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What are typical mortgage underwriter salaries? Do some companies pay a lot more for this position than others? What does a top earner make in this field?

What skills should you learn to increase your salary?

Host said: What are typical mortgage underwriter salaries? Do some companies pay a lot more for this position than others? What does a top earner make in this field?

What skills should you learn to increase your salary?

I have been in underwriting for 23 years. A good Sr Underwriter should make no less than $8,500-$11,000 per month. You should start out as a processor or an underwriting assistant to learn the skills needed and get familiar with the guidelines, requirements, investor requirements, etc.

Underwriting is not all about guidelines, etc. It requires being in the industry during the "good times" as well as the down times. Knowing what to look for and how you can direct a loan to the right program, etc is key. An up cycle will last anywhere from 2 to 4 years (we just came off of a 4 year high) and a down cycle can last about 2 years. We are in a down cycle now. Now is not the time to be looking for an underwriter job. Start in quality control or processing - that is where you will learn the skills needed to move up.

Hope that helps

hi guys, for mortgage underwriting training classes, I would check out Mortgage Underwriter University at www.MortgageUnderwriter.org.

What about www.campusmba.org I think I'm going to start taking some classes with them.

How long is schooling for an Underwriter? Is there different education for different Underwriter? Or are they all the same and as long as I have an Underwriter degree I can get any job that needs an Underwriter? Once I get a degree, how many years of experience do I need to get a job?

I would check out the mortgage underwriting training classes at Mortgage Underwriter University: www.MortgageUnderwriter.org

Theresa in Portland, Oregon said: I have been in underwriting for 23 years. A good Sr Underwriter should make no less than $8,500-$11,000 per month. You should start out as a processor or an underwriting assistant to learn the skills needed and get familiar with the guidelines, requirements, investor requirements, etc.

Underwriting is not all about guidelines, etc. It requires being in the industry during the "good times" as well as the down times. Knowing what to look for and how you can direct a loan to the right program, etc is key. An up cycle will last anywhere from 2 to 4 years (we just came off of a 4 year high) and a down cycle can last about 2 years. We are in a down cycle now. Now is not the time to be looking for an underwriter job. Start in quality control or processing - that is where you will learn the skills needed to move up.

Hope that helps

Good advise. I have been an underwriter for 15 plus years. It is tough out there. I was laid off by American Home Mortgage in August 07 and I just found a job. I am not making the money I used to, I am working longer hours, travel farther away for alot less money. Its tough. My best advise would be hands on. You can learn the basics in an "underwriting school." School cant teach you how to be an Underwriter. Being a good Underwriter consists of experience, knowledge, and common sense. Its not an exact science and every loan/borrower is different from the next.

I have been underwriting for 18 in the biz 23 I am working for almost half of what I used to for Countrywide its very sad

Im making $4200/mo and Im a DE I used to make over $6000 But Im happy to be working

Sam in Lowell, Massachusetts said: Good advise. I have been an underwriter for 15 plus years. It is tough out there. I was laid off by American Home Mortgage in August 07 and I just found a job. I am not making the money I used to, I am working longer hours, travel farther away for alot less money. Its tough. My best advise would be hands on. You can learn the basics in an "underwriting school." School cant teach you how to be an Underwriter. Being a good Underwriter consists of experience, knowledge, and common sense. Its not an exact science and every loan/borrower is different from the next.

Well Good luck, its a tough business right now. I'm on the sales side and its the worst Ive seen.

Forensic Underwriting seems like the way to go now in this down market.

That would be interesting but the industry is booming here in New England

How do I get in the field, without any experience? All I have is origination, loan modification and foreclosure experience. Can a certificate from Mortgage University emphasis in Underwriter or Processing gets me into the field?

I would start by working as a processor. You wont get a job as an underwriter without experience. Process for a few years and learn the job and have an underwriter mentor you. Underwriting takes time and on the job exposure. Its not a job that you can learn by attending a class. I started as a processor then a Jr Underwriter and now I am a DE underwriter and I started working in this industry in 1992. I hope this helps

Im looking for a motivated DE underwriter. I'll pay $5,000 per month plus $50 per file that closes. (we close about 30-50 in house currently with the ability to underwrite files from other branches ) You do not need to be located in Bakersfield but you must train for two weeks in Salt Lake city at headquarters. It is all paperless underwriting using doctrac and webtrac etc. We underwrite to HUD guidelines with very few overlays. Our company is debt free, and we funding 1/2 billion last month. please respond if you know anyone that would be interested in the position. I am looking to hire immediately.
Take care,
Todd W. Bakersfield.

Todd Windes in Bakersfield, California said: Im looking for a motivated DE underwriter. I'll pay $5,000 per month plus $50 per file that closes. (we close about 30-50 in house currently with the ability to underwrite files from other branches ) You do not need to be located in Bakersfield but you must train for two weeks in Salt Lake city at headquarters. It is all paperless underwriting using doctrac and webtrac etc. We underwrite to HUD guidelines with very few overlays. Our company is debt free, and we funding 1/2 billion last month. please respond if you know anyone that would be interested in the position. I am looking to hire immediately.
Take care,
Todd W. Bakersfield.

