Is their pay contingent on the loan funding?
I am asking about independent underwriters who are paid per loan that sometimes even work remotely.
Thanks
28
May
May
How much is a residential mortgage contract underwriter paid per loan?
Posted by Admin in Friday, May 28th 2010 1 comment so far
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Most underwriters are paid a salary based on their experience. Also most are paid a commission based on the same seniority and the number of loans that are closed by them each month.
The salary varies from lender to lender as do the commission. A good underwriter that has completed DA Underwriters classes would demand more of a salary than one that has not.
Commissions could be from $75.00 per loan closed to $200.00 per loan closed. Most loan underwriters should be able to close a minimum of 5-10 loans per month.
The volume would depend on certain circumstances like the advertisement and marketing of the mortgage company, the loan officers ability and experience. If the mortgage company is authorized to underwrite and do government loans such as VA and FHA mortgage loans.
I hope this has been of some benefit to you, good luck.
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