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Underwriters are responsible for deciding whether a borrower's loan application is approved or not. If a potential borrower applies for a loan from a mortgage, insurance, loan broker or any other type of financial institution, it is an underwriter who evaluates risk presented by the entire loan application. As part of the underwriter job description, they review credit history, assets, the size of the loan, the appraisal of the home for mortgage applicants and medical history for insurance, and then decide whether to approve or decline the application based on the risk presented.
The most common underwriter qualifications include having at least a bachelor’s degree in finance, business, economics, or mathematics. Advancing in this field typically requires underwriters to earn certifications through nationally-recognized organizations. While underwriting certificates can be obtained in as little as 1-10 courses.
The most common underwriter duties include:
While the Bureau of Labor Statistics (BLS) stated that employment of insurance underwriters is projected to decline 6% in the following years, skills like customer service, communication and making judgment calls on higher risk applicants through Loan Officer interviews, are factors why financial institutions have not completely transitioned the load to software-based solutions and will still require underwriters.
Depending on the path, underwriters can become:
Interested in learning more about this position or other similar Mortgage-related jobs? Check out the top mortgage positions we're currently hiring for.
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