management / Risk Control. Most people familiar with Insurance also know Financial Analysis.

Pay by Experience Level for Manager, Underwriting

Pay by Experience for a Manager, Underwriting has a positive trend. An entry-level Manager, Underwriting with less than 5 years of experience can expect to earn an average total compensation of $78,000 based on 31 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Manager, Underwriting with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $84,000 based on 92 salaries. An experienced Manager, Underwriting which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $95,000 based on 162 salaries. A Manager, Underwriting with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $96,000 based on 96 salaries.

Pay Difference by Location

National Average: $91,072

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

Surpassing the national average by 35 percent, Managers of Underwriting in Chicago receive some of the highest pay in the country. Managers of Underwriting can also look forward to large paychecks in cities like San Francisco (+35 percent), Atlanta (+34 percent), Hartford (+29 percent), and Minneapolis (+22 percent). Kansas City is home to the smallest salaries in the field, lagging the national average by 12 percent.

Related Job Salaries

Key Stats for Manager, Underwriting

Gender

Female
54 %
Male
46 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 44 votes.
1-4 years
6%
5-9 years
17%
10-19 years
46%
20 years or more
32%
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Location:
Years in Fields/Career:
United States (change)

Experience Affects Manager, Underwriting Salaries

▲6%

▲4%

National Average
$91,000

▼7%

▼14%

Skills That Affect Manager, Underwriting Salaries


Operations Management
▲8%

Mortgage Loans
▲8%

Loan Underwriting
▼0%

National Average
$91,000

▼1%

People Management
▼1%

Risk Management / Risk Control
▼4%

Customer Relationship Management (CRM)
▼14%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 44 votes.

Gender

Female
54 %
Male
46 %

Years of Experience

1-4 years
6%
5-9 years
17%
10-19 years
46%
20 years or more
32%

Common Health Benefits

medical benefits
Medical: 88%
dental benefits
Dental: 79%
vision benefits
Vision: 69%
no benefits
None: 9%
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