Senior Underwriter Salary
Job Description for Senior Underwriter
Senior underwriters analyze new loan applications to determine whether an applicant should be administered a loan. They may analyze the ability to pay, credit score, and how much is being requested, and the submitted information should be verified during this process. It's also important to determine whether the application fulfills certain parameters of various loans.Read More...
Additional information should occasionally be requested from the applicant, and all risks must be analyzed to determine the likelihood of such risks coming to realization. Therefore, strong knowledge of different types of loans, requirements, and laws relating to underwriting is required, and it's also important to keep up with changes in underwriting standards and regulations that apply. When loan requirements are not met, the loan must be declined.
Senior underwriters may also prepare details for applicants regarding what steps should be taken to qualify for a loan, or what alternatives are available. Although they do not usually work directly with customers, they do work with several inside and outside parties, such as appraisers, title companies, mortgage officers, and real estate agents, so strong communication skills are highly beneficial in this position, though much of the work is done independently. A bachelor's degree in accounting, finance, business administration, or a related field may be a minimum requirement for this position, and significant work experience is also required.
Senior Underwriter Tasks
- Structure products to meet clients' needs.
- Evaluate collateral and ensure portfolio credit quality.
- Assess eligibility of clients' applications to receive capital, insurance, mortgage, or credit.
Common Career Paths for Senior Underwriter
While not commonly seen, Senior Underwriters 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 $88K, Manager of Underwriting is the most common role for Senior Underwriters to subsequently assume on their way up the ladder. Transitioning into a Mortgage Loan Underwriter role — which usually pays $55K — is also typical for Senior Underwriters, though less common by comparison.
Senior Underwriter Job Listings
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Popular Employer Salaries for Senior Underwriter
Liberty Mutual Insurance Group, American International Group, Inc. (AIG), ACE Group, The Hartford Financial Services Group, Inc., and The Chubb Corporation are top-notch employers for Senior Underwriters in this area. The biggest paychecks can be found at Crum and Forster — the median salary there is $118K. Soaring salaries can also be found at The Hanover Insurance Company, The Hartford Financial Services Group, Inc., and American International Group, Inc. (AIG), where earnings of $112K, $110K, or $101K are standard for Senior Underwriters.
Nationwide Mutual Insurance Company reports the lowest median salary in the area by far — it's only $64K, just about half of the top paying company's median. Workers at J.P. Morgan Chase & Co. (JPMCC), Wells Fargo & Co., and Nationwide Agribusiness also face smaller salaries than the rest of the field — average earnings for these employers come to $67K, $83K, and $87K respectively.
Popular Skills for Senior Underwriter
Survey results suggest that Senior Underwriters put a wide range of professional skills to use. Most notably, skills in Sales, Negotiation, Underwriting, and Financial Analysis are correlated to pay that is above average, with boosts between 5 percent and 18 percent. Skills that are correlated to lower pay, on the other hand, include Mortgage Loans. For most people, competency in Insurance indicates knowledge of Financial Analysis.
Pay by Experience Level for Senior Underwriter
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For Senior Underwriters, experience does not seem to be a major factor in determining pay. Relatively untried employees who have less than five years' experience make $70K, but folks with five to 10 years under their belts enjoy an appreciably larger median of $80K. Senior Underwriters who work for 10 to 20 years in their occupation tend to earn about $82K. Individuals who have achieved more than 20 years of experience don't seem to earn much more than people who have 10 to 20 years under their belts; the more senior group reports an average income of $83K.
Pay Difference by Location
Surpassing the national average by 37 percent, Senior Underwriters in New York receive some of the highest pay in the country. Senior Underwriters will also find cushy salaries in San Francisco (+26 percent), Boston (+24 percent), Los Angeles (+17 percent), and Dallas (+17 percent). Place of residence plays a huge part in a Senior Underwriter's salary, with Tampa Senior Underwriters earning salaries that are 21 percent less than the national average. Employers also pay below the national average in Phoenix and Portland (8 percent lower).