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Mortgage Underwriter III Salary in the United States

How much does a Mortgage Underwriter III make in the United States?

As of September 01, 2026, the average salary for a Mortgage Underwriter III in the United States is $94,958 per year, which breaks down to an hourly rate of $46.

However, a Mortgage Underwriter III's salary can vary significantly. Here’s a look at the typical salary range:

  • Top Earners (90th percentile): $109,999
  • Majority Range (25th-75th percentile): $87,177 to $102,831
  • Entry-Level (10th percentile): $80,093
Salary Factors Salary-Boosting Skills Salary by Experience Related Job Salaries Top Paying Cities Explore Related Jobs

Key Factors That Influence Mortgage Underwriter III Salaries

A Mortgage Underwriter III'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.

How Experience Level Affects Mortgage Underwriter III Salaries?

Experience is a primary driver of a Mortgage Underwriter III'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:

  • Mortgage Underwriter I (0-2 years): $65,292
  • Mortgage Underwriter II (2-4 years): $73,338
  • Mortgage Underwriter III (4-7 years): $94,958
  • Mortgage Underwriter IV (7+ years): $112,320
  • Mortgage Underwriting Manager (7+ years): $111,119
Job Role Years of Experience Average Salary
Mortgage Underwriter I0-2 years$65,292
Mortgage Underwriter II2-4 years$73,338
Mortgage Underwriter III4-7 years$94,958
Mortgage Underwriter IV7+ years$112,320
Mortgage Underwriting Manager7+ years$111,119
View as Graph

How Do Mortgage Underwriter III Salaries Vary from State to State?

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 IIIs. For example, consider the average annual salaries in these key locations:
  • District of Columbia: $105,137.
  • California: $104,739.
  • Massachusetts: $103,343.

Top Paying Cities for Mortgage Underwriter IIIs

Salaries can also vary between different cities. Major metropolitan areas or cities with a high demand for technicians often offer more competitive pay. Here are a few examples of average annual salaries in different U.S. cities:

  • San Jose: $119,771
  • San Francisco: $118,459
  • Oakland: $115,963

What Skills Can Increase a Mortgage Underwriter III's Salary?

Demanded Skills for the Role:

  • Analysis (Mentioned in 4.63% Job Postings): Analysis is the process of considering something carefully or using statistical methods in order to understand it or explain it.
  • Tax Return (Mentioned in 1.67% Job Postings): Calculating an entity’s income earned with the amount of tax payable to the government, organizations, or potential taxpayers.
  • Financial Services (Mentioned in 1.03% Job Postings): A services provided by the finance industry, which encompasses a broad range of businesses that manage money. These services involve banking, brokerage, mortgages, credit cards, payment services, real estate, investment funds, taxes and accounting.
Skills Demand Percentage
Analysis 4.63%
Tax Return 1.67%
Financial Services 1.03%
See More Skills

What skills can make your compensation higher?

Mastering certain specialized skills can lead to a significant increase in pay. Here are examples of skills and the potential impact they can have on a Mortgage Underwriter III's salary.

  • Analytical Skills: Can increase your salary by up to 15%.
  • Team Management: Can increase your salary by up to 13%.
  • Insight: Can increase your salary by up to 11%.
Skill Salary Salary % Increase
Analytical Skills $109,202
15%
Team Management $107,303
13%
Insight $105,403
11%
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Mortgage Underwriter III Salary by Company Size: Startups vs. Enterprise

Mortgage Underwriter III salary potential scales significantly with company size. Data shows that Enterprise companies (5,000+ employees) pay the highest average salary at around $104,408. While startup companies pay approximate $88,074.

Mortgage Underwriter III Salary by Company Size

Company Size Employees Average Salary
Startup 1~50 $88,074
Growth Stage 51~500 $93,242
Established 501~5000 $100,730
Enterprise 5000+ $104,408

Mortgage Underwriter III Salary by Industry: Top Paying Sectors

For Mortgage Underwriter III roles, the industry you choose can impact your earning potential by as much as 40% (the gap between the highest and lowest paying industries). Data shows that the highest-paying industry, Financial Services, offers compensation 20% above the average. Conversely, Mortgage Underwriter positions in Insurance typically offer lower base pay, as this sector often view Mortgage Underwriter III as a support function rather than a direct revenue driver.

The top paying industry for a Mortgage Underwriter III

Industry Sector Average Annual Salary Average Hourly Rate Pay vs.Avg
Financial Services$113,950$55.020%

How Education impacts a Mortgage Underwriter III's Salary?

Your level of education can impact your salary potential. While many Mortgage Underwriter III enter the field with a Bachelor's Degree, higher education can lead to more specialized and higher-paying roles.

According to our 100% employer-reported salary data, the median salary for an Mortgage Underwriter III with a Bachelor's Degree is between $84,765 and $90,770.

Mortgage Underwriter III Salaries by Degree Level

Typical Education for Mortgage Underwriter III
Degree Level % of user with this level of education
No Diploma 3.1%
High School 32.3%
Associates 16.2%
Bachelors 41.5%
Masters 6.9%
Doctorate 0.0%
View as Graph

Mortgage Underwriter III Salary: Hourly Rate, Weekly Pay, and Monthly Pay

Understanding how a Mortgage Underwriter III'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 September 01, 2026
$87,177
Average $94,958/year
$102,831
$7,265
Average $7,913/month
$8,569
$1,676
Average $1,826/week
$1,978
$42
Average $46/hour
$49
Annual Salary Monthly Pay Weekly Pay Hourly Wage
75th Percentile $102,831 $8,569 $1,978 $49
Average $94,958 $7,913 $1,826 $46
25th Percentile $87,177 $7,265 $1,676 $42

Mortgage Underwriter III Salary Growth & Career Path

Mortgage Underwriter III

Next Role

Advancement

Promotions are the fastest way to increase your earnings. As a Mortgage Underwriter III, 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 IV $112,320 18%
Loan Underwriter IV $103,775 9%

Most common benefits for Mortgage Underwriter III

  • Social Security
  • 401 (k)
  • Disability
  • Healthcare
  • Pension
  • Time Off (days)

Common company salaries for Mortgage Underwriter III

Here are companies hiring for Mortgage Underwriter III and their salaries, click below for more details.

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FAQ about Mortgage Underwriter III

1. Where can a Mortgage Underwriter III earn the most?

A Mortgage Underwriter III'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 III earns the most in San Jose, CA, where the annual salary of a Mortgage Underwriter III is $119,771.

2. What is the highest pay for Mortgage Underwriter III?

The highest pay for Mortgage Underwriter III is $109,999.

3. What is the lowest pay for Mortgage Underwriter III?

The lowest pay for Mortgage Underwriter III is $80,093.

4. What are the responsibilities of Mortgage Underwriter III?

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 generally independent and collaborative in nature. Contributes to moderately complex aspects of a project. Typically requires 4-7 years of related experience.

5. What industry pays the highest salary for Mortgage Underwriter III?

The Financial Services industry offers the highest average compensation for Mortgage Underwriter III roles, with salaries approximately 20% above the market median.

Where Does Our Salary Data Come From?

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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