Manager, Underwriting Salary
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.Read More...
The underwriting manager must have excellent interpersonal and customer service skills, and they must be able to efficiently communicate with and delegate to employees. To succeed in underwriting, the manager must be able to communicate effectively in verbal, nonverbal, and written forms. Relevant formal education is generally not required to be a manager in this field; however, a postsecondary degree in finance, business, or a related field may be preferred. Often, a high-performing underwriting manager may be promoted to higher-level managerial positions.
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
Managers of Underwriting who advance into the role of a VP of Underwriting are fairly uncommon. VPs of Underwriting on average earn $130K per year. More often than not, an Underwriting Director role is the next step for Managers of Underwriting moving up in the field. Director, Underwritings usually make $118K per year. Many other Managers of Underwriting choose to take on a Mortgage Loan Underwriter role, where salaries are typically $56K.
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Popular Skills for Manager, Underwriting
Managers of Underwriting report using a pretty varied skill set on the job. Most notably, skills in Operations Management, Mortgage Loans, Financial Analysis, and Loan Underwriting are correlated to pay that is above average, with boosts in pay of 7 percent. At the other end of the pay range are skills like Customer Relationship Management and Risk Management / Risk Control. Those proficient in Insurance are, more often than not, also skilled in Financial Analysis.
Pay by Experience Level for Manager, Underwriting
Median of all compensation (including tips, bonus, and overtime) by years of experience.
The average worker who claims fewer than five years of experience earns around $69K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $87K. For Managers of Underwriting, 10 to 20 years of experience on the job amounts to an average salary of $97K. Folks who claim more than 20 years of relevant experience actually report a comparatively lower median income of $95K.
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