Senior Underwriter Salary

Just under two-thirds of Senior Underwriters in the United States have been in the field for more than 10 years. Pay can fall anywhere from $55K to $114K per year, but median earnings come to around $77K annually. Total cash compensation for Senior Underwriters runs from $55K to $114K depending on bonuses that can occasionally exceed $19K and profit sharing that can reach almost $10K. The most influential factor affecting pay for this group is the particular firm, though geography and tenure have a (lesser) impact as well. Most workers in this position report high levels of job satisfaction. Nearly all report receiving medical coverage from their employers and most collect dental insurance. Participants in PayScale's salary questionnaire provided the particulars of this report.
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$54,081 - $103,922
$54K
$77K
$100K
MEDIAN: $76,792
10%
50%
90%

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$18.41 - $43.33
$18
$31
$43
MEDIAN: $30.65
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$50K$100K$150K
Salary
$54,081 - $103,922  
   
Bonus
$1,275 - $19,478  
Profit Sharing
$0.00 - $10,033  
Commission
$12,208  
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).
)
$55,031 - $114,408  
Country: United States | Currency: USD | Updated: 25 Mar 2017 | Individuals Reporting: 1,021
National Hourly Rate Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$25$50$75
Hourly Rate
$18.41 - $43.33  
   
Hourly Tips
$0.43  
Overtime
$30.20 - $64.61  
National Annualized Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$50K$100K$150K
Bonus
$1,275 - $19,478  
   
Commission
$12,208  
Profit Sharing
$0.00 - $10,033  
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).
)
$55,031 - $114,408  
Country: United States | Currency: USD | Updated: 25 Mar 2017 | Individuals Reporting: 60

Find Out Exactly What You Should Be Paid

United States (change)

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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

  • 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


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Though it's uncommon, some Senior Underwriters move into roles as VPs of Underwriting, where pay is an average $130K per year. More often than not, a Manager of Underwriting role is the next step for Senior Underwriters moving up in the field. Managers of Underwriting usually make $88K per year. Many other Senior Underwriters choose to take on a Mortgage Loan Underwriter role, where salaries are typically $56K.

Senior Underwriter Job Listings

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Popular Employer Salaries for Senior Underwriter


American International Group, Inc. (AIG), The Chubb Corporation, The Hartford Financial Services Group, Inc., ACE Group, and Nationwide Mutual Insurance Company are leaders in the field that employ a large number of Senior Underwriters. Those at Crum and Forster can expect to make the most, with the company offering a median salary of $118K. Other big spenders include The Hanover Insurance Company, The Hartford Financial Services Group, Inc., and Bank of America Corp. (BOFA), top-paying firms where Senior Underwriters see paychecks nearing $115K, $104K, or $101K.

Nationwide Mutual Insurance Company offers the lowest pay in the industry by far, with a median salary about half the top paying employer's rate ($64K). Workers also receive paychecks lighter than average at Aetna, Inc. ($76K), J.P. Morgan Chase & Co. (JPMCC) ($78K), and ACE Group ($87K).

Popular Skills for Senior Underwriter


Senior Underwriters seem to require a number of specific skills. Most notably, skills in Sales, Negotiation, Underwriting, and Data Analysis are correlated to pay that is above average, with boosts between 4 percent and 18 percent. Skills that are correlated to lower pay, on the other hand, include Mortgage Loans and Loan Underwriting. Most people skilled in Insurance are similarly competent in 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: $80,647

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

Senior Underwriters will find that New York offers an impressive pay rate, one which exceeds the national average by 35 percent. Senior Underwriters can also look forward to large paychecks in cities like Boston (+26 percent), San Francisco (+25 percent), Los Angeles (+19 percent), and Richmond (+13 percent). Place of residence plays a huge part in a Senior Underwriter's salary, with Tampa Senior Underwriters earning salaries that are 20 percent less than the national average. Below-median salaries also turn up in Houston and Columbus (8 percent lower and 2 percent lower, respectively).

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
59 %
Male
41 %

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 170 votes.
1-4 years
8%
5-9 years
27%
10-19 years
37%
20 years or more
28%
Location:
Years in Fields/Career:
United States (change)

Experience Affects Senior Underwriter Salaries

▲2%

▲2%

National Average
$81,000

▼2%

▼11%

Skills That Affect Senior Underwriter Salaries

Sales
▲18%

▲5%

Underwriting
▲4%

Data Analysis
▲3%

▲2%



National Average
$81,000




Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 170 votes.

Gender

Female
59 %
Male
41 %

Years of Experience

1-4 years
8%
5-9 years
27%
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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