Underwriting Career...

I am trying to find a career that fits me! I have always had an eye for the banking industry however I am not sure where I fit in. I took a position as a teller while I finish up my bachelors in Business Administration. As I was searching through the career section trying to get an idea of where I wanted my career to lead me Underwriting really jumped out at me. However, the requirements state at least 4 years experience. My question is...where do I start? How do I get the experience? I have no problem paying my dues but I really don't know where to start.

Any suggestions will be greatly appreciated!

Become a processor. Its mostly entry level work, and will help you move up some.

MtgUWer in Lawrenceville, Georgia said: Hello All,

To anyone that lives in the Orlando, FL area or those who are willing to relocate, it appears Digital Risk is hiring for over 200 positions which include Underwriters. These are permanent positions. Their ads state: Senior Mortgage Underwriter III - W2 with Benefits. Just type the job title into Indeed's job search OR visit: www.digitalrisk.com/au_cr.htm and scroll down to FORENSIC ANALYST. I heard from a legitimate source that their salaries are $52,000 - $62,400 per year but most likely the Senor Underwriters will get the hirer salaries. They are suppose to be hiring for the positions thru March 2010. From what I personally gather, their advertisements posted on the Internet Job Search sites (Careerbuilder via Indeed) was not written correctly. It looks like it's an ad for only a Senior Underwriter Lead but they are actually looking for both Underwriters & Leads. The Senior Underwriter and Forensic Analyst are the same position. I will update this forum when I receive additional info.

Unless things have changed in the last 2 months, be aware that Digital Risk only pays $15/hr for the first 90 days (busines days, not calendar) and then only goes to $20/hr "if" you meet production goals. Team leads are $25/hr, but everyone wants to be a team lead. You can apply for Team Lead after 6 mo of working for the company. All the managers are very nice and it is a good working environment, so if lower pay and being in Orlando, FL is appealing, this may work for you.

sapphirek in Longwood, Florida said: Unless things have changed in the last 2 months, be aware that Digital Risk only pays $15/hr for the first 90 days (busines days, not calendar) and then only goes to $20/hr "if" you meet production goals. Team leads are $25/hr, but everyone wants to be a team lead. You can apply for Team Lead after 6 mo of working for the company. All the managers are very nice and it is a good working environment, so if lower pay and being in Orlando, FL is appealing, this may work for you.

Yes sapphirek you are correct, about 2 months ago the Digial Risk recruiter said the pay was $15/hr during training & $20/hr afterwards but I recently answered an agency's ad and the pay for Senior Underwriter II & III is $25-$30/hr. They wouldn't tell me who the client was but I just knew it WASN'T Digital Risk 'cause I knew they didn't pay that much. After submitting my resume the agency's recruiter finally told me it was Digital Risk and I questioned her about the $15/$20 per hour which she didn't know anything about. A Digital Risk HR person called me and left a message stating they have Senior UW II/III positions. I haven't spoken to her yet but I WILL call and specifially ask what EXACTLY is the pay structure. I was told they need to fill over 200 new positions. I'm thinking they may now have a contract with FNMA and/or FHLMC. IF the pay is $25-$30/hr, as advertised through an outside agency, I know the current employees will be TICKED OFF!

Well Sapphirek if you don't mind living in ATL you can do the RR Donnelley QC/Due Diligence position. I'm going through Apple One and they are DIFINITELY offering up to $62,400/yr. The pay is slightly less if you go direct hire thru RR Donnelley but I'm not sure how much less. Sapphirek r u still at Digital Risk?

MtgUWer,
That is interesting about the change in pay there. I will try to find out more for you from some people I know there. I worked for Digital Risk for just one month. I am currently working a contract uw position for Wells Fargo at a temporary overflow center. I moved to the area last spring for the WF job as there wasn't anything in my area, and I was desperate, and hoped the economy would be better by the time the contract ended.

This past summer when refi volume was low, they let all of us go from our contracts early except a very few (around 8 out of the 40 or so that were there). During that time I went to Digital Risk b/c it was all I could find in Orlando. I worked for the Freddie Mac team which is supposed to be only for Sr Underwriters, but w/the $15/hr pay, I wasn't able to pay my bills and found it very depressing all around. So, when WF called me back, I quit DR and went back even though I knew it was only a temporary solution.

The center will be shutting down for good anytime between next month and the spring. Before that happens, I am trying to get a permanent position with them in another area. A position with WF in Frederick, MD looks promising and I should know in a couple of weeks if it's a go or not.

