As of March 01, 2025, the average annual salary for a Loan Underwriter III in Elgin, IL is $95,308. Salary.com reports that pay typically ranges from $81,948 to $107,633, with most professionals earning between $69,784 and $118,854.
| Annual Salary |
Monthly Pay |
Weekly Pay |
Hourly Wage |
|
| 75th Percentile | $104,296 | $8,691 | $2,006 | $50 |
| Average | $92,353 | $7,696 | $1,776 | $44 |
| 25th Percentile | $79,407 | $6,617 | $1,527 | $38 |
An entry-level Loan Underwriter III with under 1 year experience makes about $88,185. With less than 2 years of experience, a mid-level Loan Underwriter III makes around $89,170. After 2-4 years, the Loan Underwriter III pay rises to about $91,139. Those senior Loan Underwriter III with 5-8 years of experience earn roughly $94,093, and those Loan Underwriter III having 8 years or more experience are expected to earn about $98,632 on average.
| Levels | Salary |
|---|---|
| Entry Level Loan Underwriter III | $88,185 |
| Intermediate Level Loan Underwriter III | $89,170 |
| Senior Level Loan Underwriter III | $91,139 |
| Specialist Level Loan Underwriter III | $94,093 |
| Expert Level Loan Underwriter III | $98,632 |
| Entry Level | 5% |
| Mid Level | 3% |
| Senior Level | 1% |
| Top Level | 2% |
| Experienced | 7% |
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Each competency has five to ten behavioral assertions that can be observed, each with a corresponding performance level (from one to five) that is required for a particular job.
Analysis: Analysis is the process of considering something carefully or using statistical methods in order to understand it or explain it.
Microsoft Office: Microsoft Office is a suite of desktop productivity applications that is designed by Microsoft for business use. You can create documents containing text and images, work with data in spreadsheets and databases, create presentations and posters.
Commercial Banking: Is a profit oriented banking by providing loans to customers and charging interest. The bank’s funds come from money deposited by the bank customers in saving accounts, checking accounts, money market accounts, and certificates of deposit (CDs).
| Skill | Salary | Demand |
|---|---|---|
|
Analytical Skills
|
$111,511 |
17%
|
|
Financial Services
|
$111,511 |
17%
|
|
Accounting
|
$105,792 |
11%
|
|
Credit Risk
|
$105,792 |
11%
|
|
Word Processing
|
$104,839 |
10%
|
|
Business Administration
|
$104,839 |
10%
|
