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
- Assess eligibility of clients' applications to receive capital, insurance, mortgage, or credit.
- Evaluate collateral and ensure portfolio credit quality.
- Structure products to meet clients' needs.
Common Career Paths for Senior Underwriter
It's not very common for Senior Underwriters to move on to become VPs of Underwriting. Average pay for a VP of Underwriting is $130K annually. The most common career progression for Senior Underwriters leads to becoming a Manager of Underwriting, where average pay is $88K annually. However, many Senior Underwriters also opt to become Mortgage Loan Underwriters. Typically, a Mortgage Loan Underwriter brings home $56K.
Senior Underwriter Job Listings
Search for more jobs:
Popular Employer Salaries for Senior Underwriter
Leading companies who hire large numbers of Senior Underwriters include Liberty Mutual Insurance Group, American International Group, Inc. (AIG), The Chubb Corporation, The Hartford Financial Services Group, Inc., and ACE Group. Senior Underwriters flock to Crum and Forster for generous paychecks, where average earnings of $118K lead the pack in compensation. Soaring salaries can also be found at The Hanover Insurance Company, The Hartford Financial Services Group, Inc., and Zurich North America, where earnings of $112K, $104K, or $100K are standard for Senior Underwriters.
The smallest paychecks in the field are found at Nationwide Mutual Insurance Company, where the median salary is a mere $64K, about half the top paying employer's rate. Aetna, Inc., J.P. Morgan Chase & Co. (JPMCC), and ACE Group also scrape the bottom of the pay scale, with median earnings hovering around $73K, $78K, and $86K.
Popular Skills for Senior Underwriter
Senior Underwriters report using a wide range of professional skills. Most notably, skills in Sales, Data Analysis, Negotiation, and Underwriting are correlated to pay that is above average, with boosts between 6 percent and 18 percent. Skills that are correlated to lower pay, on the other hand, include Mortgage Loans and Loan Underwriting. Most people familiar with Insurance also know 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, level of experience appears to be a somewhat less important part of the salary calculation — more experience does not correlate to noticeably higher pay. Respondents with less than five years' experience take home $72K on average. In contrast, those who have been around for five to 10 years earn a noticeably higher average of $80K. For Senior Underwriters, 10 to 20 years of experience on the job amounts to an average salary of $82K. Senior Underwriters with more than 20 years of experience report incomes that are only modestly higher; the median for these old hands hovers around $83K.
Pay Difference by Location
For Senior Underwriters, working in the bustling city of New York has its advantages, including an above-average pay rate. Senior Underwriters can also look forward to large paychecks in cities like San Francisco (+27 percent), Boston (+22 percent), Los Angeles (+18 percent), and Dallas (+15 percent). The lowest-paying market is Tampa, which sits 22 percent below the national average, proving that location is a significant contributor to overall pay. Employers in Houston and Phoenix also lean toward paying below-median salaries (9 percent lower and 4 percent lower, respectively).
Senior Underwriter Reviews
Related Job Salaries
Key Stats for Senior Underwriter
Rated 5 out of 5
based on 182 votes.