Updated August 22, 2022

Average Mortgage Underwriter Salary

$55,721yearly

$26.79 hourly

Entry level Salary
$38,000 yearly
$38,000
10 %
$55,721
Median
$80,000
90 %

How much does a Mortgage Underwriter make?

Mortgage underwriters make $55,721 per year on average, or $26.79 per hour, in the United States. Mortgage underwriters on the lower end of that spectrum, the bottom 10% to be exact, make roughly $38,000 a year, while the top 10% makes $80,000.

Location impacts how much a mortgage underwriter can expect to make. Mortgage underwriters make the most in New Mexico, New Jersey, New York, Pennsylvania, and Arkansas.

Highest Paying States For Mortgage Underwriters

The darker areas on the map show where mortgage underwriters earn the highest salaries across all 50 states.

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Average Salary:

Mortgage Underwriter average salary by State

RankStateAvg. SalaryHourly RateJob Count
1Rhode Island$64,927$31.2171
2South Dakota$62,032$29.8265
3New York$68,784$33.07542
4New Mexico$72,889$35.0462
5Michigan$59,204$28.46436
6Pennsylvania$68,031$32.71442
7Maine$61,648$29.6459
8New Jersey$69,535$33.43286
9Ohio$59,220$28.47460
10North Carolina$61,323$29.48425
11Texas$61,073$29.36958
12Arkansas$67,566$32.4857
13Oregon$60,099$28.89183
14Wyoming$56,043$26.9445
15California$66,709$32.071,139
16West Virginia$59,395$28.5641
17Arizona$55,353$26.61458
18Maryland$63,638$30.60209
19Minnesota$56,607$27.21277
20Virginia$61,888$29.75240
21Vermont$57,277$27.5430
22Colorado$56,208$27.02302
23Illinois$56,479$27.15562
24Connecticut$59,140$28.43125
25Iowa$54,465$26.19151
26District of Columbia$66,843$32.1438
27Kentucky$53,398$25.67151
28Kansas$52,621$25.30148
29Oklahoma$55,563$26.7179
30Missouri$55,146$26.51223
31North Dakota$50,572$24.3147
32Nevada$52,001$25.00102
33Wisconsin$53,696$25.82160
34New Hampshire$55,910$26.8839
35Massachusetts$56,982$27.40216
36Montana$52,653$25.3144
37Delaware$51,568$24.7960
38Florida$52,780$25.38596
39South Carolina$52,818$25.39139
40Hawaii$51,450$24.7434
41Washington$51,895$24.95290
42Nebraska$49,214$23.6692
43Tennessee$48,284$23.21187
44Idaho$45,714$21.9871
45Utah$42,453$20.41154
46Louisiana$50,316$24.1979
47Georgia$49,725$23.91345
48Indiana$46,442$22.33250
49Alabama$47,698$22.93123
50Alaska$41,892$20.1428
51Mississippi$43,009$20.6866

Highest Paying Cities For Mortgage Underwriters

RankCityAvg. SalaryHourly Rate
1New York, NY$69,161$33.25
2Philadelphia, PA$68,484$32.92
3Los Angeles, CA$65,543$31.51
4Baltimore, MD$63,741$30.64
5Raleigh, NC$62,909$30.24
6Eugene, OR$62,017$29.82
7Richmond, VA$61,738$29.68
8Cleveland, OH$61,242$29.44
9Austin, TX$61,030$29.34
10Detroit, MI$59,805$28.75
11Chicago, IL$56,916$27.36
12Boston, MA$56,792$27.30
13Saint Paul, MN$56,715$27.27
14Englewood, CO$56,172$27.01
15Phoenix, AZ$55,443$26.66

Mortgage Underwriter Salary Details

Average Mortgage Underwriter Salary Graph
Average Mortgage Underwriter Salary Graph, Trends, and Summary

What is a Mortgage Underwriter's Salary?

PercentileAnnual SalaryMonthly SalaryHourly Rate
90th Percentile$80,000$6,667$38
75th Percentile$67,000$5,583$32
Average$55,721$4,643$27
25th Percentile$45,000$3,750$22
10th Percentile$38,000$3,167$18

Average Salary By Related Titles

Job TitleAnnual SalaryMonthly SalaryHourly RateJob Openings
Loan Administrator$42,859$3,572$20.6163,708
Loan Originator$41,291$3,441$19.8510,716
Loan Analyst$37,857$3,155$18.2024,756
Closer$29,291$2,441$14.087,560
Escrow Officer$50,270$4,189$24.1762,077
Bank Officer$79,562$6,630$38.2569,880

Here are the five companies hiring the most now:

  1. Accenture Jobs (50)
  2. Citi Jobs (95)
  3. JPMorgan Chase & Co. Jobs (399)
  4. Chase International Jobs (36)
  5. Robert Half Jobs (146)

Which Companies Pay Mortgage Underwriters The Most?

