As of July 01, 2026, the average salary for a Loan Underwriter I in the United States is $59,417 per year, which breaks down to an hourly rate of $29.
However, a Loan Underwriter I's salary can vary significantly. Here’s a look at the typical salary range:
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A Loan Underwriter I's salary isn't a fixed number. It's shaped by several important factors. Below, we'll explore how your years of experience, geographic location, education, and company size can directly affect your earning potential.
Experience is a primary driver of a Loan Underwriter I's salary. As you build your skills and take on more complex tasks, your compensation generally increases. Here's how the average salary grows at different career stages:
| Job Role | Years of Experience | Average Salary |
|---|---|---|
| Loan Underwriter I | 0-2 years | $59,417 |
| Loan Underwriter II | 2-4 years | $69,381 |
| Loan Underwriter III | 4-7 years | $85,462 |
| Loan Underwriter IV | 7+ years | $103,774 |
| Loan Underwriting Supervisor | 7+ years | $95,495 |
What Am I Worth?
Your salary can change significantly depending on where you work. States with a higher cost of living and strong industrial sectors often pay more to attract Loan Underwriter Is. For example, consider the average annual salaries in these key locations:
Demanded Skills for the Role:
| Skills | Demand Percentage |
|---|---|
| Analysis | 18.89% |
| Commercial Loans | 2.27% |
| Billing | 1.5% |
| Skill | Salary | Salary % Increase |
|---|---|---|
|
Portfolio Management
|
$80,213 |
35%
|
|
Decision Making
|
$80,213 |
35%
|
|
Balance Sheet
|
$80,213 |
35%
|
|
Integrity
|
$77,242 |
30%
|
|
Critical Thinking
|
$77,242 |
30%
|
|
Flexibility
|
$74,271 |
25%
|
Loan Underwriter I salary potential scales significantly with company size. Data shows that Enterprise companies (5,000+ employees) pay the highest average salary at around $63,380. While startup companies pay approximate $53,785.
| Company Size | Employees | Average Salary |
|---|---|---|
| Startup | 1~50 | $53,785 |
| Growth Stage | 51~500 | $56,843 |
| Established | 501~5000 | $61,262 |
| Enterprise | 5000+ | $63,380 |
For Loan Underwriter I roles, the industry you choose can impact your earning potential by as much as 60% (the gap between the highest and lowest paying industries). Data shows that the highest-paying industry, Financial Services, offers compensation 30% above the average. Conversely, Loan Underwriter positions in Business Services typically offer lower base pay, as this sector often view Loan Underwriter I as a support function rather than a direct revenue driver.
| Industry Sector | Average Annual Salary | Average Hourly Rate | Pay vs.Avg |
|---|---|---|---|
| Financial Services | $77,242 | $37.0 | 30% |
Your level of education can impact your salary potential. While many Loan Underwriter Is enter the field with a Bachelor's Degree degree, higher education can lead to more specialized and higher-paying roles.
According to our 100% employer-reported salary data, the median salary for a Loan Underwriter I with a Bachelor's Degree is between $57,844 and $62,737).
Loan Underwriter I Salaries by Degree Level
| Degree Level | % of user with this level of education |
|---|---|
| No Diploma | 2.8% |
| High School | 5.6% |
| Associates | 2.8% |
| Bachelors | 77.8% |
| Masters | 11.1% |
| Doctorate | 0.0% |
Understanding how a Loan Underwriter I's annual salary breaks down can help with budgeting. Below, you can see the average hourly rate, weekly pay, and monthly pay for this role. Use the buttons to switch between different pay periods.
Last Updated on July 01, 2026Promotions are the fastest way to increase your earnings. As a Loan Underwriter I, you have the following paths for advancement. The table below compares the salary raises for common next-step roles. By comparing these figures, you can choose the career path that best meets your financial goals.
| Next Step Role | Estimate Salary | Projected Raise |
|---|---|---|
| Mortgage Underwriter II | $73,334 | 23% |
| Loan Underwriter II | $69,381 | 17% |
Salaries for a Loan Underwriter I can change over time, reflecting shifts in market demand and the overall economy. The median salary decreased from $58,203 in 2023 to around $57,984 in 2025, reflecting changes in demand, location, experience, and the wider economy. For a detailed analysis of Loan Underwriter I salary trends, .
| Year | Average Annual Salary |
|---|---|
| 2022 |
View More
|
| 2023 | $58,203 |
| 2024 | $58,091 |
| 2025 | $57,984 |
| 2026 |
View More
|
| 2027 |
View More
|
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A Loan Underwriter I's earning potential can vary widely depending on several factors, including location, industry, experience, education, and the specific employer. According to the latest salary data by Salary.com, a Loan Underwriter I earns the most in San Jose, CA, where the annual salary of a Loan Underwriter I is $74,943.
The highest pay for Loan Underwriter I is $69,902.
The lowest pay for Loan Underwriter I is $49,926.
Evaluates the risk of loan and credit applications against the firm's objectives and borrowing guidelines using analysis and assessment of creditworthiness criteria. Reviews the applicant's financial status, documents, data, and applicable collateral. Makes approval, rejection, or modification decisions based on underwriting guidelines and established approval limits. May present to a loan committee. Defines the loan structure consisting of interest rates, repayment terms, and allowed loan amounts. Complies with all federal regulations, state laws, and internal policies related to lending. Responds to inquiries from internal and external stakeholders. Typically requires a bachelor's degree. Typically reports to a supervisor or manager. Work is closely managed. Works on projects/matters of limited complexity in a support role. Typically requires 0-2 years of related experience.
The Financial Services industry offers the highest average compensation for Loan Underwriter I roles, with salaries approximately 30% above the market median.
Salary.com provides salary estimates, histograms, trends, and comparisons using data from employer job postings and third-party sources.
We offer detailed salary information across multiple percentiles for your reference. (Click here to learn Why the Salary Midpoint Formula Is Crucial for Achieving Pay Equity.)
With the most extensive online, real-time compensation data available, Salary.com helps you pinpoint your exact pay target.
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