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Host

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?

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Theresa in Portland, Oregon

87 months ago

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

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Wayne in Lakeland, Florida

87 months ago

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

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Mai Thao in Oshkosh, Wisconsin

79 months ago

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?

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Tammy in Waldorf, Maryland

79 months ago

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

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Sam in Lowell, Massachusetts

79 months ago

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.

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UW Girl in Los Angeles, California

78 months ago

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.

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tom in Orlando, Florida

78 months ago

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

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Pam in Dracut, Massachusetts

67 months ago

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

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Scholar in Auburn Hills, Michigan

66 months ago

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?

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Pam in Dracut, Massachusetts

66 months ago

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

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Todd Windes in Bakersfield, California

64 months ago

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.

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Sharon A Cabral-Sims in North Providence, Rhode Island

63 months ago

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

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Jane in Virginia Beach, Virginia

63 months ago

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

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delady123

63 months ago

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

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SallyZ in Bakersfield, California

56 months ago

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

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SallyZ in Bakersfield, California

56 months ago

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

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Pam in Dracut, Massachusetts

56 months ago

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.

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Sarah B in Pottstown, Pennsylvania

52 months ago

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.

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Cookie in Houston, Texas

52 months ago

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.

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Cookie in Houston, Texas

52 months ago

What lender/broker/bank hires defi's?

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Sarah B in Pottstown, Pennsylvania

52 months ago

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.

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Kimmo in Oceanside, California

48 months ago

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.

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Pam in Dracut, Massachusetts

48 months ago

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

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Kimmo in Oceanside, California

48 months ago

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?

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Cookie in Houston, Texas

48 months ago

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

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seeking uwg position in Huntington Station, New York

48 months ago

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.

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Fran in Winter Haven, Florida

44 months ago

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

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Sarah B

43 months ago

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

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THLUnderwriter in Dallas, Texas

27 months ago

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.

Hi Todd,

I am very interested in this position.
Please contact me at leavy_t@yahoo.com
Thank You

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Underwriter in Little Elm, Texas

25 months ago

Check out www.make75k.com also they have low cost high quality mortgage underwriting training. You can do the whole thing online and at your own pace, it's Awesome! They even have free ebooks that teach secrets of the mortgage business. Good luck!

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Underwriter in Little Elm, Texas

25 months ago

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?

You need to know these things very well: income, assets, title, appraisal, credit report and other documents to complete the financial picture. Go to www.make75k.com for free info on mortgage underwriting. They taught me and I'm now working as an underwriter making good money.

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The Federal Savings Bank in New York, New York

22 months ago

We are looking for DE Underwriters. Please email me your resume to agertsen@thefederalsavingsbank.com.

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The Federal Savings Bank in New York, New York

22 months ago

Tammy in Waldorf, Maryland said: I would check out the mortgage underwriting training classes at Mortgage Underwriter University: www.MortgageUnderwriter.org

Hi Tammy- I would like to network with you for DE Underwriters in the Maryland area. We have an office in Columbia, MD. Please email me at agertsen@thefederalsavingsbank with your contact inf.

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The Federal Savings Bank in New York, New York

22 months ago

seeking uwg position in Huntington Station, New York said: 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.

Hi there!Are you still looking? Please email me at agertsen@thefederalsavingsbank.com with your contact info.

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rekha in Schenectady, New York

19 months ago

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

Hi,

I have done MBA in finance
Please suggest level and college i should attempt .

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ocngail in Stuart, Florida

19 months ago

Excellent advice!!

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Stacey M. in Miami, Florida

19 months ago

Thanks Rekha for the great advice!

As for mortgage underwriting training classes, I would take a look at Mortgage Underwriter University at www.MortgageUnderwriter.org

I hope this helps!

Stacey

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Kel412 in Orlando, Florida

19 months ago

I am curious if anyone knows if any of these certificates from mortgageunderwriter.org are worth anything to a potential employer?? I had to leave the business a few years back for obvious reasons. At the time I was transitioning into an underwriting position, from LO and processor. I want to get back into the business, but in underwritig. I have been keeping up with guidelines, etc, but it appears employers are looking for RECENT experience.

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Stacey M. in Miami, Florida

19 months ago

Yes... banks and lenders do take them seriously.... obtaining underwriting certificates will help to make you more marketable because it allows prospective employers to "validate" you have been trained correctly and are UPDATED on all the current regulations, underwriting guidelines, compliance changes, etc... and since underwriters do not need a license and there is no diploma one could get in underwriting, getting professional development certificates is the only option available to help in making you a more attractive candidate... there are not a lot of options available unfortunately..

I hope this helps.

Stacey

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Kel412 in Orlando, Florida

19 months ago

Good info, thanks Stacey.

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Stacey M. in Miami, Florida

19 months ago

You're welcome!

Good luck with your job search!

Cheers,
Stacey

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Blueskiday in Jacksonville, Florida

15 months ago

Does anyone have any feedback for BB&T mortgage department? What is the salary range for a new underwriter? Any feedback would be greatly appreciated thank you!!!

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Mortgage Specialist in Richmond, Virginia

10 months ago

Blueskiday in Jacksonville, Florida said: Does anyone have any feedback for BB&T mortgage department? What is the salary range for a new underwriter? Any feedback would be greatly appreciated thank you!!!

BB&T is not one of your higher paying mortgage companies, if you have less than 3 years underwriting experience you may get about $55K - $60k, if you have a good amount of mortgage industry experience.

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Dkajikian in Los Angeles, California

5 months ago

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.

I have been processing/juw for 3 years. If you still need an underwriter please email me dkjaikian@yahoo.com

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