Thanks for the info about the Atlanta job. I do not have DE, so I am willing to relocate wherever I can to find a good job. That being said, I am trying to stay with front-line underwriting if possible, but I will look into it just in case nothing comes through. I really need to find a long-term gig, especially since I'm a single parent, plus moving every year is a pain, and I feel guilty and like a bad parent each time. Thanks again for the lead and the update on DR.

sapphirek in Longwood, Florida said: MtgUWer,
That is interesting about the change in pay there. I will try to find out more for you from some people I know there. I worked for Digital Risk for just one month. I am currently working a contract uw position for Wells Fargo at a temporary overflow center. I moved to the area last spring for the WF job as there wasn't anything in my area, and I was desperate, and hoped the economy would be better by the time the contract ended.

This past summer when refi volume was low, they let all of us go from our contracts early except a very few (around 8 out of the 40 or so that were there). During that time I went to Digital Risk b/c it was all I could find in Orlando. I worked for the Freddie Mac team which is supposed to be only for Sr Underwriters, but w/the $15/hr pay, I wasn't able to pay my bills and found it very depressing all around. So, when WF called me back, I quit DR and went back even though I knew it was only a temporary solution.

The center will be shutting down for good anytime between next month and the spring. Before that happens, I am trying to get a permanent position with them in another area. A position with WF in Frederick, MD looks promising and I should know in a couple of weeks if it's a go or not.

Thanks for the info about the Atlanta job. I do not have DE, so I am willing to relocate wherever I can to find a good job. That being said, I am trying to stay with front-line underwriting if possible, but I will look into it just in case nothing comes through. I really need to find a long-term gig, especially since I'm a single parent, plus moving every year is a pain, and I feel guilty and like a bad parent each time. Thanks again for the lead and the update on DR.

Sapphirek
I will try to find out exactly what's going on with DR ASAP and make a comment. I figure we Underwriters have to network. It seems many of the lenders looking for DE/LAPP don't care about us.

.

Sapphirek

WF is one of the only lenders that offers Conventional Underwriters work even if it's only contract. You're right, they will let the contractors go when things slow down but that's to be expected. I was part of a WF training class in Birmingham where all 30 of us where laid off after one week because the rates went up and volume slowed down. I figure at some time the lenders will have to sponsor us to get our DE because there are not enough DE Underwriters out there to meet their demand and now even the credit unions, small banks etc are advertising for DE UWers.

I'm like you, I will relocate just about anywhere for a job even if it's contract. At least I can still pay my bills. It's just so much conpetition now. I have both Frontline and Backend underwriting experience so that helps me stay afloat. I'm waiting to hear back regarding a permanent underwriting position also. I'll know hopefully within the next week or 2. It's working from home which is a perk.

Sapphirek...PLEAS READ!!!!!

I just spoke with a DR recruiter and things just RECENTLY CHANGED there. They now have Senior UW positions. The Senior UW II & III positions ARE paying $25-$30/hr. They are looking for Underwriters with Fannie/Freddie exp. WOW! I hope you left on good terms if you consider going back. LOL! That's a very good salary for a permanent Back-end Underwriting positon. But they did the right thing by increasing the salaries because they will NEVER be able to keep the Senior Underwriters (working for $15-$20/hr). So what was the environment like there? Do they try to work you like a Hebrew Slave or what?

I already have an offer from RR Donnelley and I'm waiting for another offer that would allow me to Underwrite from home.

So where did you relocate from?

Hi--I spoke with DR last week and I was told $28 hr. I just can't relocate in the middle of a school year though. I am also looking for work from home, do you have any leads you can share. I worked from home a few years ago for Washington Mutual reviewing their early payment default loans. Good Luck to you and your job offers!!!

MtgUWer in Lawrenceville, Georgia said: Sapphirek...PLEAS READ!!!!!

I just spoke with a DR recruiter and things just RECENTLY CHANGED there. They now have Senior UW positions. The Senior UW II & III positions ARE paying $25-$30/hr. They are looking for Underwriters with Fannie/Freddie exp. WOW! I hope you left on good terms if you consider going back. LOL! That's a very good salary for a permanent Back-end Underwriting positon. But they did the right thing by increasing the salaries because they will NEVER be able to keep the Senior Underwriters (working for $15-$20/hr). So what was the environment like there? Do they try to work you like a Hebrew Slave or what?

I already have an offer from RR Donnelley and I'm waiting for another offer that would allow me to Underwrite from home.

So where did you relocate from?

ocngail in Cape Coral, Florida said: Hi--I spoke with DR last week and I was told $28 hr. I just can't relocate in the middle of a school year though. I am also looking for work from home, do you have any leads you can share. I worked from home a few years ago for Washington Mutual reviewing their early payment default loans. Good Luck to you and your job offers!!!

Hi Ocngail,

You may want to try Opus CMC.

The only other work from home position will only allow you to live in NC, Chicago and Atlanta. Also, Amerisave keeps advertising for Work At Home Underwriters. You can try applying to Fortace but they are coming off as a scam. I don't know anyone that has been hired by them, although we have applied and been interviewed. Fortace ususally advertises through Cyber Coders. Maybe once the school year is over you can revisit the DR position. Good Luck!