Please contact me at scabraljfsheaconstruction@yahoo.com
I am very interested in talking to you. I have been in the industry since 91, I have held my DE for 10 years and I also have my LAPP.
Thank You

Todd Windes in Bakersfield, California said: Im looking for a motivated DE underwriter. I'll pay $5,000 per month plus $50 per file that closes. (we close about 30-50 in house currently with the ability to underwrite files from other branches ) You do not need to be located in Bakersfield but you must train for two weeks in Salt Lake city at headquarters. It is all paperless underwriting using doctrac and webtrac etc. We underwrite to HUD guidelines with very few overlays. Our company is debt free, and we funding 1/2 billion last month. please respond if you know anyone that would be interested in the position. I am looking to hire immediately.
Take care,
Todd W. Bakersfield.

Todd, if you are still in need of an DE U/W please email me @ jane.helgeson@cox.net

Todd I would also be interested, my email is delady123@aol.com
I have my DE sine 1991

All of the comments were very helpful. How much should I expect to earn as a processor and what does hte sally usually cap out at over time. Thanks Sally

Correction......How much should I expect to earn as a processor and what does the salary usually cap out at over time. Where should I search for training? Thanks, Sally

SallyZ in Bakersfield, California said: Correction......How much should I expect to earn as a processor and what does the salary usually cap out at over time. Where should I search for training? Thanks, Sally

It depends on where you are located and your experience level.

I have my DE certification as of this year. I have not processed since 2007 (when the market first took a hit). I just want some advice as to which way to go as a new underwriter....training, etc.

Your DE is not seasoned enough - most employers want seasoned DE underwriters. The best training is hands on. Remember that HUD will defi you and it is against your Chums number but you can learn from those defi's as well. MRI books are great and HUDclips.

Thank you - that was very helpful. But there's not any job(s) hiring for defi's right now. At least not that I know of.

What lender/broker/bank hires defi's?

Cookie in Houston, Texas said: What lender/broker/bank hires defi's?

Defi's is short for deficiencies in your underwriting and are marked against your Chum ID number, HUD will notify the Lender since some can be corrected and removed. Sorry if I was not clearer first reply.

Any advise for DE Underwriter with 30+ yrs experience trying to get back into field after 2007 layoff. Have a seasoned CHUMS ID (since 1986) and LAPP since 1990, but have no recent experience due to lack of employment. Considered mtg university courses however limited funds.

Mortgage business is busy here in New England. With your DE and LAPP you should be able to get a job easily. There are many jobs here but no one to fill them. I get 2 to 3 calls a week from head hunters looking to fill a DE position. Even though you havent worked in a while, I think you would have a leg up on conventional UW that has been working. FHA has changed a lot. Not as much paperwork

Pam in Dracut, Massachusetts said: Mortgage business is busy here in New England. With your DE and LAPP you should be able to get a job easily. There are many jobs here but no one to fill them. I get 2 to 3 calls a week from head hunters looking to fill a DE position. Even though you havent worked in a while, I think you would have a leg up on conventional UW that has been working. FHA has changed a lot. Not as much paperwork

That's wonderful that paperwork has reduced. I get several calls per week looking to fill DE positions, however here in California employers are now searching for "recent" experience w/ active valid CHUMS/LAPP ID's. The break in employment is frowned upon due to all the changes that have occurred in past 3 years plus my ID's are now inactive. Unfortunately, can't just up and move leaving my family. Have any other suggestions?

Bank of America's are looking for Underwriters like crazy.

I've enjoyed this forum...and would like to get back into the mortgage banking industry. Company closed in February and i've been out enjoying the spring and into the summer.some time to gain some perspective!!1. now ready to drump back in and it seems as if contract uwg is the best option these days...sad market downturn!!!Can anyone give me an idea as to what the salary offers are for an experience managing underwriter or just an underwriter? does the agencies pickup the expense cost ie. travel, hotel/residence, per diem etc. how does it work? or is that negotiable depending on the agency? I've never travel doing this, so where do i find a place to stay? do i get help to resolve that? Just need some insight...thanks i'm ready to do this....and if you know of something in my area that would be awesome! Thanks.......but can travel if pay if good.

Host said: What are typical mortgage underwriter salaries? Do some companies pay a lot more for this position than others? What does a top earner make in this field?

What skills should you learn to increase your salary?

Looking for an experienced DE Underwriter, minium 4-5 yrs experience. VA a plus; for a mortgage company that is affiliated with a Community Bank. This position is located in Plantation Florida. Email your resume to: frank@priorityfs.org

Scholar in Auburn Hills, Michigan said: How do I get in the field, without any experience? All I have is origination, loan modification and foreclosure experience. Can a certificate from Mortgage University emphasis in Underwriter or Processing gets me into the field?

no, you would need to have years of experience - johnny come lately are a dime a dozen so are company obtained de's - don't waste your money on u/w schools, you can go online to fnma and see guides- best learning experience is processing - quality control etc you need a season underwriter. The market is very tough and every company will test you because they have to. I have 30 + years in this business and I have a tough time with DE from FHA and VA Lapp and VA automatic. My salary has dropped - my best money was contracting and that is down right now.

Good luck