Loan Underwriters
Overview
Introduction
Loan underwriters determine if loan applicants are creditworthy. They evaluate loan applications and approve or reject them based on applicants’ credit history, employment history, assets, debts, and other factors. They use their own expert judgment and loan underwriting software to produce recommendations.
Quick Facts
Median Salary
Employment Prospects
Minimum Education Level
Experience
Skills
Personality Traits
Earnings
The staffing firm Robert Half Finance & Accounting reports that loan underwriters earned salaries that ranged from $54,500 to $102,750 in 2019.
According to PayScale.com, mortgage loan underwriters earned median annual salaries of $65,149 in 2020. Ten percent earned less than $46,000, and 10 percent earned $88,000 or more.
Some loan underwriters receive commissions, but pay st...
Work Environment
Loan underwriters work in typical office settings. A growing number of companies allow underwriters to telecommute. Underwriters work a standard 40-hour week, although overtime may be required during peak loan application periods. This career can be stressful at times due to the pressure to complete underwriting duties on deadline, as well as the possibility of approving loans that default—cost...
Outlook
Employment for loan officers (a career category that includes loan underwriters) will grow faster than the average for all careers from 2018 to 2028, according to the U.S. Department of Labor. As the economy grows, banks and other lending institutions are granting an increasing number of loans to businesses and individuals—which is fueling demand for loan officers.
Employment may be tem...
