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Mortgage Underwriter Job Description Template
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Mortgage Underwriter Job Description Template

Job Description Template

Mortgage Underwriter Description Template

October 25, 2021

Mortgage Underwriter Job Description Template

This Free Mortgage Underwriter Job Description Template can help you hire a professional Mortgage Underwriter for your company.

We make the hiring process easier for you by offering a template that you can quickly post using VIVAHR software. Make sure the role of Mortgage Underwriter for your company has specific requirements, awards, and incentives.

Ready to hire? Let’s go! 🚀

What is a Mortgage Underwriter?

A mortgage underwriter is a financial specialist who evaluates a lender’s financial risk on a potential borrower before approving or refusing mortgage loans.

The mortgage underwriting process includes looking into a borrower’s credit history, ordering appraisals, verifying income and employment, reviewing debt-to-income ratios, confirming down payment and savings account information, and making sure all paperwork is submitted correctly based on current underwriting guidelines for loan approval.

They usually work full-time in the branch, with some after-hours or off-site meetings thrown in for good measure.

Related Job Titles for Mortgage Underwriter

The Top Mortgage Underwriter Skills

Skill Why it's important
Attention to Detail

A loan processor must be comfortable evaluating sensitive data and assessing risk while working in an automated setting. Furthermore, underwriters must be able to identify errors or possible difficulties, as well as accurately complete all of the required documentation. Mortgage applications may be arduous and time-consuming. As a result, for maximum work performance, the processor must be able to interpret every piece of information properly.
Computer Skills

It is critical to understand how to utilize and operate computers in today's technological world. Underwriters, like most other office professionals, need a basic understanding of computers to function effectively. In the mortgage financing procedure, "paperless" options are growing increasingly common. To be a good underwriter, you must have knowledge of and experience with specific software packages related to accounting and finance.
Strong Ethics

All mortgage underwriters must demonstrate a strong commitment to ethics. All underwriters in the banking and mortgage sectors must follow federal rules and the Fair Housing Act, as well as their employer's particular norms and procedures.
Goal-Oriented

Mortgage underwriters are frequently evaluated in light of the company's loan objectives. Someone who is determined to work hard to obtain specified goals is the best fit for this role. Candidates for underwriter positions must be self-motivated and eager to succeed.
Communication

Mortgage underwriting necessitates continual communication and cooperative teamwork. Loan processing involves the loan originator, processors, and underwriters. If an application is flagged or rejected, it is the underwriter's responsibility to explain why the application was refused so that the loan officer may transmit the information to the applicant. The underwriter needs to be able to effectively communicate with other team members to provide and receive critical information.

Mortgage Underwriter Job Description Template (Free)

Are you passionate about making a tangible difference in people’s lives by helping them achieve their home ownership dreams? We are searching for a detail-oriented Mortgage Underwriter to join our dynamic team, playing a crucial role in navigating financial solutions that transform aspirations into reality. Your expertise will ensure the financial health and stability of our operations, building the bridge between deserving clients and their dreams of home ownership.

In this role, you will critically assess loan applications, evaluate financial information, and make informed decisions on loan approval, ensuring compliance with lending guidelines and policies. We seek a professional who thrives in a fast-paced environment, possesses exceptional analytical skills, and maintains both accuracy and integrity in their work.

Join us and contribute to a team committed to excellence and to making a positive impact in the lives of individuals and communities.

Mortgage Underwriter Duties & Responsibilities:

  • Loaning approval and underwriting.
  • Examining and approving loan applications as well as supporting documents.
  • Analyzing loan risk and, if required, obtaining further information.
  • Creating reports based on the results of the evaluation.
  • Making decisions on loan eligibility and accepting or rejecting applications.
  • Reviewing and defining loan terms.
  • Assuring adherence to regulatory requirements.
  • Assuring adherence to corporate policies and procedures.
  • Keeping track of and effectively conveying the reasons for loan acceptance or rejection.
  • Returning applications to the loan officer with further documents for consideration.

Mortgage Underwriter Requirements:

  • A bachelor’s degree in business, banking, finance, or a related subject is required.
  • Underwriting experience is a plus.
  • Exceptionally well-organized and capable of prioritizing.
  • Good verbal and written communication abilities.
  • Detail-oriented with a solid understanding of data analysis.
  • Exceptional math skills.
  • Working understanding of mortgage loan processing as well as applicable legal restrictions.
  • Microsoft Office skills and knowledge of automated underwriting systems are required.

Accounting Specialist Interview Questrions

Sample Interview Questions for a Mortgage Underwriter

After collecting all necessary applications feel free to use these sample interview questions for a Mortgage Underwriter.

Personal
  1. What motivated you to become a mortgage underwriter?
  2. How would you describe yourself in one word?
  3. Do you have a long-term career goal, or do you prefer to live in the moment?
Human Resources
  1. Please describe a time when you did a group presentation. What happened, and how did it turn out?
  2. Tell us about a time when you had to deal with a tough individual and how you dealt with it.
  3. Tell me about a moment when you were able to assist a customer in achieving his or her financial objectives.
Management
  1. What are your organizational and prioritization methods?
  2. How do you manage the financial information of loan applicants?
  3. Tell us about a time when meeting with an application helped you be more productive at work.
Technical Skills and Knowledge
  1. What is the most important factor to consider while interacting with the general public?
  2. Give an example of a time when you were able to demonstrate exceptional listening skills.
  3. What procedures do you employ to decide whether or not a loan should be granted to an applicant?

What are the Educational Requirements for a Mortgage Underwriter?

A bachelor’s degree with courses in economics, business, accounting, finance, or mathematics is excellent for becoming an underwriter.

Senior underwriters provide on-the-job training to new recruits, but to progress, an underwriter must complete important certification programs.

How Much to Pay a Mortgage Underwriter when Hiring

A mortgage underwriter can earn between $41,483 and $70,035 per year, while the median annual salary is $55,503.

The hourly wages go from $20 to $36, while the median hourly wage is $27.

Percentile 10% 25% 50%
(Median)		 75% 90%
Hourly Wage $20 $23 $27 $31 $36
Annual Wage $41,483 $48,164 $55,503 $65,203 $74,035

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Frequently Asked Questions about Mortgage Underwriters

 

What qualifications are typically required for a Mortgage Underwriter?

Most employers require a bachelor’s degree in finance, economics, or a related field.

Additionally, experience in the mortgage industry and a thorough understanding of loan products and underwriting processes are crucial.

Certifications, such as the Certified Mortgage Underwriter, can also be advantageous.

How does a Mortgage Underwriter assess loan applications?

A Mortgage Underwriter evaluates loan applications based on an institution’s lending criteria, examining the creditworthiness of borrowers, assessing financial statements, and ensuring the property meets legal and financial guidelines.

They use specialized software and adhere to federal and state regulations to make informed decisions.

What are the key skills necessary for success in this role?

Critical skills include strong analytical and decision-making abilities, attention to detail, proficiency in interpreting financial data, effective communication skills to liaise with lenders, borrowers, and real estate professionals, and a solid understanding of regulatory requirements.

How does the role of a Mortgage Underwriter evolve with technology and market changes?

Mortgage Underwriters must stay ahead of the latest technologies that impact the lending process, such as automated underwriting systems, as well as changes in laws and regulations affecting mortgages.

Continuous education and training in these areas are essential for adapting to the evolving landscape of the mortgage industry.

Similar Job Descriptions as Mortgage Underwriter

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