MtgUWer in Lawrenceville, Georgia said: Hi Ocngail,

You may want to try Opus CMC.

The only other work from home position will only allow you to live in NC, Chicago and Atlanta. Also, Amerisave keeps advertising for Work At Home Underwriters. You can try applying to Fortace but they are coming off as a scam. I don't know anyone that has been hired by them, although we have applied and been interviewed. Fortace ususally advertises through Cyber Coders. Maybe once the school year is over you can revisit the DR position. Good Luck!

Thanks so much for the info. I was contacted by CyberCoders last week. Yeah, I had sent my resume in all the way back to July and just now hearing from them. The recruiter seemed a little scattered and stressed so I didn't get a good feeling. Also, another company contacted me last week about a work from home and wanted to know if I had a dual monitor computer. Do you know why you would need a dual monitor? Apparently, they were a software company that worked with this risk management company out of Brooklyn so I am not sure if I qualified since I didn't have a dual monitor. I will check back into Opus, I think got an email from them but didn't realize that they had any work from home opportunities. I really like what I have seen so far about Digital Risk. My husband may get an offer to relocate to the east coast of Florida sometime mid winter but we are kind of in limbo so see what transpires. There are just no underwriter jobs in Southweest Florida all though they really need some risk management jobs here, we are #2 in the nation with fraud and foreclosures!! Thanks for the info, hope to talk with you again.

ocngail in Cape Coral, Florida said: Thanks so much for the info. I was contacted by CyberCoders last week. Yeah, I had sent my resume in all the way back to July and just now hearing from them. The recruiter seemed a little scattered and stressed so I didn't get a good feeling. Also, another company contacted me last week about a work from home and wanted to know if I had a dual monitor computer. Do you know why you would need a dual monitor? Apparently, they were a software company that worked with this risk management company out of Brooklyn so I am not sure if I qualified since I didn't have a dual monitor. I will check back into Opus, I think got an email from them but didn't realize that they had any work from home opportunities. I really like what I have seen so far about Digital Risk. My husband may get an offer to relocate to the east coast of Florida sometime mid winter but we are kind of in limbo so see what transpires. There are just no underwriter jobs in Southweest Florida all though they really need some risk management jobs here, we are #2 in the nation with fraud and foreclosures!! Thanks for the info, hope to talk with you again.

No problem. DR appears to be a good fastly growing company. Hopefully things will work out with them.

The reason they want you to have a Dual Monitor is because the company has a paperless environment and it's easier to review the loan documents on one screen and input into your data into their software system on the other screen/monitor. It's worth the investment if you ever land a work from home position. I recommend a 20" Flat screen monitor which you just hook up to your current computer and insert & install the software disk and voila!...You have a dual monitor system. HP has a really good inexpensive flat screen monitor. Do your homework before buying. If you don't mind me asking, what company is it that you are referring to in Brooklyn?

MtgUWer in Lawrenceville, Georgia said: No problem. DR appears to be a good fastly growing company. Hopefully things will work out with them.

The reason they want you to have a Dual Monitor is because the company has a paperless environment and it's easier to review the loan documents on one screen and input into your data into their software system on the other screen/monitor. It's worth the investment if you ever land a work from home position. I recommend a 20" Flat screen monitor which you just hook up to your current computer and insert & install the software disk and voila!...You have a dual monitor system. HP has a really good inexpensive flat screen monitor. Do your homework before buying. If you don't mind me asking, what company is it that you are referring to in Brooklyn?

Yes, the recruiter at DR is really nice. She said they had grown from 70 to 500 in no time and still growing I guess. Thanks so much for that info, last time I worked from home they shipped me the loan files and I would review and ship back with my findings. The company I spoke with was a software company, I have their phone number if you would like it. I have to go threw my emails and find that exact position I applied for, you can email me at ocngail2003@yahoo.com if you like. She didn't give me the name of the risk company, she said they were based out of Brooklyn and she had preinterview questions which was basically 3 questions which was cable, dual monitor or single and agree on the fee. She said the next step was with the risk company but I am assuming they may have wanted the dual monitor person.

ocngail in Cape Coral, Florida said: Yes, the recruiter at DR is really nice. She said they had grown from 70 to 500 in no time and still growing I guess. Thanks so much for that info, last time I worked from home they shipped me the loan files and I would review and ship back with my findings. The company I spoke with was a software company, I have their phone number if you would like it. I have to go threw my emails and find that exact position I applied for, you can email me at ocngail2003@yahoo.com if you like. She didn't give me the name of the risk company, she said they were based out of Brooklyn and she had preinterview questions which was basically 3 questions which was cable, dual monitor or single and agree on the fee. She said the next step was with the risk company but I am assuming they may have wanted the dual monitor person.

