As of March 01, 2026, the average salary for a Mortgage Underwriter III in the United States is $94,937 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:
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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.
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:
| Job Role | Years of Experience | Average Salary |
|---|---|---|
| Mortgage Underwriter I | 0-2 years | $65,227 |
| Mortgage Underwriter II | 2-4 years | $73,326 |
| Mortgage Underwriter III | 4-7 years | $94,937 |
| Mortgage Underwriter IV | 7+ years | $112,254 |
| Mortgage Underwriting Manager | 7+ years | $111,121 |
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 IIIs. For example, consider the average annual salaries in these key locations:
Demanded Skills for the Role:
| Skills | Demand Percentage |
|---|---|
| Analysis | 4.63% |
| Tax Return | 1.67% |
| Financial Services | 1.03% |
| Skill | Salary | Salary % Increase |
|---|---|---|
|
Analytical Skills
|
$109,178 |
15%
|
|
Team Management
|
$107,279 |
13%
|
|
Insight
|
$105,380 |
11%
|
|
Communication Skills
|
$103,481 |
9%
|
|
Written Communication
|
$103,481 |
9%
|
|
Financial Services
|
$102,532 |
8%
|
Your level of education can impact your salary potential. While many Mortgage Underwriter IIIs 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 III with a High School Diploma or Technical Certificate is between $83,860 and $89,803).
Mortgage Underwriter III Salaries by Degree Level
| 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% |
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 March 01, 2026For a Mortgage Underwriter III, the most direct path to higher earnings is advancing to the Mortgage Underwriter IV role. This promotion typically comes with a significant pay increase, bringing the average annual salary to $112,254 - a projected growth of 18% over your current level.
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Compensation PlanningHere are companies hiring for Mortgage Underwriter III and their salaries, click below for more details.
Ready to take the next step in your career? Browse thousands of current Mortgage Underwriter III job openings on our job board. Use the search bar below to find your perfect match.
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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 $119,744.
The highest pay for Mortgage Underwriter III is $110,129.
The lowest pay for Mortgage Underwriter III is $80,217.
Underwrites mortgage loan applications and evaluates loans in order to maximize organizational profit and minimize risk or loss. Monitors property appraisal process and assists with property inspections. Assesses risks to determine approval status. May require a bachelor's degree. Typically reports to a supervisor or manager. Contributes to moderately complex aspects of a project. Work is generally independent and collaborative in nature. Typically requires 4 to 7 years of related experience.
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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