Underwriting Comp Only
Hey guys,
Saw a similar post about AM Comp and thought I'd throw one together for Underwriting. I know titles and comp can vary so much from different places and a little detail would help here. I'll start us off.
Current Position: Senior Underwriter Experience: ~6 years direct, 2 at firm Firm Type: GSE (be specific here: can be agency, commercial bank, lifeco, debt fund, etc.) Asset: MF Market: National Location: East Coast Firm Size: GSE... Typical Hours: 40-50 hrs, has been like 50+ the past year though
Comp: Base: $130K Bonus: 20-30%
Current Position: Analyst (originations/underwriting) Experience: 3 years total, 9 months at current firm Firm Type: Debt fund (CMBS, pref/structured equity, mezz, Freddie SBL) Asset: All, currently focused on MF Market: National Location: NYC Firm Size: ~50 employees Typical Hours: 50-60 hours
Comp: Base: $90k Bonus: not sure yet, possibly 20-30%
Curious how you work Freddie SBL into your fund?
We don't - SBL is its own thing, but thought I would mention all of our functions.
Can you expand on your role? Do you underwrite (i.e. prepare/present credit memos to the firm's credit committee for approval) loans for multifamily mortgages?
Bump for the new week
Curious, do you think your equivalent at a seller (either bank like Wells Fargo or Capital One or non bank lender like Hunt or Walker & Dunlop) gets paid the same or is it a little less/more? I imagine you have another 25-30 years left in your professional career, if you stay in underwriting in the GSE, at what level do you max out pay wise? is it 200K?How is the pay progression from analyst- MD?
Generally I think someone with my responsibilities would make a little more at the seller. Base probably comparable and a little higher on the bonus. This is what I've typically heard but every firm and every team is different and the bonus will be more tied to actual production. Also my equivalent on the seller side would be like a AVP/VP/Director/Team Lead title wise.
It depends how high you would progress for the pay - VP level here is around $250k+ and a Director is ~$200k. Analysts here start around $70k with little bonus but eligible for OT. $10k or $20k bumps on promotions depending on level.
Thank you for the info. Pretty interesting that you could get paid a little better at sellers depending on the team. Because, I was under the impression that getting hired at a GSE was always more competitive than say Capital One and it was like hitting the lottery. Why do so many people want to get in? Is the hours, work/life balance, benefits and the fact that a 2-3 year stint at a GSE will open a lot more doors? Is there anything else that I am missing?
how fast do people hit vp
Wow look at all these certified anons, not sure if I'll fit in!
Current Position: Underwriting/Asset Management Analyst Experience: 2 years post UG Firm Type: Major Brokerage, Agency team Asset: MF Market: National Location: East Coast Firm Size: CBRE/JLL size Typical Hours: 40-50, usually 40 unless close to quarter/year end
Comp: Base: $70k Bonus: 15-20%
bump
I'll add my roles but note that I have since transitioned from Credit. The roles below were from 2016-2019
Position: Analyst/Underwriter (Little over 1 year in each role) Experience: 3 years post UG; but unrelated work experience Firm Type: Regional Bank Asset: CRE Market: West Coast Location: Southern CA Firm Size: $100bn; Team of about 15 Typical Hours: Usually 40-50. Sometimes more at Quarter or Year End if there are deadlines to meet
Analyst Comp: Base: $65-70k Bonus: 10%
UW Comp: Base: $80-85k Bonus: 10%
*My contract was 10% bonus but received 15%-20% depending on the year
*Our more experienced Underwriters, who had anywhere from 5-15 years of experience, made $120-140k with a 20%-25% bonus. Range depends on production and experience/tenure
what do you work in now?
Still in lending but on the production side
Bump
Current Position: Analyst
Experience: 2 years post UG, (did one year in valuation then transferred to UW dept internally)
Firm Type: Major Brokerage
Asset: MF
Market: National
Location: Orange County, CA
Firm Size: Large international brokerage (CBRE,JLL, NKF)
Typical Hours: Usually around 50 hrs, can be up to 70 if were busy
Comp:
Base: $65K
Bonus: 20-30%
Current Position: Analyst
Experience: 3 years
Firm Type: Bank, CMBS
Asset: All
Market: National
Location: East Coast
Firm Size: BB
Typical Hours: 50-60 hrs
Comp:
Base: $95K
Bonus: 35-50%
Would love to see more data on underwriting.
Current Position: Analyst
Experience: 1.5 years
Firm Type: Agency
Asset: MF
Market: National
Location: Central
Typical Hours: 40-50 hours
Comp:
Base: $60k
Bonus: 30%
Current Position: Analyst (production, underwriting)
Experience: 3.5 years
Firm Type: Agency primarily, will do lifeco, debt fund, hard money lenders
Asset: multifamily, mixed-use
Market: National
Location: NYC
Firm Size: Walker Dunlop/Berkadia equivalent
Typical Hours: 50-60
Comp:
Base: $85k
Bonus: 50-100%
Nice with the bonus. I've heard those bonuses can be nice in those W&D types, I'm guessing just depends on output and performance. How do the salary progression look at VP/Director level at your shop?
Yeah bonus potential is definitely nice, based on team performance and maybe some spillage from overall firm performance as well. Can't really remember.
After senior analyst level, base comp drops to $75k but you're also full-go as a producer. Don't necessarily know how the fee splits work at the firm but most of the time we're able to get a full point or two in the spread. What I do know is for 2020, no producer in the group took home less than $500k.
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