Commercial Underwriter Salary in Chicago, IL

How much does a Commercial Underwriter make in Chicago, IL?

As of April 01, 2025, the average annual salary for a Commercial Underwriter in Chicago, IL is $59,741. Salary.com reports that pay typically ranges from $53,724 to $66,914, with most professionals earning between $48,247 and $73,445.

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Salary range for an Commercial Underwriter

$53,724 to $66,914

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Commercial Underwriter

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Job Openings for Commercial Underwriter in Chicago, IL

What does a Commercial Underwriter do?

Common responsibilities of a Commercial Underwriter

Develop a thorough understanding of all Constructive Loans product and program underwriting guidelines, documentation requirements and processing, underwriting, closing and post-closing procedures.

November 09, 2022

Handle underwriting decisions on new business, renewals and referrals that fall outside the guidelines and within delegated authority levels.

February 06, 2023

Provides support to Commercial Bankers, Bank executives, loan officers, retail bankers, loan administrators and/or process administrators by answering queries and providing training on basic lending issues.

February 19, 2023

Monitor exposure of individual risks by the review of pictures, inspections, claims, consumer reports, renewal surveys, audits and communications with Farm Bureau Insurance agents.

March 22, 2023

Demonstrated knowledge of commercial lines underwriting, risk management and agency management to include technical principles of rating and pricing commercial lines business based upon individual risk criteria to promote underwriting profitability.

April 04, 2023

Prepares business case memos and participates in business case discussions, subsequent meetings with bank management, industry specialists, and other interested parties.

April 07, 2023

Evaluates strengths and weaknesses of the credit and escalates risks and other issues to MCU and/or RM or PM (Portfolio Manager).

April 16, 2023

Understands and uses financial information, tools and expense management principles to accomplish day-to-day work and maximize profitability.

April 28, 2023

Review and analyze all documents within or associated with the underwriting file to establish accuracy in identification and minimizing the risk of exposure, utilizing change requests, claim information, loss control and outside databases to identify changes in exposure to risk.

May 21, 2023

Assist Commercial Relationship Managers (RMs) in managing workflow via a pipeline process with regard to the prioritization of new prospects, modifications, renewals/upcoming maturities, as well as Portfolio Reviews and Special Asset Reports while developing a working knowledge of all prospective opportunities through the process.

May 21, 2023

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Commercial Underwriter Salary By Experience Levels in Chicago, IL

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RELEVANT JOB EXPERIENCE

Length of experience is a pay differentiator. Those with greater experience may have an advantage in negotiating salary. For those with less experience, other factors such as education or special skills could impact your pay. Please visit Professional Salary Report for more details.

Commercial Underwriter Salary By Level of Education in Chicago, IL

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LEVEL OF EDUCATION

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Average Salary Range for Commercial Underwriter in Chicago, IL

Average Base Salary

Core compensation

53724

66914

59741

Average Total Cash Compensation

Includes base and annual incentives

56149

69808

61984

What is the average salary for Commercial Underwriter in 2025?

These charts show the average base salary (core compensation), as well as the average total cash compensation for the job of Commercial Underwriter in Chicago, IL. The base salary for Commercial Underwriter ranges from $53,724 to $66,914 with the average base salary of $59,741. The total cash compensation, which includes base, and annual incentives, can vary anywhere from $56,149 to $69,808 with the average total cash compensation of $61,984.

View Average Salary for Commercial Underwriter as table

	Average Salary	Average Salary Range
Base Salary	$59,741	$53,724 - $66,914
Bonus	$2,243	$2,424 - $2,894
Total Pay	$61,984	$56,149 - $69,808

* Base Salary represents gross income before taxes and deductions. It does not include additional pay such as benefits, bonuses, profit sharing or commissions.

* Total Pay combines base salary, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job.

Commercial Underwriter Salary Near Chicago, IL

CITY, STATE	AVERAGE SALARY RANGE	COMPARE TO Chicago, IL
CITY, STATE Cicero, IL	AVERAGE SALARY RANGE $53,724 - $66,914	COMPARE TO Chicago, IL 0%
CITY, STATE Oak Park, IL	AVERAGE SALARY RANGE $53,724 - $66,914	COMPARE TO Chicago, IL 0%
CITY, STATE Oak Lawn, IL	AVERAGE SALARY RANGE $53,662 - $66,836	COMPARE TO Chicago, IL
CITY, STATE Evanston, IL	AVERAGE SALARY RANGE $53,704 - $66,888	COMPARE TO Chicago, IL
CITY, STATE Skokie, IL	AVERAGE SALARY RANGE $53,704 - $66,888	COMPARE TO Chicago, IL
CITY, STATE Arlington Heights, IL	AVERAGE SALARY RANGE $52,601 - $65,515	COMPARE TO Chicago, IL

See salaries for Commercial Underwriter in locations close to Chicago, IL. Pay for the same job may vary based on the location and on the location and on other factors such as the size of company, the industry, and other local conditions.

About Chicago, Illinois

Chicago (/ʃɪˈkɑːɡoʊ/ (listen), locally also /-ˈkɔː-/), officially the City of Chicago, is the most populous city in Illinois, as well as the third most populous city in the United States. With an estimated population of 2,716,450 (2017), it is the most populous city in the Midwest. Chicago is the principal city of the Chicago metropolitan area, often referred to as Chicagoland, and the county seat of Cook County, the second most populous county in the United States. The metropolitan area, at nearly 10 million people, is the third-largest in the United States, and the fourth largest in North A...

Source: Wikipedia (as of 04/11/2019). Read more from Wikipedia

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JOB TITLE Senior Commercial Underwriter	LOCATION Chicago, IL	MINIMUM SALARY $53,414	MAXIMUM SALARY $67,012
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The Commercial Underwriter job could be listed using titles that are not exactly the same, but actually are for the same or very similar job. Here are some job titles in Chicago, IL that might be a good fit for the type of job and salary you are looking for.

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53724

66914

About Chicago, Illinois Chicago (/ʃɪˈkɑːɡoʊ/ (listen), locally also /-ˈkɔː-/), officially the City of Chicago, is the most populous city in Illinois, as well as the third mos....More

Chicago, Illinois area prices were up 0.8% from a year ago

Commercial Underwriter Salary in popular cities: Aurora, Rockford, Joliet

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