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Job outlook for mortgage underwriters in the United States
Mortgage underwriter job growth summary. After extensive research, interviews, and analysis, Zippia's data science team found that:
The projected mortgage underwriter job growth rate is 4% from 2018-2028.
About 12,600 new jobs for mortgage underwriters are projected over the next decade.
Mortgage underwriter salaries have increased 0% for mortgage underwriters in the last 5 years.
There are over 123,503 mortgage underwriters currently employed in the United States.
There are 9,260 active mortgage underwriter job openings in the US.
The average mortgage underwriter salary is $55,721.
Are mortgage underwriter jobs in demand?
Mortgage underwriter job and salary trends over time
Mortgage underwriter jobs over time
Mortgage underwriter job growth rate over time
| Year | # of jobs | % of population |
|---|---|---|
| 2021 | 123,503 | 0.04% |
| 2020 | 115,123 | 0.03% |
| 2019 | 113,925 | 0.03% |
| 2018 | 110,705 | 0.03% |
| 2017 | 106,801 | 0.03% |
Average mortgage underwriter salary over time
Mortgage underwriter salary by year
| Year | Avg. salary | Hourly rate | % Change |
|---|---|---|---|
| 2025 | $55,721 | $26.79 | +1.1% |
| 2024 | $55,119 | $26.50 | +0.4% |
| 2023 | $54,919 | $26.40 | --2.5% |
| 2022 | $56,330 | $27.08 | +1.6% |
| 2021 | $55,450 | $26.66 | +0.3% |
Mortgage underwriter jobs by state
Most common states for mortgage underwriters
| Rank | State | Population | # of jobs | Employment/ 1000ppl |
|---|---|---|---|---|
| 1 | Wyoming | 579,315 | 45 | 8% |
| 2 | Arizona | 7,016,270 | 458 | 7% |
| 3 | Rhode Island | 1,059,639 | 71 | 7% |
| 4 | South Dakota | 869,666 | 65 | 7% |
| 5 | Delaware | 961,939 | 60 | 6% |
| 6 | North Dakota | 755,393 | 47 | 6% |
| 7 | Colorado | 5,607,154 | 302 | 5% |
| 8 | Minnesota | 5,576,606 | 277 | 5% |
| 9 | Utah | 3,101,833 | 154 | 5% |
| 10 | Iowa | 3,145,711 | 151 | 5% |
| 11 | Kansas | 2,913,123 | 148 | 5% |
| 12 | Nebraska | 1,920,076 | 92 | 5% |
| 13 | District of Columbia | 693,972 | 38 | 5% |
| 14 | Vermont | 623,657 | 30 | 5% |
| 15 | Illinois | 12,802,023 | 562 | 4% |
| 16 | Ohio | 11,658,609 | 460 | 4% |
| 17 | Michigan | 9,962,311 | 436 | 4% |
| 18 | North Carolina | 10,273,419 | 425 | 4% |
| 19 | Oregon | 4,142,776 | 183 | 4% |
| 20 | Maine | 1,335,907 | 59 | 4% |
Most common cities for mortgage underwriters
| Rank | City | # of jobs | Employment/ 1000ppl | Avg. salary |
|---|---|---|---|---|
| 1 | Pontiac | 2 | 3% | $59,577 |
| 2 | Middletown | 1 | 2% | $59,036 |
| 3 | Grand Rapids | 1 | 1% | $57,169 |
| 4 | San Diego | 2 | 0% | $63,952 |
| 5 | Atlanta | 1 | 0% | $49,712 |
| 6 | Chicago | 1 | 0% | $56,916 |
| 7 | Detroit | 1 | 0% | $59,805 |
| 8 | Jacksonville | 1 | 0% | $53,258 |
| 9 | Miami | 1 | 0% | $51,941 |
| 10 | New York | 1 | 0% | $69,161 |
| 11 | Tampa | 1 | 0% | $53,218 |
Mortgage Underwriter job outlook: Expert opinions
Our panel of mortgage underwriter experts
University of Georgia
U.S. Customs and Border Protection
National Association of Health Underwriters
Insurance Information Institute
Robert Hoyt, Ph.D.
Department Head and Dudley L. Moore Jr. Chair of InsuranceUniversity of Georgia
Risk Management and Insurance Program
Will there be an enduring impact of the coronavirus pandemic on Mortgage Underwriters?
Robert Hoyt, Ph.D.: I think it is clear that the working environment and the necessary skills in insurance have been impacted by the pandemic in ways that will persistent. In some cases it has accelerated trends that were already underway (e.g., increased use of technology, expanded use of remote work, digital strategies). In other cases it has presented a business case for the importance of business resilience and the opportunities to interact with customers and business partners in new and efficient ways. The good news for our graduates is that opportunities in insurance will continue to grow in number and quality and emerging graduates who are digital natives will be perfectively positioned to help organizations embrace these new ways of doing business.
