As of July 01, 2026, the average salary for a Mortgage Underwriter I in the United States is $65,270 per year, which breaks down to an hourly rate of $31.
However, a Mortgage Underwriter I's salary can vary significantly. Here’s a look at the typical salary range:
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A Mortgage 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 Mortgage 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 |
|---|---|---|
| Mortgage Underwriter I | 0-2 years | $65,270 |
| Mortgage Underwriter II | 2-4 years | $73,334 |
| Mortgage Underwriter III | 4-7 years | $94,951 |
| Mortgage Underwriter IV | 7+ years | $112,298 |
| Mortgage Underwriting Manager | 7+ years | $111,120 |
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 Mortgage Underwriter Is. For example, consider the average annual salaries in these key locations:
Demanded Skills for the Role:
| Skills | Demand Percentage |
|---|---|
| Analysis | 4.98% |
| Tax Return | 1.76% |
| Financial Services | 1.16% |
| Skill | Salary | Salary % Increase |
|---|---|---|
|
Consulting
|
$86,156 |
32%
|
|
Partnering
|
$75,061 |
15%
|
|
Verbal Communication
|
$71,144 |
9%
|
|
Presentation
|
$69,839 |
7%
|
|
Insight
|
$69,186 |
6%
|
|
Tax Return
|
$69,186 |
6%
|
Mortgage Underwriter I salary potential scales significantly with company size. Data shows that Enterprise companies (5,000+ employees) pay the highest average salary at around $71,357. While startup companies pay approximate $60,278.
| Company Size | Employees | Average Salary |
|---|---|---|
| Startup | 1~50 | $60,278 |
| Growth Stage | 51~500 | $63,784 |
| Established | 501~5000 | $68,886 |
| Enterprise | 5000+ | $71,357 |
For Mortgage 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, Insurance, offers compensation 30% above the average. Conversely, Mortgage Underwriter positions in Business Services typically offer lower base pay, as this sector often view Mortgage Underwriter I as a support function rather than a direct revenue driver.
| Industry Sector | Average Annual Salary | Average Hourly Rate | Pay vs.Avg |
|---|---|---|---|
| Insurance | $84,851 | $41.0 | 30% |
Your level of education can impact your salary potential. While many Mortgage Underwriter Is enter the field with a High School Diploma or Technical Certificate 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 Mortgage Underwriter I with a High School Diploma or Technical Certificate is between $54,716 and $59,386).
Mortgage Underwriter I Salaries by Degree Level
| Degree Level | % of user with this level of education |
|---|---|
| No Diploma | 32.7% |
| High School | 32.7% |
| Associates | 8.9% |
| Bachelors | 49.5% |
| Masters | 8.9% |
| Doctorate | 0.0% |
Understanding how a Mortgage 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 Mortgage 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 | 12% |
| Loan Underwriter II | $69,381 | 6% |
Salaries for a Mortgage Underwriter I can change over time, reflecting shifts in market demand and the overall economy. The median salary decreased from $59,923 in 2023 to around $59,147 in 2025, reflecting changes in demand, location, experience, and the wider economy. For a detailed analysis of Mortgage Underwriter I salary trends, .
| Year | Average Annual Salary |
|---|---|
| 2022 |
View More
|
| 2023 | $59,923 |
| 2024 | $59,474 |
| 2025 | $59,147 |
| 2026 |
View More
|
| 2027 |
View More
|
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A Mortgage 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 Mortgage Underwriter I earns the most in San Jose, CA, where the annual salary of a Mortgage Underwriter I is $82,325.
The highest pay for Mortgage Underwriter I is $85,624.
The lowest pay for Mortgage Underwriter I is $52,430.
Evaluates the risk of mortgage loan 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 property appraisal. Calculates LTV ratio (loan to value) to define the loan program eligibility, down payment, interest rate, repayment terms, and allowed loan amounts. Makes approval, rejection, or modification decisions based on underwriting guidelines and established approval limits. Complies with all federal regulations, state laws, and internal policies related to mortgage lending. Escalates non-conforming loans that require approval review using an exception process. 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 Insurance industry offers the highest average compensation for Mortgage 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.)
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