Manager, Underwriting Salary

Managers of Underwriting in the United States are often veterans in their line of work, with more than three-fourths bringing more than 10 years of experience to the table. Salaries slide in at $85K annually on average but can range from $62K to $138K per year. Total cash compensation to Managers of Underwriting bottoms out near $62K and approaches $138K on the high end; the biggest paychecks include approximately $25K from bonuses and almost $15K from profit sharing. Geography is the biggest factor affecting pay for this group, followed by career length. Women Managers of Underwriting who took the survey just slightly outnumber men. Work is enjoyable for Managers of Underwriting, who typically claim high levels of job satisfaction. Medical benefits are awarded to most, and a large number earn dental coverage. Respondents to the PayScale salary survey provided the data for this report.
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$60,006 - $120,395
$60K
$86K
$120K
MEDIAN: $85,764
10%
50%
90%

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$20.69 - $40.24
$37
MEDIAN: $36.53
50%

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$0$137K
Salary $60,006 - $120,395
Bonus $1,984 - $24,264
Profit Sharing $0.00 - $14,899
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).
)
$60,873 - $137,706
  • Country: United States
  • Currency: USD
  • Updated: 20 Sep 2017
  • Individuals Reporting: 298
Hourly Data $0$52
Hourly Rate $36.53
Overtime $52.27
Annual Data $0$137K
Bonus $1,984 - $24,264
Profit Sharing $0.00 - $14,899
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).
)
$60,873 - $137,706
  • Country: United States
  • Currency: USD
  • Updated: 20 Sep 2017
  • Individuals Reporting: 7

Find Out Exactly What You Should Be Paid

United States (change)

Job Description for Manager, Underwriting

An underwriting manager manages the process of ascertaining client eligibility; that is, they supervise the employees who work directly with clients to assess whether or not they are qualified to receive the company's product. The manager might also work directly with clients. Most often, underwriting refers to the business conducted by financial institutes such as banks, credit unions, and other lenders; underwriting is also common in the insurance and real estate industries. An underwriting manager typically has his or her own office and spends the day working directly with other employees and/or clients. They verify employment documents, perform background checks, assess eligibility and risks, and prepare paperwork. The underwriting manager is responsible for making eligibility decisions as well.

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Manager, Underwriting Tasks

  • Recruit, manage, train, and evaluate the underwriting staff.
  • Assist in the development of agency objectives and budgets.
  • Establish key contacts and positive relationships with customers.
  • Respond to requests from loan officers and underwriters, and serve as the technical expert on issues such as risk analysis, rate development, and general underwriting responsibilities.
  • Manage the profit, growth, and retention of assigned business segments, and develop and oversee account earning plans.

Common Career Paths for Manager, Underwriting


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While Managers of Underwriting do not often become VPs of Underwriting, the job pays $130K per year on average. The most common career progression for Managers of Underwriting leads to becoming an Underwriting Director, where average pay is $118K annually. However, many Managers of Underwriting also opt to become Mortgage Loan Underwriters. Typically, a Mortgage Loan Underwriter brings home $56K.

Manager, Underwriting Job Listings

Popular Skills for Manager, Underwriting


Survey results imply that Managers of Underwriting put a diverse skill set to use. Most notably, skills in Operations Management, Financial Analysis, Mortgage Loans, and Loan Underwriting are correlated to pay that is above average, with boosts in pay of 9 percent. At the other end of the pay range are skills like Customer Relationship Management and Risk Management / Risk Control. It is often found that people who know Insurance are also skilled in Financial Analysis.

Pay by Experience Level for Manager, Underwriting

Pay by Experience for a Manager, Underwriting has a positive trend. An entry-level Manager, Underwriting with less than 5 years of experience can expect to earn an average total compensation of $78,000 based on 31 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Manager, Underwriting with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $84,000 based on 92 salaries. An experienced Manager, Underwriting which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $95,000 based on 162 salaries. A Manager, Underwriting with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $96,000 based on 96 salaries.

Pay Difference by Location

National Average: $91,141

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

Surpassing the national average by 36 percent, Managers of Underwriting in Chicago receive some of the highest pay in the country. Managers of Underwriting can also look forward to large paychecks in cities like San Francisco (+36 percent), Atlanta (+35 percent), Hartford (+30 percent), and Minneapolis (+23 percent). Kansas City ranks last in the field for pay, reporting salaries 12 percent below the national average.

Related Job Salaries

Key Stats for Manager, Underwriting

Gender

Female
59 %
Male
41 %

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 49 votes.
1-4 years
6%
5-9 years
17%
10-19 years
42%
20 years or more
35%
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Location:
Years in Fields/Career:
United States (change)

Experience Affects Manager, Underwriting Salaries

▲6%

▲4%

National Average
$91,000

▼7%

▼14%

Skills That Affect Manager, Underwriting Salaries


Operations Management
▲8%

Mortgage Loans
▲8%

Loan Underwriting
▼0%

National Average
$91,000

▼1%

People Management
▼1%

Risk Management / Risk Control
▼4%

Customer Relationship Management (CRM)
▼14%

Job Satisfaction

Extremely satisfied
Rated 5 out of 5
based on 49 votes.

Gender

Female
59 %
Male
41 %

Years of Experience

1-4 years
6%
5-9 years
17%
10-19 years
42%
20 years or more
35%

Common Health Benefits

medical benefits
Medical: 88%
dental benefits
Dental: 81%
vision benefits
Vision: 70%
no benefits
None: 10%
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