Underwriter, Commercial Real Estate Salary
Commercial Real Estate Underwriters in the United States take home approximately $74K per year on average. Geography and career length each impact pay for this group, with the former having the largest influence. Most workers in this position report high levels of job satisfaction. Men make up the majority of Commercial Real Estate Underwriters (66 percent) survey respondents. Medical benefits are awarded to almost all, and a large number earn dental coverage. This report is based on answers to PayScale's salary questionnaire.
Job Description for Underwriter, Commercial Real Estate
Underwriters for commercial real estate analyze and evaluate loan applications for creditworthiness. Applications should be analyzed in a direct manner and evaluated in compliance with state and federal laws, and it's important to be aware of all new policies and regulations in the industry. These underwriters often review credit scores, credit history, income, assets, and liabilities.Read More...
In some positions, underwriters are expected to interact directly with customers and build on current relationships, which may also involve some marketing to attract new clients. They may also provide information on products a customer might need or provide suitable alternative suggestions. They may need to work with customers to determine what must be done to secure a loan, and also work with a large amount of staff members at the branch to keep them up-to-date with mortgage loan statuses, policies, procedures, and new products. Some analyses of trends and practices should also be carried out and reported to the company.
Strong computer skills are important in this position, as are mathematical skills to perform basic algebra and calculate interest, commissions, and discounts. Education requirements vary for these underwriters, and some employers prefer those with a law degree while others require a bachelor's degree in a financial field. Prior experience may be substituted for education depending on the employer.
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Pay by Experience Level for Underwriter, Commercial Real Estate
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Experience and income seem to be closely related; in general, the survey respondents who had worked for more years reported higher incomes. The average worker who claims fewer than five years of experience earns around $59K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $85K. Commercial Real Estate Underwriters who work for 10 to 20 years in their occupation tend to earn about $94K. Commercial Real Estate Underwriters with more than 20 years of experience report incomes that are only modestly higher; the median for these old hands hovers around $98K.