What does an Underwriter do?
An underwriter's duties depend on the line of work or industry involved, such as mortgage companies, insurance, or lending firms. However, an Underwriter's responsibility will mainly revolve around using their extensive expertise on how a company will achieve financial gains, and assessing the possible financial risks of a client by reviewing various aspects to determine their capacity to uphold monetary obligations. Most of the time, the Underwriter's tasks will also involve evaluating a client's credit history, health, assets, overall financial history.
Underwriter responsibilities
Here are examples of responsibilities from real underwriter resumes:
- Attain Jr. underwriter status and AUS underwriting authority.
- Manage AUS findings and analyze approvals and results accordingly.
- Complete initial review of appraisals, borrower credit documents, and DU/LP findings according to Fannie Mae and investor guidelines.
- Research and develop SBA program.
- Work on project putting together HPR policy.
- Resolve issues preventing final disposition of REO properties.
- Maintain authority on LIS and LPS loan processing systems.
- Prepare and issue repurchase letters, review lender appeals and rescind or reaffirm repurchase.
- Complete AU designation during training program and have passed three CPCU tests with more schedule
- Update information in ticketing system for nonpayment defaulting loans and inspection updates for REO management.
- Perform complete underwriting of purchase money, refinances, and SBA financing of various income properties.
- Review and clearance of receive loan conditions for conventional, high balance, FHA, and USDA loan files.
- Possess a sell knowledge of FHLMC, FNMA, FHA, VA & USDA modification/loss mitigation procedures and guidelines.
- Assist with coaching, implementation, and training along with being a key resource for underwriters on the LIS loan system.
- Review and approve final HUD documentation for mortgage settlements.
Underwriter skills and personality traits
We calculated that 11% of Underwriters are proficient in Customer Service, Investor Guidelines, and Mortgage Loans. They’re also known for soft skills such as Initiative, Detail oriented, and Interpersonal skills.
We break down the percentage of Underwriters that have these skills listed on their resume here:
- Customer Service, 11%
Provide exemplary customer service to both internal staff and external customers by explaining credit decision and offering alternative options when needed.
- Investor Guidelines, 6%
Performed modification eligibility analysis per investor guidelines.
- Mortgage Loans, 5%
Analyzed and approved or disapproved residential loan modification applications of homeowners who were in default on their mortgage loan payments.
- Underwriting Guidelines, 5%
Performed accurate review of real estate loans using specific guidelines to determine whether loan was underwritten in accordance with underwriting guidelines.
- Financial Statements, 4%
Conducted detailed review of financial statements, credit reports, and required modification documentation to ensure that investor criteria are upheld.
- FHA, 3%
Cross trained on Rural Development and FHA Products though primary responsibilities have been focused on conventional underwriting.
Most underwriters use their skills in "customer service," "investor guidelines," and "mortgage loans" to do their jobs. You can find more detail on essential underwriter responsibilities here:
Detail oriented. Another essential skill to perform underwriter duties is detail oriented. Underwriters responsibilities require that "underwriters must stay focused when reviewing insurance applications because each item may affect the coverage decision." Underwriters also use detail oriented in their role according to a real resume snippet: "prepared careful, detailed analysis of loan packages adhering to confidentiality policy, code of ethics, and policies and procedures. "
Interpersonal skills. This is an important skill for underwriters to perform their duties. For an example of how underwriter responsibilities depend on this skill, consider that "underwriters need to communicate and relate well with people because much of their work involves dealing with clients or others, such as insurance sales agents." This excerpt from a resume also shows how vital it is to everyday roles and responsibilities of an underwriter: "maintain excellent interpersonal relations with mortgage counselors. ".
Analytical skills. A big part of what underwriters do relies on "analytical skills." You can see how essential it is to underwriter responsibilities because "underwriters must evaluate information from a variety of sources to balance risk against caution." Here's an example of how this skill is used from a resume that represents typical underwriter tasks: "review submitted loan packages for pertinent documents and accuracy of transmitted data. "
Math skills. Another common skill required for underwriter responsibilities is "math skills." This skill comes up in the duties of underwriters all the time, as "underwriters need math knowledge to ensure accuracy in determining the probability of losses and calculating appropriate premiums on an insurance policy." An excerpt from a real underwriter resume shows how this skill is central to what an underwriter does: "mortgage due diligence, quantitative analysis and risk analysis. "
The three companies that hire the most underwriters are:
- HThe Hartford173 underwriters jobs
- HHuntington National Bank129 underwriters jobs
- CThe Cincinnati Insurance Companies67 underwriters jobs
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Compare different underwriters
Underwriter vs. Mortgage consultant
A mortgage consultant is an individual who helps customers and businesses identify the best option for mortgage deals based on their financial resources. To maintain an excellent relationship with clients, mortgage consultants must possess a broad knowledge of the company's products to answer all the clients' queries and concerns. They help clients gather and analyze documents that are required for loan approval and create accurate mortgage information. They also develop relationships with banks and real estate agents to help promote bank mortgages for clients.
