Underwriter in Philadelphia, Pennsylvania Salary
Underwriters in Philadelphia take home an average $58K per year. Job satisfaction is high and work is enjoyable for most Philadelphia Underwriters. The majority of Underwriters in Philadelphia, Pa. (60 percent) who took the survey are women. A large number report receiving medical coverage from their employers and a fair number collect dental insurance. The data for this synopsis comes from respondents who took the PayScale salary survey.
|Salary||$44,037 - $92,065|
|Bonus||$2,010 - $19,900|
|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).)
|$44,505 - $101,861|
How much does an Underwriter make in Philadelphia, PA?
In Philadelphia, an Underwriter takes home around $59,009 annually on average. This is 6% above the national average for an Underwriter which is $55,604 annually. Salaries for an Underwriter in Philadelphia range from $44,037 per year to $92,065 annually. Total Annual Pay, which includes salary, bonus, profit sharing, and overtime for an Underwriter in Philadelphia ranges from $44,505 to $101,861 annually. Among those reporting, there is an average job satisfaction rating of 4 out of 5 stars. In this profession, there is a pretty equal ratio of male and female in Philadelphia with women accounting for 47 percent of the population. In Philadelphia, an Underwriter often enjoys medical, dental, and vision benefits provided by their employer.
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 $52,000 based on 30 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 $85,000 based on 11 salaries. An experienced Underwriter which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $119,000 based on 7 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 $88,000 based on 6 salaries.
Key Stats for Underwriter
Rated 4 out of 5
based on 13 votes.