As of March 01, 2025, the average annual salary for a Mortgage Underwriting Manager in Elgin, IL is $110,618. According to Salary.com, salaries can range from a low of $76,180 to a high of $148,192, with most professionals earning between $92,592 and $130,286.
| Annual Salary |
Monthly Pay |
Weekly Pay |
Hourly Wage |
|
| 75th Percentile | $126,246 | $10,520 | $2,428 | $61 |
| Average | $107,188 | $8,932 | $2,061 | $52 |
| 25th Percentile | $89,721 | $7,477 | $1,725 | $43 |
An entry-level Mortgage Underwriting Manager with under 1 year experience makes about $102,790. With less than 2 years of experience, a mid-level Mortgage Underwriting Manager makes around $103,589. After 2-4 years, the Mortgage Underwriting Manager pay rises to about $105,453. Those senior Mortgage Underwriting Manager with 5-8 years of experience earn roughly $107,583, and those Mortgage Underwriting Manager having 8 years or more experience are expected to earn about $111,480 on average.
| Levels | Salary |
|---|---|
| Entry Level Mortgage Underwriting Manager | $102,790 |
| Intermediate Level Mortgage Underwriting Manager | $103,589 |
| Senior Level Mortgage Underwriting Manager | $105,453 |
| Specialist Level Mortgage Underwriting Manager | $107,583 |
| Expert Level Mortgage Underwriting Manager | $111,480 |
| Entry Level | 4% |
| Mid Level | 3% |
| Senior Level | 2% |
| Top Level | 0% |
| Experienced | 4% |
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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.
Leadership: Knowledge of and ability to employ effective strategies that motivate and guide other members within our business to achieve optimum results.
Mortgage Banking: Mortgage banking generally involves loan originations as well as purchases and sales of loans through the secondary mortgage market. A bank engaged in mortgage banking may retain or sell loans it originates or purchases from affiliates, brokers, or correspondents.
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| Skill | Salary | Demand |
|---|---|---|
|
Loan Underwriting
|
$123,892 |
12%
|
|
Loss Mitigation
|
$120,573 |
9%
|
|
Team Management
|
$120,573 |
9%
|
|
Planning
|
$118,361 |
7%
|
|
PowerPoint
|
$118,361 |
7%
|
|
Credit Risk
|
$117,255 |
6%
|
