Mortgage Underwriting Jobs Overview
Mortgage underwriting jobs involve assessing how much risk a bank is willing to take on when agreeing to finance a mortgage for a borrower. The job of the underwriter is to examine the borrower’s credit score, income and other information to determine if the loan is a risk the bank is willing to take.
Qualifications for Mortgage Underwriter Jobs
Mortgage underwriters typically need a bachelor’s degree in finance, business, accounting or a related field. Other qualifications employers may require include:
- Financial analysis skills: Mortgage underwriters are responsible for reviewing and analyzing financial documents, including income and credit score reports.
- Knowledge of underwriting guidelines: To properly evaluate a borrower’s ability to make payments, they must be familiar with underwriting guidelines.
- Good communication skills: Communication is important for interviewers responsible for collecting information from borrowers.
Job Duties of a Mortgage Underwriter
Mortgage underwriters are responsible for evaluating the creditworthiness of loan applicants. Their duties include:
- Review loan applications: Underwriters review applications to ensure all documents are complete and accurate.
- Evaluate financial data: Underwriters review borrower’s financial data such as income, debts, assets, and credit history to determine their ability to make loan payments.
- Verify information: Underwriters verify the accuracy of information provided by the borrower, including employment status and sources of income.
- Determine acceptability of loan: Based on the evaluation of a borrower’s financial documents, the underwriter will determine if the loan should be accepted or declined.
Career Outlook for Mortgage Underwriter Jobs
The U.S. Bureau of Labor Statistics expects growth for financial clerks, including mortgage underwriters, to remain for the next 10 years. As technology advancements continue, underwriters will be able to process more loan applications in a shorter amount of time.
In conclusion, mortgage underwriting jobs are a great way to enter the financial industry. Those with the necessary qualifications and knowledge of underwriting guidelines are well-suited for this type of job. With the expected job growth, now is a great time to pursue a career in this field.