Underwriter in New York Salary
Median pay for Underwriters in New York, N.Y. lies in the neighborhood of $68K annually. Male Underwriters in New York are just a bit more common among those who completed the questionnaire than females ones, with male workers composing 57 percent of the field. Job satisfaction is high and work is enjoyable for most New York Underwriters. Nearly all report receiving medical coverage from their employers and most collect dental insurance. Figures cited in this summary are based on replies to PayScale's salary questionnaire.
|Salary||$50,888 - $98,032|
|Bonus||$2,000 - $34,677|
|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).)
|$51,533 - $130,269|
Job Description for Underwriter
Underwriters work primarily in banks which handle loans and mortgages and are responsible for analyzing the risks of a loan based on the data in the application. They also oversee other information in the loan application to ensure it is accurate.Read More...
Loans are the primary source of income for a bank, and ensuring the quality of loans is of the utmost importance. Underwriters must follow all regulations, from the guidelines of the company and external underwriter to federal regulations for the approval process. They must have strong communication skills to work well with applicants, as well as management skills to ensure that loans are of high quality and helpful for both sides. The ability to learn quickly is highly beneficial, as well, as technology is constantly changing.
Underwriters work primarily inside offices for eight-hour shifts from the bank's opening to closing. Specific training is necessary to follow federal regulations and understand all credit and loan files, and most companies require this training before applying or will offer it on-the-job. Knowledge of FNMA and FHMLC programs and guidelines is also required for the position. (Copyright 2017 PayScale.com)
- Analyze new and renewal business, data, claim history, loss experience, and outcome of liability decisions.
- Underwrite, submit, approve or pend coverage amounts and premiums, and present decisions to management.
- Monitor existing policies for compliance with company guidelines.
- Manage underwriting territory and select new business based on analysis of their profitability.
Underwriter Job Listings
Pay by Experience Level for Underwriter
Pay by Experience for an Underwriter has a positive trend. An entry-level Underwriter with less than 5 years of experience can expect to earn an average total compensation of $68,000 based on 88 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. An Underwriter with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $75,000 based on 40 salaries. An experienced Underwriter which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $71,000 based on 15 salaries. An Underwriter with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $142,000 based on 6 salaries.
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Key Stats for Underwriter
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