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
- 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.
- Establish key contacts and positive relationships with customers.
- Recruit, manage, train, and evaluate the underwriting staff.
- Assist in the development of agency objectives and budgets.
Common Career Paths for Manager, Underwriting
Managers of Underwriting sometimes assume positions such as VPs of Underwriting. That role pays $130K per year on average. An Underwriting Director role is the most common promotion for Managers of Underwriting moving up the ladder, and pay for the position tends to be around the $117K mark. Another typical, albeit less common, transition for Managers of Underwriting is a Mortgage Loan Underwriter position, where earnings are usually $55K.
Manager, Underwriting Job Listings
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Popular Skills for Manager, Underwriting
Managers of Underwriting report using a wide range of professional skills. Most notably, skills in Mortgage Loans, Financial Analysis, Loan Underwriting, and People Management are correlated to pay that is above average. Skills that are correlated to lower pay, on the other hand, include Customer Relationship Management and Risk Management / Risk Control. Those familiar with Insurance also tend to know 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 $66K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $87K. Managers of Underwriting see a median salary of $96K after reaching one to two decades on the job. People who have worked for 20 years or more actually report earning less than people who are in the middle of their careers; the veterans take home a mere $93K by contrast.