These skill sets are where the common ground ends though. The responsibilities of an underwriter are more likely to require skills like "investor guidelines," "mortgage loans," "financial statements," and "credit decisions." On the other hand, a job as a mortgage consultant requires skills like "nmls," "financial services," "bank products," and "financial data." As you can see, what employees do in each career varies considerably.
Mortgage consultants tend to make the most money working in the finance industry, where they earn an average salary of $36,576. In contrast, underwriters make the biggest average salary, $78,233, in the manufacturing industry.mortgage consultants tend to reach similar levels of education than underwriters. In fact, mortgage consultants are 0.4% less likely to graduate with a Master's Degree and 0.3% more likely to have a Doctoral Degree.Underwriter vs. Loan analyst
A loan analyst is responsible for determining the eligibility of loan applicants in purchasing loan services by analyzing their application documents, account statements, and financial and credit status. Loan analysts evaluate loan agreements and payment plans and explain feasibility to the customers and loan officers before granting the loan. They also provide loan options and alternatives to the clients according to their needs and risk limitations. A loan analyst must have excellent knowledge of the loan and financial industry, especially in handling credit policies and loan processes and ensuring timely submission of reports.
While some skills are similar in these professions, other skills aren't so similar. For example, resumes show us that underwriter responsibilities requires skills like "mortgage loans," "credit decisions," "underwriting process," and "strong analytical." But a loan analyst might use other skills in their typical duties, such as, "loan documentation," "real estate," "loan portfolio," and "data entry."
Loan analysts may earn a lower salary than underwriters, but loan analysts earn the most pay in the finance industry with an average salary of $37,567. On the other hand, underwriters receive higher pay in the manufacturing industry, where they earn an average salary of $78,233.In general, loan analysts achieve similar levels of education than underwriters. They're 0.9% more likely to obtain a Master's Degree while being 0.3% more likely to earn a Doctoral Degree.Underwriter vs. Quality control auditor
A quality control auditor is in charge of auditing and evaluating quality control procedures to ensure operations adhere to company standards and budgets. Most quality control auditors work in manufacturing companies or warehouses where their responsibilities include conducting research and analysis to develop test structures for quality control, reviewing documentation and specifications, monitoring the performance of the workforce, performing risk assessments, and maintaining records. There are also times when a quality control auditor develops reports and presents them to managers, along with recommendations against vulnerable areas.
The required skills of the two careers differ considerably. For example, underwriters are more likely to have skills like "customer service," "mortgage loans," "credit decisions," and "underwriting process." But a quality control auditor is more likely to have skills like "quality control audits," "quality checks," "va," and "iso."
Quality control auditors make a very good living in the finance industry with an average annual salary of $37,238. On the other hand, underwriters are paid the highest salary in the manufacturing industry, with average annual pay of $78,233.When it comes to education, quality control auditors tend to earn similar degree levels compared to underwriters. In fact, they're 0.4% less likely to earn a Master's Degree, and 0.1% less likely to graduate with a Doctoral Degree.Underwriter vs. Senior loan processor
A senior loan processor works in a financial institution to solicit, negotiate, and coordinate consumers' and commercial loans. Old loan processors must review and verify loan documents and ensure that the required documents are complete and accurate. In the case of missing documentation, senior loan processors must communicate with customers to avoid loan approval delay. Old loan processors must also obtain a bachelor's degree in finance, business administration, or any other related field.
Even though a few skill sets overlap between underwriters and senior loan processors, there are some differences that are important to note. For one, an underwriter might have more use for skills like "credit decisions," "underwriting process," "financial analysis," and "excellent interpersonal." Meanwhile, some responsibilities of senior loan processors require skills like "va," "property appraisals," "calculate income," and "sr."
Senior loan processors enjoy the best pay in the professional industry, with an average salary of $77,570. For comparison, underwriters earn the highest salary in the manufacturing industry.senior loan processors reach similar levels of education compared to underwriters, in general. The difference is that they're 2.8% more likely to earn a Master's Degree, and 0.2% less likely to graduate with a Doctoral Degree.Types of underwriter
Updated January 8, 2025
