Explore the critical requirements, core duties, primary responsibilities, and key skills that should be included in a comprehensive Mortgage Underwriter job description.
What does a Mortgage Underwriter do?
A mortgage underwriter evaluates loan applications and makes decisions on whether to approve or deny mortgage loans.
Job Description
We are seeking an experienced mortgage underwriter to evaluate and determine the eligibility of loan applications. The responsibilities of a mortgage underwriter include reviewing and verifying loan applications, assessing risks, and making decisions on loan eligibility.
An ideal candidate for this role should have the ability to make sound judgments based on thorough analysis and ensure that all required documentation meets regulatory standards.
Job Duties and Responsibilities
- Authorize and underwrite loans
- Review and verify loan applications and supporting documents
- Analyze loan risks and request additional information if needed
- Create reports on assessment findings
- Make decisions on loan eligibility and approve or reject applications
- Specify loan conditions as necessary
- Ensure compliance with regulatory standards
- Adhere to company policies and guidelines
- Document and communicate reasons for loan approval or rejection
- Return incomplete applications to loan officers for further review
Requirements and Qualifications
- Bachelor's degree in business, banking, finance, or a related field
- Prior experience in loan underwriting
- Strong organizational and prioritization skills
- Excellent communication skills, both verbal and written
- Detail-oriented with strong data analysis abilities
- High proficiency in mathematics
- Thorough knowledge of mortgage loan processing and relevant legal regulations
- Proficiency in Microsoft Office and automated underwriting systems
Mortgage Underwriter Salary
The earning potential of a Mortgage Underwriter can vary significantly based on factors such as geographic location, industry, professional experience, educational background, and the specific employer. On average, the annual salary for an Mortgage Underwriter in the United States is approximately $74043.