A person working as a Mortgage Underwriter in Bulgaria typically earns around 1,480 BGN per month. Salaries range from 770 BGN (lowest) to 2,260 BGN (highest).
This is the average monthly salary including housing, transport, and other benefits. Mortgage Underwriter salaries vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria.
Mortgage Underwriter salaries in Bulgaria range from 770 BGN per month (minimum salary) to 2,260 BGN per month (maximum salary).
The median salary is 1,420 BGN per month, which means that half (50%) of people working as Mortgage Underwriter(s) are earning less than 1,420 BGN while the other half are earning more than 1,420 BGN. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.
Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of Mortgage Underwriter(s) are earning less than 990 BGN while 75% of them are earning more than 990 BGN. Also from the diagram, 75% of Mortgage Underwriter(s) are earning less than 1,770 BGN while 25% are earning more than 1,770 BGN.
Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary
The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher your wage. We broke down Mortgage Underwriter salaries by experience level and this is what we found.
A Mortgage Underwriter with less than two years of experience makes approximately 870 BGN per month.
While someone with an experience level between two and five years is expected to earn 1,170 BGN per month, 34% more than someone with less than two year's experience.
Moving forward, an experience level between five and ten years lands a salary of 1,520 BGN per month, 30% more than someone with two to five years of experience.
Additionally, Mortgage Underwriter(s) whose expertise span anywhere between ten and fifteen years get a salary equivalent to 1,840 BGN per month, 21% more than someone with five to ten years of experience.
If the experience level is between fifteen and twenty years, then the expected wage is 2,020 BGN per month, 9% more than someone with ten to fifteen years of experience.
Lastly, employees with more than twenty years of professional experience get a salary of 2,120 BGN per month, 5% more than people with fifteen to twenty years of experience.
|0 - 2 Years|
|2 - 5 Years||+34%|
|5 - 10 Years||+30%|
|10 - 15 Years||+21%|
|15 - 20 Years||+9%|
We all know that higher education equals a bigger salary, but how much more money can a degree add to your income? We broke down Mortgage Underwriter salaries by education level in order to make a comparison.
When the education level is Bachelor's Degree, the average salary of a Mortgage Underwriter is 1,230 BGN per month.
While someone with a Master's Degree gets a salary of 1,710 BGN per month, 39% more than someone having a Bachelor's Degree degree.
A Master's degree program or any post-graduate program in Bulgaria costs anywhere from 16,500 Bulgarian Lev(s) to 49,500 Bulgarian Lev(s) and lasts approximately two years. That is quite an investment.
You can't really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.
Many people pursue higher education as a tactic to switch into a higher paying job. The numbers seem to support the thoery. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.
If you can afford the costs of higher education, the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.
Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male Mortgage Underwriter employees in Bulgaria earn 6% more than their female counterparts on average.
Mortgage Underwriter(s) in Bulgaria are likely to observe a salary increase of approximately 10% every 18 months. The national average annual increment for all professions combined is 7% granted to employees every 20 months.
The term 'Annual Salary Increase' usually refers to the increase in 12 calendar month period, but because it is rarely that people get their salaries reviewed exactly on the one year mark, it is more meaningful to know the frequency and the rate at the time of the increase.
The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 ÷ Increase Frequency
Listed above are the average annual increase rates for each industry in Bulgaria for the year 2022. Companies within thriving industries tend to provide higher and more frequent raises. Exceptions do exist, but generally speaking, the situation of any company is closely related to the economic situation in the country or region. These figures tend to change frequently.
A Mortgage Underwriter is considered to be a moderate bonus-based job due to the generally limited involvement in direct revenue generation, with exceptions of course. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.
51% of surveyed staff reported that they haven't received any bonuses or incentives in the previous year while 49% said that they received at least one form of monetary bonus.
Those who got bonuses reported rates ranging from 3% to 5% of their annual salary.
The most standard form of bonus where the employee is awarded based on their exceptional performance.Company Performance Bonuses
Occasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.Goal-Based Bonuses
Granted upon achieving an important goal or milestone.Holiday / End of Year Bonuses
These types of bonuses are given without a reason and usually resemble an appreciation token.
People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.
The main two types of jobs
|Revenue Generators||Supporting Cast|
Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business.
Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations.
Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.
Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.
The hourly wage is the salary paid in one worked hour. Usually jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fix amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.
The average salary for Mortgage Underwriter is 59% less than that of Banking. Also, Banking salaries are 9% more than those of All Jobs.