What's a day at work look like for a Mortgage Underwriter?
Robert Hoyt, Ph.D.: They are training for it now. Due to pandemic restrictions, they are taking classes in a hybrid environment with less face-to-face class time integrated with virtual interaction. Some of their classmates are restricted to their home countries and are joining virtually throughout the class. Group work in our courses is always important, but now they are having to working in teams through virtual platforms. This is how business will be done and it will be increasingly global given the convenience of engaging virtually without the cost of travel. In my opinion, the future work environment in insurance is going to look a lot like how we are educating students currently. However, thankfully, without the masks and with more opportunities for face-to-face socializing with clients and colleagues. As I note in more detail below, I think geographic limits will be much less important going forward due to the ability to be effective through virtual platforms and much more flexibility around where and when we work with be the norm.
What technical skills for a Mortgage Underwriter stand out to employers?
Robert Hoyt, Ph.D.: The ability to collect information, work with data, and translate this into insights and knowledge is key in insurance going forward. An important focus in our classes is helping students apply what they are learning to real business situations through projects that are often carried out in teams. The growth of digital strategies in insurance means that emerging graduates are excited by and embrace the use and application of such approaches. However, the ability to engage with people to assist them in managing their personal or business risks is what matters most in this business. At the end of the day, building relationships and trust are the key in insurance.
Julienne Joseph
Associate Director of Government Housing ProgramsU.S. Customs and Border Protection
Will there be an enduring impact of the coronavirus pandemic on Mortgage Underwriters?
Julienne Joseph: Loan origination is a challenging yet rewarding career. While many loan officers wander into the field, by way of some other career path, others start on the journey earlier in life. Before investing in the steps needed to generate business, it's imperative that new loan officers thoroughly understand each phase of the mortgage process and the nuances that make each program different. Any loan officer will admit that unexpected obstacles are guaranteed to arise, but what separates the good from the great originator is the ability to anticipate and provide effective solutions when faced with an unforeseen issue. Not only does being prepared help make the process run more smoothly, but it also gives the loan officer the opportunity to educate their borrowers along the way, which builds trust.
Having a deep knowledge of the mortgage process and programs has proven to be invaluable, given the impact COVID-19 has had on the industry. Government agencies have continued to publish temporary guidance designed to address the unintended consequences that the mortgage industry has faced as a result of the pandemic. Keeping that in mind, mortgage professionals must be able to adapt-quickly- to the industry's ever-changing landscape, and the only way to do so is to have a command of how mortgages actually work.
As I mentioned earlier, being a loan officer can be rewarding. LOs literally help borrowers navigate one of the largest transactions of their lives, which can create an asset that will benefit families for generations. That can't be overstated. Yes, the work is hard, but few professions afford someone the opportunity to observe their efforts in improving the lives of their clients.
Max Wilson
National Association of Health Underwriters
Are there any particularly good places in the United States for Mortgage Underwriters to find work opportunities?
Max Wilson: Having exposure to the voluntary benefits side, I have noticed that there can be tremendous room for growth in a variety of densely populated areas such as Northern Alabama, or areas with large recent economic growth.
How do you envision technology impacting Mortgage Underwriters in the next 5 years?
Max Wilson: Technology will allow agents to expand their services over a variety of industries. With the development of cybersecurity and telematics, I think there is no limit to what could be insured. When these services become available, we need agents to step up to the plate and inform the consumers.
What type of skills will young Mortgage Underwriters need?
Max Wilson: The ability to communicate with others is an essential skill that I have noticed many young adults have trouble with. Many of my peers have expressed difficulty when attempting to start a conversation with others. As an agent, communication is key. One thing I have noticed in the months that I shadowed an agent from Colonial was that many business owners do not realize how affordable some insurance policies can be. It's on my generation to be able to communicate these policies in effective ways.
How do you envision technology impacting Mortgage Underwriters in the next 5 years?
Janet Ruiz: Technology will continue to streamline and enhance the underwriting process. Underwriters need to understand digital tools, the use of artificial intelligence, working with technology to enhance work flow.
What type of skills will young Mortgage Underwriters need?
Janet Ruiz: The mathematical mind, meet the meaningful purpose (Liberty Mutual). Underwriters are the heart of the insurance process, gathering and researching pertinent information and then, using finely tuned analytical skills to evaluate the acceptability of business and institutional risk. Underwriters are more than just analysts - they are the core relationship builders with agents and clients. They are responsible for managing a profitable portfolio of business by distributing agents and brokers. An underwriting career includes a dynamic blend of analytical and marketing skills. Research, Analytics, Communications, Relationship Building, Marketing.
Are there any particularly good places in the United States for Mortgage Underwriters to find work opportunities?
Janet Ruiz: Underwriting jobs may be found at corporate home offices, specialized field offices, or regional offices of insurance companies. Insurance broker agencies also have underwriting positions. Commercial Business and Specialty, Auto and Homeowners insurance all use underwriters.