Loan Underwriter, Mortgage Salary

The majority of Mortgage Loan Underwriters in the United States — half — boast more than 10 years of experience in their profession. Salaries stretch from $43K to $89K per year, and the median is $64K annually. The specific employer is the biggest factor affecting pay for this group, followed by geography and years of experience. Most Mortgage Loan Underwriters report high levels of job satisfaction. Most report receiving medical coverage from their employers and a strong majority collect dental insurance. Men are in the minority of survey respondents, with female Mortgage Loan Underwriters making up 75 percent. This report is based on answers to PayScale's salary questionnaire.
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$44,616 - $86,114
$45K
$64K
$86K
MEDIAN: $64,234
10%
50%
90%

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$17.60 - $38.44
$18
$26
$38
MEDIAN: $25.63
10%
50%
90%

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$0$90K
Salary $44,616 - $86,114
Bonus $1,216 - $17,597
Profit Sharing $1,024
Commission $9,600
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).
)
$42,686 - $90,759
  • Country: United States
  • Currency: USD
  • Updated: 15 Oct 2017
  • Individuals Reporting: 762
Hourly Data $0$60
Hourly Rate $17.60 - $38.44
Hourly Tips $0.00
Overtime $30.25 - $60.76
Annual Data $0$90K
Bonus $1,216 - $17,597
Commission $9,600
Profit Sharing $1,024
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).
)
$42,686 - $90,759
  • Country: United States
  • Currency: USD
  • Updated: 15 Oct 2017
  • Individuals Reporting: 213

Job Description for Loan Underwriter, Mortgage

Mortgage loan underwriters are responsible for approving or rejecting mortgages. To make this decision, the mortgage underwriter must generate a risk report and demonstrate how the contents of the report are within the lender's guidelines for approval, or how the contents of the report fail to meet the guidelines. The first thing that mortgage underwriters do is obtain and review credit reports for prospective debtors. Next, they obtain information from prospective debtors about their income, and possibly their assets and other debts. Afterward, mortgage underwriters will determine what collateral is available that can be used to back the mortgage.

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Loan Underwriter, Mortgage Tasks

  • Analyze credit data and financial statements of individuals or firms to determine the risk involved in extending credit or lending money.
  • Prepare reports based on the results from the risk analysis for use in decision-making.

Common Career Paths for Loan Underwriter, Mortgage


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There are some Mortgage Loan Underwriters — though it's uncommon — that transition into Managers of Underwriting, where earnings are an average $88K annually.

Loan Underwriter, Mortgage Job Listings

Popular Employer Salaries for Loan Underwriter, Mortgage


Known for taking on a considerable number of Mortgage Loan Underwriters, Wells Fargo Home Mortgage, J.P. Morgan Chase & Co. (JPMCC), Wells Fargo & Co., Chase Bank, and Bank of America Corp. (BOFA) are leading firms in the industry. Quicken Loans attracts talent by shelling out the biggest paychecks in the area — the median in that office is $82K. Soaring salaries can also be found at Primary Residential Mortgage, Inc., Chase Bank, and Wells Fargo Home Mortgage, where earnings of $73K, $66K, or $63K are standard for Mortgage Loan Underwriters.

U.S. Bank, Bank of America Corp. (BOFA), and Wells Fargo & Co. also scrape the bottom of the pay scale, with median earnings hovering around $56K, $60K, and $60K.

Popular Skills for Loan Underwriter, Mortgage


Survey results suggest that Mortgage Loan Underwriters use a fairly large toolkit of professional skills. Most notably, facility with Risk Management / Risk Control and Data Analysis are correlated to pay that is significantly above average, leading to increases of 21 percent and 14 percent, respectively. At the other end of the pay range are skills like Loan Processing, Financial Analysis, and UNDERWRITER. Most people skilled in Loan Underwriting are similarly competent in Financial Analysis.

Pay by Experience Level for Loan Underwriter, Mortgage

Pay by Experience for a Loan Underwriter, Mortgage has a positive trend. An entry-level Loan Underwriter, Mortgage with less than 5 years of experience can expect to earn an average total compensation of $53,000 based on 381 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Loan Underwriter, Mortgage with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $62,000 based on 290 salaries. An experienced Loan Underwriter, Mortgage which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $67,000 based on 353 salaries. A Loan Underwriter, Mortgage with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $73,000 based on 211 salaries.

Pay Difference by Location

National Average: $64,354

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

With a pay rate for Mortgage Loan Underwriters that is 20 percent greater than the national average, Charlotte offers a comfortable salary for those in this profession. Mortgage Loan Underwriters can also look forward to large paychecks in cities like Phoenix (+17 percent), Minneapolis (+11 percent), San Antonio (+8 percent), and San Francisco (+7 percent). The smallest paychecks in the market, 17 percent south of the national average, can be found in Fort Worth. Employers pay around 15 percent less in Richmond and 10 percent less in Denver, below-median salaries for those in this field.

Loan Underwriter, Mortgage Reviews

Q: What is it like working as a Loan Underwriter, Mortgage?

Loan Underwriter, Mortgage in Miramar:
Pros: Helping people.
Cons: Tedious workgroup.

Related Job Salaries

Key Stats for Loan Underwriter, Mortgage

Gender

Female
72 %
Male
28 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 156 votes.
Less than 1 year
3%
1-4 years
26%
5-9 years
21%
10-19 years
28%
20 years or more
22%

Experience Affects Loan Underwriter, Mortgage Salaries

▲14%

▲4%

National Average
$64,000

▼3%

▼18%

Skills That Affect Loan Underwriter, Mortgage Salaries

Risk Management / Risk Control
▲20%

Data Analysis
▲13%

National Average
$64,000


Mortgage Loans
▼3%

UNDERWRITER
▼5%


Loan Processing
▼6%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 156 votes.

Gender

Female
72 %
Male
28 %

Years of Experience

Less than 1 year
3%
1-4 years
26%
5-9 years
21%
10-19 years
28%
20 years or more
22%

Common Health Benefits

medical benefits
Medical: 85%
dental benefits
Dental: 77%
vision benefits
Vision: 69%
no benefits
None: 12%