The average pay for a Loan Underwriter, Mortgage is $26.31 per hour.
|Salary||$44,421 - $86,014|
|Bonus||$1,073 - $15,007|
|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|
|Hourly Rate||$17.42 - $38.22|
|Overtime||$30.89 - $60.71|
|Bonus||$1,073 - $15,007|
|Profit Sharing||$456 - $9,863|
|Total Pay (||$42,810 - $89,277|
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...
After mortgage underwriters have information on the debtors' credit, ability to repay, and possible collateral, the underwriters will generate reports that sum up the risks posed by offering the prospective debtors the requested mortgages. At this point, the underwriters may write in conditions for the mortgages. After analyzing all of the risks as a whole, the underwriters will then make a decision to either approve or reject the mortgages. However, the job does not end here. In either situation, the underwriters may need to explain the basis of their decisions to the clients, support staff or superiors. Excellent interpersonal skills are necessary to convince individuals who have a different tolerance for risk and who disagree with the mortgage underwriters' decisions.
Mortgage underwriters usually work in an office environment for banks and other lending institutions. The educational requirements vary, but the most important requirements are that the underwriter have appropriate certifications and an in depth understanding of the process and laws related to mortgage underwriting. (Copyright 2019 PayScale.com)
- 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.
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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
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.
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Key Stats for Loan Underwriter, Mortgage
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