Okay, I am emailing you know with additional info also.

okay, great. I have some info for you as well. I will wait to get your email.

Okay. I have some confirmed info regarding DR and also a rumor I heard today....First the confirmed info; the SR UW position that pays $28 to $30/hr is the Team Lead Position I was referring to in my earlier post. The Team Lead and Sr UW are the same.

From my sources - both from current employees there and from another person who is good friends with managers there, no one gets to be a Team Lead/Sr UW straight in the door. There is 90 days training at $15/hr that goes to $20/hr as Underwriter (as long as goals are being met), then after 6months, you can apply and submit test cases for Team Lead/Sr UW. In that position, you are over a small team of 4 to 5 underwriters.

The pay for Sr UW/Team Lead used to be only $25/hr, so $28 to $30/hr is a raise for sure, but the key is that you have to work for the company for the 6 months before you can apply/move up AND be aware that all the underwriters on the floor are hoping to get Sr UW/Team Lead position, so there is a lot of competition.

Okay, now to the rumor...the source of this is from a former employee of DR who knows people there. I just found out at the end of the day, so I have not been able to confirm, but was told that the hours have just been cut from 40/wk to 32/wk for an indefinite period of time.

Other than these things, the positives are that if you work on the Freddie Mac team, the building is very nice and the paperless environment is a plus in my book (some underwriters hate it though). You use the dual monitors by pulling up the loan file on one side and doing research, completing your reports, etc., on the othe monitor, so you always have your loan file up for reference.

Okay I hate to tell you but I think your source is incorrect. I spoke with someone from DR's HR dept and she said changes were made within the last week and that they now have Sr UW II & III positions and they decided they HAD create Sr UW positions and increase the salaries ($25-$30/hr) to reflect the work experience. In order to be considered a Senior UW you have to have 5 yrs exp. We did not discuss the Team Lead position at all. I was told the training is still 2 weeks. The next training classes are Jan 4th & Jan 18th. They are infact hiring for the Freddie Mac team. This came straight from the Human Resource/Horses mouth.

Sapphirek,

I spoke with DR's recruiter as well and we spoke about a SR Underwriter position. I didn't really ask at the time about the salary but she provided to me and stated it was $28 hour. She also said the hours were 8-5. I talked with her last Wednesday before Christmas.

sapphirek in Longwood, Florida said: Okay. I have some confirmed info regarding DR and also a rumor I heard today....First the confirmed info; the SR UW position that pays $28 to $30/hr is the Team Lead Position I was referring to in my earlier post. The Team Lead and Sr UW are the same.

From my sources - both from current employees there and from another person who is good friends with managers there, no one gets to be a Team Lead/Sr UW straight in the door. There is 90 days training at $15/hr that goes to $20/hr as Underwriter (as long as goals are being met), then after 6months, you can apply and submit test cases for Team Lead/Sr UW. In that position, you are over a small team of 4 to 5 underwriters.

The pay for Sr UW/Team Lead used to be only $25/hr, so $28 to $30/hr is a raise for sure, but the key is that you have to work for the company for the 6 months before you can apply/move up AND be aware that all the underwriters on the floor are hoping to get Sr UW/Team Lead position, so there is a lot of competition.

Okay, now to the rumor...the source of this is from a former employee of DR who knows people there. I just found out at the end of the day, so I have not been able to confirm, but was told that the hours have just been cut from 40/wk to 32/wk for an indefinite period of time.

Other than these things, the positives are that if you work on the Freddie Mac team, the building is very nice and the paperless environment is a plus in my book (some underwriters hate it though). You use the dual monitors by pulling up the loan file on one side and doing research, completing your reports, etc., on the othe monitor, so you always have your loan file up for reference.

Hey Sapphirek,

I'm use to the paperless environment...that's all I've been doing for the last 2.5 years. Paperless can be a mess when the system goes down though.

Thank you guys for postings

Does anyone have the direct email address or contact info for the recruiter? I am relocating the central FL area and would like to interview there, but I think I may be getting overlooked because I live out of state right now. I am well qualified and would really appreciate any info.

Thanks

The recruiters name is Tina Smith. You can pull up Digital Risks's website and get additional information and/phone and fax numbers.

Hi,
does anyone have the information about the recruiter for the job from the company based out of Brooklyn?

Also re: Fortace, they are a legitimate company. I know someone working for them right now. They are a newer company and just recently started hiring for a lot of positions. They are not a scam.

Fortace is very hard to get into. You have 3 interviews and the last is with the managing partner. Its a 10 minute interview and if you don't answer his questions right he stops the interview right away and an hour later you get an email saying they aren't interested. Even if you aced the written evaluation and the 2 interviews after that... it doesn't matter. I heard that out of 60 some candidates that make it that far.. only about 3 made it. Good luck.

Anyone have any luck with Alonhill?