$63,979
Avg. Salary
$26.31
Avg. Hourly Rate

Average additional compensation:

$5,104

Bonus

$1,560

Profit Sharing

$7,000

Commission

What am I worth?
How should I pay?

The average pay for a Loan Underwriter, Mortgage is $26.31 per hour.

The median Loan Underwriter, Mortgage has a base pay of $63,979. Salaries generally range from $44k to $86k. The median bonus is $5,104. Skills that can affect salary include Loan Underwriting, Mortgage Loans, Financial Analysis, Risk Management / Risk Control, Loan Processing, Data Analysis, UNDERWRITER.
$17.42
10%
$26.31
50%
$38.22
90%
MEDIAN $26.31
$44k
10%
$64k
50%
$86k
90%
MEDIAN $63,979
$44,421 - $86,014
$44K
$64K
$86K
MEDIAN: $63,979
10%
50%
90%

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$17.42 - $38.22
$17
$26
$38
MEDIAN: $26.31
10%
50%
90%

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$0$89K
Salary $44,421 - $86,014
Bonus $1,073 - $15,007
Profit Sharing $456 - $9,863
Commission $7,000
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).
)
$42,810 - $89,277
  • Country: United States
  • Currency: USD
  • Updated: 9 Feb 2019
  • Individuals Reporting: 1,305
Hourly Data $0$60
Hourly Rate $17.42 - $38.22
Hourly Tips $0.00
Overtime $30.89 - $60.71
Annual Data $0$89K
Bonus $1,073 - $15,007
Commission $7,000
Profit Sharing $456 - $9,863
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).
)
$42,810 - $89,277
  • Country: United States
  • Currency: USD
  • Updated: 9 Feb 2019
  • Individuals Reporting: 373

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.

Read More...
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.

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.

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 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: $64,216

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 Norwich:
"Not much culture, walkability, low commute, family life."
Pros: The flexibility of being close to school functions and activities for the family.
Cons: After work hours there is not much to do, the shopping is limited and overpriced.

Loan Underwriter, Mortgage in Little Rock:
"Great company but minimal pay at my branch."
Pros: Great tools
Cons:

Loan Underwriter, Mortgage in Boston:
"Mortgage Underwriter."
Be patient, do not rush, keep your fingertips on secondary market and other online guidelines, do not trust all advice and statements from other colleagues when it comes to material data and guides for an eligible loan. They could have been making a mistake on this for a long time or have not kept up with the guidelines, do not be bullied by sales staff, be clear in your UW comments and develop best practices that will keep your analysis on target and consistent. Choose your battles carefully. If you can't waive a condition or interpretation, let your supervisor take that responsibility. Don't take criticism personal;u but learn from it about you and your deficiencies or of not about your then about the person doing the criticizing.

Loan Underwriter, Mortgage in San Diego:
"Add options to the certificates menu."
L 36 months ahead of when you want to be hired.

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

Related Job Salaries

Key Stats for Loan Underwriter, Mortgage

Gender

Female
73 %
Male
27 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 252 votes.
Less than 1 year
2%
1-4 years
25%
5-9 years
21%
10-19 years
29%
20 years or more
23%

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
▲21%

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 252 votes.

Gender

Female
73 %
Male
27 %

Years of Experience

Less than 1 year
2%
1-4 years
25%
5-9 years
21%
10-19 years
29%
20 years or more
23%

Common Health Benefits

medical benefits
Medical: 84%
dental benefits
Dental: 76%
vision benefits
Vision: 68%
no benefits
None: 13%