As of Dec 31, 2020, the average annual pay for a Consumer Loan Underwriter in the United States is $44,356 a year. Just in case you need a simple salary calculator, that works out to be approximately $21.32 an hour.
Hereof, how much do loan underwriters get paid?
The average mortgage underwriter salary is $68,519 per year, or $32.94 per hour, in the United States. Those in the lower 10%, such as entry-level positions, only make about $46,000 a year. Meanwhile, the top 10% are sitting pretty with an average salary of $100,000.
Furthermore, is loan underwriting a good career? Underwriting is a great career for those pursuing a role in the finance or insurance fields. Underwriters typically make a high salary with room to advance in the role.
Also to know is, how much do consumer underwriters make?
As most things go, location can be critical. Connecticut, New Jersey, New York, New Hampshire, and California provide the highest consumer loan underwriter salaries.
Consumer Loan Underwriter average salary by State.
| State | Avg. salary | Hourly rate |
|---|---|---|
| California California | $60,368$60,368 | $29.02$29.02 |
What does a consumer loan underwriter do?
The Consumer Loan Underwriter I is responsible for reviewing, assessing, and analyzing all aspects of consumer loan requests. This individual evaluates the risks of offering loans in order to approve/decline credit extension in addition to maximizing profit and minimizing risk/loss.
