Senior Underwriter Salary

Senior Underwriters in the United States tend to have a good amount of experience under their belt — just below two-thirds have more than 10 years in the field. While pay runs from $56K to $115K per year, median earnings come to $77K annually. Total cash earnings of Senior Underwriters range from $56K on the low end to $115K on the high end; the final amount can include bonuses and profit sharing proceeds that occasionally exceed $20K and $9K, respectively. Earnings for this group are mostly affected by the company, followed by geography and experience level. Most Senior Underwriters report high levels of job satisfaction. Men are slightly outnumbered by their female counterparts who answered the questionnaire, who make up a slight majority at 58 percent. Nearly all enjoy medical while most get dental coverage. Vision coverage is also available to a strong majority. Figures cited in this summary are based on replies to PayScale's salary questionnaire.
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$54,973 - $105,138
$55K
$77K
$110K
MEDIAN: $77,191
10%
50%
90%

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$18.01 - $42.56
$18
$30
$43
MEDIAN: $30.49
10%
50%
90%

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$0$115K
Salary $54,973 - $105,138
Bonus $1,467 - $19,787
Profit Sharing $0.00 - $9,156
Commission $16,000
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).
)
$56,155 - $115,452
  • Country: United States
  • Currency: USD
  • Updated: 25 Jul 2017
  • Individuals Reporting: 1,069
Hourly Data $0$64
Hourly Rate $18.01 - $42.56
Hourly Tips $0.43
Overtime $30.10 - $64.01
Annual Data $0$115K
Bonus $1,467 - $19,787
Commission $16,000
Profit Sharing $0.00 - $9,156
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).
)
$56,155 - $115,452
  • Country: United States
  • Currency: USD
  • Updated: 25 Jul 2017
  • Individuals Reporting: 65

Find Out Exactly What You Should Be Paid

United States (change)

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.

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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


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Senior Underwriters who advance into the role of a VP of Underwriting are fairly uncommon. VPs of Underwriting on average earn $130K per year. Going from Senior Underwriter to Manager of Underwriting is the transition that occurs most often in this field, where the paychecks are $88K. Many others choose to work as Mortgage Loan Underwriters, where pay is typically $56K.

Senior Underwriter Job Listings

Popular Employer Salaries for Senior Underwriter


Known for taking on a considerable number of Senior Underwriters, American International Group, Inc. (AIG), The Chubb Corporation, The Hartford Financial Services Group, Inc., ACE Group, and Nationwide Mutual Insurance Company are leading firms in the industry. Crum and Forster offers the largest salaries in town — $118K on average. Other leaders in compensation levels are The Hanover Insurance Company at $115K, The Hartford Financial Services Group, Inc. at $104K, and Bank of America Corp. (BOFA), where Senior Underwriters annually earn $101K.

Relative to other names in the field, compensation is very low at Nationwide Mutual Insurance Company — the median salary comes to just $64K, about half the top paying employer's rate. Workers at Aetna, Inc., J.P. Morgan Chase & Co. (JPMCC), and ACE Group also face smaller salaries than the rest of the field — average earnings for these employers come to $76K, $78K, and $87K respectively.

Popular Skills for Senior Underwriter


Survey results suggest that Senior Underwriters use a fairly large toolkit of professional skills. Most notably, skills in Sales, Negotiation, Underwriting, and Data Analysis are correlated to pay that is above average. Skills that pay less than market rate include Mortgage Loans and Loan Underwriting. The majority of those who know Insurance also know Financial Analysis.

Pay by Experience Level for Senior Underwriter

Pay by Experience for a Senior Underwriter has a positive trend. An entry-level Senior Underwriter with less than 5 years of experience can expect to earn an average total compensation of $72,000 based on 172 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Senior Underwriter with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $79,000 based on 400 salaries. An experienced Senior Underwriter which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $82,000 based on 485 salaries. A Senior Underwriter with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $83,000 based on 303 salaries.

Pay Difference by Location

National Average: $81,215

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

New York offers some of the highest pay in the country for Senior Underwriters, 34 percent above the national average. Senior Underwriters can also look forward to large paychecks in cities like Boston (+25 percent), San Francisco (+24 percent), Los Angeles (+18 percent), and Richmond (+12 percent). Senior Underwriters' salaries are heavily influenced by location — Senior Underwriters in Tampa bring in salaries that are 21 percent lower than the national average. A couple other locations with smaller-than-average paychecks include Houston (9 percent lower) and Columbus (3 percent lower).

Senior Underwriter Reviews

Q: What is it like working as a Senior Underwriter?

Senior Underwriter in New York:
"I am able to provide a valuable service to my customers,"
Pros: Providing high level service to the customer.
Cons: The time it takes to provide that service, even with the new technology.

Related Job Salaries

Key Stats for Senior Underwriter

Gender

Female
58 %
Male
42 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 202 votes.
1-4 years
8%
5-9 years
28%
10-19 years
37%
20 years or more
28%
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Location:
Years in Fields/Career:
United States (change)

Experience Affects Senior Underwriter Salaries

▲2%

▲1%

National Average
$81,000

▼2%

▼12%

Skills That Affect Senior Underwriter Salaries

Sales
▲17%

▲4%

Underwriting
▲3%

Data Analysis
▲3%

▲1%



National Average
$81,000




Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 202 votes.

Gender

Female
58 %
Male
42 %

Years of Experience

1-4 years
8%
5-9 years
28%
10-19 years
37%
20 years or more
28%

Common Health Benefits

medical benefits
Medical: 90%
dental benefits
Dental: 85%
vision benefits
Vision: 74%
no benefits
None: 8%
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