The Average Salary For a Mortgage Underwriter

A mortgage underwriter is responsible for reviewing and approving loan applications. They must have a thorough knowledge of the guidelines set by the government and the financial institution. The average salary for a mortgage underwriter is $64,000 per year.


A mortgage underwriter is responsible for approving or denying loan applications based on the applicant’s creditworthiness. The underwriter reviews the applicant’s financial information, such as employment history, credit score, and debt-to-income ratio, to determine whether or not they are qualified for a loan. In order to become a mortgage underwriter, you will need at least a bachelor’s degree in business or a related field. In addition, you will need to have strong analytical and communication skills.


Skills that Mortgage Underwriters need to have in order to be successful in their role include:

-Analytical Skills: Mortgage underwriters need to be able to evaluate loan applications and supporting documentation to determine if the applicant meets the lending guidelines set forth by the institution.

-attention to detail: attention to detail is critical in this position, as one small error could lead to a huge loss for the bank.

-communication skills: Mortgage underwriters need to be able to effectively communicate with loan officers and borrowers in order to obtain all of the necessary information for each file.

-math skills: Mortgage underwriters use mathematical skills on a daily basis in order to calculate income, debts, and assets.

-Organizational Skills: This position requires individuals to keep track of multiple files at a time and ensure that each one is complete before moving on to the next.

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Education And Training

Most underwriters have at least a bachelor’s degree in business, economics, finance or a related field. Many have a master’s degree or are certified public accountant (CPA), chartered financial analyst (CFA) or chartered financial consultant (ChFC).

Most underwriters complete a training program offered by their employer. Mortgage firms, banks and insurance companies offer these programs to new employees and to experienced underwriters who need to keep up with changing laws and industry practices.

How Much Does a Mortgage Underwriter Make

The average salary for a mortgage underwriter is $64,524 per year. Mortgage underwriters in the United States make an average of $24.50 per hour. Mortgage underwriters typically work full time and some may work more than 40 hours per week to meet deadlines.

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National Average Salary

As of Dec 27, 2020, the average annual pay for a Mortgage Underwriter in the United States is $85,757 a year. Just in case you need a simple salary calculator, that works out to be approximately $41.14 an hour. This is the equivalent of $1,643/week or $7,146/month.

Salary by State

Mortgage underwriters in California earn an average salary of $103,010 per year. Those working in Texas earn an average salary of $78,310 per year, while those working in New York earn an average salary of $79,780 per year.

Salary by Industry

The table below shows the average salary for a mortgage underwriter by industry.

Industry|Average Salary



Finance and Insurance|$74,781

Real Estate|$73,304

Government|$71, 124

Job Outlook for Mortgage Underwriters

With the expansion of the real estate industry, the mortgage underwriter job market has never been better. The average salary for a mortgage underwriter is $64,000 per year. Job seekers with experience in the financial industry will have the best chance of landing a job as a mortgage underwriter.

Employment Rate

Mortgage underwriters enjoy favorable job prospects in the coming years. The Bureau of Labor Statistics projects a 11 percent employment growth for loan officers from 2018 to 2028, a rate that is faster than the average for all occupations. With continued growth in the real estate industry, banks and other financial institutions will need underwriters to evaluate loan applications and make sure they meet guidelines.

Job Growth Trend

Mortgage underwriters are expected to see a jobs growth of 4 percent from 2018 to 2028, according to the U.S. Bureau of Labor Statistics.

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