Written By: Joel Palmer, Op-Ed Writer
Mortgage underwriters are averaging annual salaries between $52,000 and $74,000, while mortgage processors are typically earning average salaries between $36,000 and $46,000.
These numbers are based on a recent review of several career websites that post average salaries by profession.
Like with any job, the amount a person earns will also depend on the location, the company employing the underwriter, the amount of experience possessed by the professional, and the value of benefits and bonuses provided.
According to indeed.com, the average annual salary for mortgage underwriters in the U.S. is just under $66,000. That was based on salary estimates for 1,016 underwriters submitted anonymously to the site, as well as information collected from job ads. The information was last updated on August 25, 2018.
Indeed also reported that junior mortgage underwriters averaged just over $56,000, while a senior underwriter could average close to $74,000. Several mortgage companies reported average underwriting salaries well into the $90,000 range.
Glassdoor reported a much higher average salary for mortgage underwriters. Based on salary estimates of 1,717 salaries submitted, Glassdoor set the national average at $74,000. It also reported that senior mortgage underwriters are earning an average of $88,000.
Glassdoor also showed average salaries for three major mortgage providers. Bank of America’s average is $56,000, Wells Fargo’s is $53,400, and JPMorgan pays an average of $60,000.
According to salary.com, the average mortgage underwriter I salary in the United States is $52,400 as of July 31, 2018.The range typically falls between $45,473 and $61,562.
The site also contains a map showing average salaries for mortgage underwriters in each county. Not surprisingly, the highest salaries are reported in areas with higher standards of living, such as California and New York.
Careerbliss reported that mortgage underwriters earn an average annual salary of $65,000. Those who work for JPMorgan earn $68,000 on average. Bank of America pays an average of $66,000 to underwriters, while Wells Fargo pays $69,000.
For mortgage processors, Glassdoor reports that the national average salary is $40,607 in the United States. That is based on 4,297 salaries submitted anonymously to Glassdoor by employees. The range is from a low of $27,000 to a high of $56,000. Senior mortgage loan processors earn an average of $46,000.
Those numbers are in line with two major financial institutions. Wells Fargo has an average of $43,464 while Bank of America pays an average of $45,000, according to Glassdoor.
Salary.com data shows that the average mortgage loan processor I salary in the United States is $36,658 as of July 31, 2018.The range typically falls between $33,086 and $41,437.
The current salary averages for both mortgage underwriters and processors compare favorably to a similar review conducted at the beginning of 2017. At that time, the national average base annual salary for all mortgage loan underwriters employed throughout the country ranged from $59,000 to $62,000. Mortgage processors were typically earning anywhere from the low to high $30,000 range.
About the Author
As an NAMP® Opinion Editorial Contributor, Joel Palmer is a freelance writer who spent 10 years as a business and financial reporter and another 10 years in marketing for the insurance and financial services industries. He regularly writes about the mortgage industry, as well as residential and commercial real estate, investments, and retirement income planning. He has also ghostwritten books on starting a business, marketing, and retirement income planning.