|Job Title||Average Salary|
|AML Analyst||4,910 BGN||+230%|
|Assistant Bank Branch Manager||4,330 BGN||+190%|
|Assistant Bank Manager||5,720 BGN||+290%|
|ATM Manager||4,990 BGN||+240%|
|ATM Service Technician||1,290 BGN||-13%|
|Bank Accounts Analyst||1,900 BGN||+28%|
|Bank Accounts Controller||2,470 BGN||+67%|
|Bank Accounts Executive||3,780 BGN||+160%|
|Bank Accounts Manager||4,100 BGN||+180%|
|Bank Auditing Manager||4,280 BGN||+190%|
|Bank Branch Manager||5,710 BGN||+290%|
|Bank Clerk||1,130 BGN||-24%|
|Bank Compliance Specialist||3,200 BGN||+120%|
|Bank Manager||7,190 BGN||+390%|
|Bank Operational Risk Manager||6,690 BGN||+350%|
|Bank Operations Head||6,870 BGN||+360%|
|Bank Operations Officer||2,870 BGN||+94%|
|Bank Operations Specialist||4,200 BGN||+180%|
|Bank Process Manager||3,810 BGN||+160%|
|Bank Product Manager||4,520 BGN||+210%|
|Bank Programme Manager||4,720 BGN||+220%|
|Bank Project Manager||5,510 BGN||+270%|
|Bank Propositions Manager||5,070 BGN||+240%|
|Bank Quantitative Analyst||3,390 BGN||+130%|
|Bank Regional Manager||7,610 BGN||+410%|
|Bank Regional Risk Officer||3,880 BGN||+160%|
|Bank Relationship Manager||5,220 BGN||+250%|
|Bank Relationship Officer||2,430 BGN||+64%|
|Banking Business Analyst||3,720 BGN||+150%|
|Banking Business Development Officer||2,260 BGN||+53%|
|Banking Business Planning Executive||5,150 BGN||+250%|
|Banking Product Manager||4,380 BGN||+200%|
|Banking Reference Data Manager||4,080 BGN||+180%|
|Banking Risk Analyst||3,740 BGN||+150%|
|Banking Technical Analyst||2,020 BGN||+37%|
|Bankruptcy Coordinator||2,580 BGN||+74%|
|Budget Analyst||3,690 BGN||+150%|
|Cards Marketing Manager||4,480 BGN||+200%|
|Cash Management Manager||6,530 BGN||+340%|
|Check Processing Manager||4,980 BGN||+240%|
|Commercial Vault Associate||3,740 BGN||+150%|
|Corporate Dealer||3,720 BGN||+150%|
|Credit Analyst||2,990 BGN||+100%|
|Credit and Collections Manager||4,860 BGN||+230%|
|Credit Card Fraud Investigator||3,840 BGN||+160%|
|Credit Portfolio Manager||6,590 BGN||+350%|
|Credit Risk Analyst||4,240 BGN||+190%|
|Credit Risk Associate||3,910 BGN||+160%|
|Direct Bank Sales Representative||2,720 BGN||+84%|
|Financial Bank Planning Consultant||4,930 BGN||+230%|
|Financial Banking Analysis Manager||5,470 BGN||+270%|
|Financial Banking Assistant||1,830 BGN||+24%|
|Financial Banking Systems Manager||4,900 BGN||+230%|
|Foreign Exchange Manager||5,410 BGN||+270%|
|Fraud Analyst||3,880 BGN||+160%|
|Fraud Detection Associate||2,770 BGN||+87%|
|Fraud Detection Manager||5,850 BGN||+300%|
|Fraud Detection Supervisor||3,130 BGN||+110%|
|Internal Bank Audit Manager||6,970 BGN||+370%|
|Internal Bank Auditor||3,470 BGN||+130%|
|International Banking Manager||7,580 BGN||+410%|
|Loan Analyst||3,490 BGN||+140%|
|Loan Area Manager||4,590 BGN||+210%|
|Loan Audit Team Leader||4,300 BGN||+190%|
|Loan Branch Manager||3,980 BGN||+170%|
|Loan Business Development Officer||2,220 BGN||+50%|
|Loan Clerk||1,340 BGN||-9%|
|Loan Collection Manager||4,240 BGN||+190%|
|Loan Collector||1,230 BGN||-17%|
|Loan Examiner||1,540 BGN||+4%|
|Loan Processing Manager||3,930 BGN||+170%|
|Loan Processor||1,700 BGN||+15%|
|Loan Quality Assurance Auditor||3,560 BGN||+140%|
|Loan Quality Assurance Manager||4,100 BGN||+180%|
|Loan Quality Assurance Representative||2,820 BGN||+91%|
|Loan Review Manager||3,980 BGN||+170%|
|Loan Team Leader||3,680 BGN||+150%|
|Mortgage Advisor||2,620 BGN||+77%|
|Mortgage Collection Manager||4,120 BGN||+180%|
|Mortgage Collector||1,190 BGN||-20%|
|Mortgage Credit Analyst||2,000 BGN||+35%|
|Mortgage Credit Manager||3,930 BGN||+170%|
|Mortgage Development Manager||4,660 BGN||+220%|
|Mortgage Document Reviewer||1,640 BGN||+11%|
|Mortgage Funding Manager||4,550 BGN||+210%|
|Mortgage Operations Manager||6,490 BGN||+340%|
|Mortgage Payment Processing Clerk||1,340 BGN||-9%|
|Mortgage Processing Manager||4,160 BGN||+180%|
|Mortgage Processor||1,690 BGN||+14%|
|Mortgage Quality Assurance Auditor||3,580 BGN||+140%|
|Mortgage Quality Assurance Manager||4,240 BGN||+190%|
|Mortgage Servicing Clerk||1,220 BGN||-18%|
|Mortgage Servicing Manager||4,010 BGN||+170%|
|Mortgage Underwriter||1,480 BGN||+0%|
|Online Banking Manager||6,650 BGN||+350%|
|Payment Processing Clerk||1,270 BGN||-14%|
|Personal Banker||2,670 BGN||+81%|
|Personal Banking Advisor||2,830 BGN||+91%|
|Phone Banker||1,840 BGN||+24%|
|Private Banker||2,670 BGN||+81%|
|Reconciliation and Investigation Specialist||2,860 BGN||+93%|
|Trade Officer||1,430 BGN||-3%|
|Trade Product Manager||4,250 BGN||+190%|
|Treasury Operations Officer||3,190 BGN||+120%|
|Stara Zagora||1,390 BGN|
Where can you get paid more, working for a private company or for the government? Public sector employees in Bulgaria earn 9% more than their private sector counterparts on average across all sectors.