According to our most recent salary estimates, CTBC Bank and CyberCoders are the highest paying companies for mortgage underwriters.
RankCompanyAverage SalaryHourly RateJob Openings
1CTBC Bank$80,852$38.87
2CyberCoders$79,224$38.09
3Morgan Stanley$78,345$37.671
4PulteGroup$74,939$36.03
5JPMorgan Chase & Co.$74,411$35.7719
6Raymond James Financial$74,405$35.77
7City National Bank$73,919$35.542
8Hoosier Hills Credit Union$72,697$34.95
9COMMUNITY BANCORP INC$72,654$34.935
10Visio Lending$72,227$34.72
11System One$71,864$34.55
12Premium Merchant Funding$71,629$34.44
13International Business-Government Counsellors$69,665$33.49
14HomeXpress Mortgage$69,629$33.48
15Psg$69,553$33.4422
16Jobot$66,907$32.17
17Randstad North America, Inc.$66,724$32.081
18Robert Half$64,645$31.084
19Cushman & Wakefield$64,092$30.81
20KNF&T Staffing Resources$62,784$30.18

Mortgage Underwriter Salary Trends

The salary for a mortgage underwriter can vary depending on the years of experience that a person has, from entry level to senior level. An accountant with 0-2 years of experience earns an average salary of $36,245, a mid-career professional with 3-6 years of experience makes $55,721 a year on average, and a senior level accountant with 7-12 years of experience enjoys an average annual salary of $106,433. Data on how experience level affects total compensation is provided by the Bureau of Labor Statistics (BLS) as part of their National Compensation Survey, which is based on factors such as knowledge, complexity, contacts, and environment.

Mortgage Underwriter Salary By Experience Level

Experience LevelAvg. SalaryHourly Rate
Entry Level$36,200$17.43
Mid Level$59,600$28.67
Senior Level$106,000$51.17

Average Mortgage Underwriter Salary Over Time

Compare salaries for individual cities or states with the national average.

    Mortgage Underwriter Salary By Year

    YearAvg. SalaryHourly Rate% Change
    2022$55,700$26.79+1.1%
    2021$55,100$26.50+0.4%
    2020$54,900$26.40-2.6%
    2019$56,300$27.08+1.6%
    2018$55,500$26.66+0.3%

    Recently Added Mortgage Underwriter Salaries

    CompanyJobLocationDate AddedSalary
    Navy Federal Credit UnionMortgage UnderwriterPensacola, FL07/24/2022$48,001
    Navy Federal Credit UnionMortgage UnderwriterWinchester, VA07/24/2022$48,001
    Randstad UsMortgage UnderwriterLos Angeles, CA07/16/2022$75,000
    Randstad UsMortgage UnderwriterLos Angeles, CA07/16/2022$75,000
    Pelican State Credit UnionMortgage UnderwriterBaton Rouge, LA07/01/2022$54,471
    Ross Mortgage CorporationVA Mortgage UnderwriterTroy, MI05/21/2022$70,000
    CybercodersMortgage Underwriter RemoteDallas, TX05/13/2022$100,000
    CybercodersMortgage UnderwriterNew York, NY05/13/2022$125,000
    CybercodersJunior Mortgage Underwriter-RemoteMemphis, TN05/12/2022$65,000
    CybercodersRemote de/Va SAR Mortgage UnderwriterPhiladelphia, PA05/11/2022$110,000

    Mortgage Underwriter Salaries FAQs

    What State Pays Mortgage Underwriters The Most?

    New Mexico pays Mortgage Underwriters the most in the United States, with an average salary of $72,889 per year, or $35.04 per hour.

    How Do I Know If I'm Being Paid Fairly As A Mortgage Underwriter?

    You know if you are being paid fairly as a Mortgage Underwriter if your pay is close to the average pay for the state you live in. For example, if you live in New Jersey you should be paid close to $69,535 per year.

    What Type Of Mortgage Underwriter Gets Paid The Most?

    Mortgage Broker gets paid the most. Mortgage Broker made a median salary of $124,376. The best-paid 10 percent make $147,000, while the lowest-paid 10 percent make $104,000.

    Are Underwriters Paid Well?

    Yes, underwriters are paid well. In some industries, they can make six-figure salaries.

    The average underwriter's salary is $68,217 per year or $32.80 per hour. On the lower end of the salary range, people can make around $46,000, usually those in entry-level positions. On the higher end, underwriters can make $100,000 or more. As most jobs go, factors like industry, location, and experience can decide salary.

    Do Mortgage Underwriters Make Good Money?

    Yes, mortgage underwriters make good money. The average salary for mortgage underwriters is around $70,000 a year, but the actual amount a person will earn depends on their experience level.

    How Much Do Loan Underwriters Make?

    Loan underwriters can make about $32,500 to $93,000. However, the majority of loan underwriter salaries currently range between $39,500 and $67,000.

    While many factors affect earning potential for loan underwriters, location is a significant influence. Loan underwriters can make 16 percent more living in San Francisco, Santa Clara, and Washington D.C.

    Is Mortgage Underwriting A Stressful Job?

    Yes, mortgage underwriting is a stressful job. This job can be stressful due to the many variables that influence the decision to be made.

    A mortgage underwriter considers layers of risk. They do not just look at the borrower profile in a vacuum, which can make the job stressful as they attempt to navigate the essential components of the borrower's credit profile in every unique scenario.

    What Is The Average Salary Of A Mortgage Underwriter?

    The average salary of a mortgage underwriter is $68,519 per year or $32.94 per hour. On the lower end of the salary range, such as entry-level positions, some may only make about $46,000 a year. On the higher end, some can make an average of $100,000 a year.

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