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Underwriter Interview Questions

Edited by Indeed Employer Content Team
Last updated December 4, 2024
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Indeed’s Employer Resource Library helps businesses grow and manage their workforce. With over 15,000 articles in 6 languages, we offer tactical advice, how-tos and best practices to help businesses hire and retain great employees.

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Whether you are preparing to interview a candidate or applying for a job, review our list of top Underwriter interview questions and answers.

  1. As an underwriter, you need to stay as current as possible on existing laws you might encounter. Can you tell me about your process here? See answer
  2. Software can be a huge help to underwriters. Can you tell me a bit about the kinds of programs you’ve used in the past? See answer
  3. Information on particular clients can be scarce sometimes. What would you do if you were unable to find a lot of data about someone’s finances? See answer
  4. We need to make sure our underwriters have the experience to spot risky claims. What are some things that make you deny one? See answer
  5. How do you go about verifying the income of someone who is self-employed? See answer
  6. You will often work with co-signers as part of your job. How would you deal with issues arising from a professional disagreement?
  7. It can take time to properly verify someone’s assets and financial history. What would you do if presented with an approval deadline that you thought was not achievable?
  8. How do you discuss reasons for approval or denial with clients who may not be familiar with the complex concepts surrounding risk management?
  9. What steps do you take to protect against bias in your loan assessments?
  10. Credit reporting agencies may have different data that they use to create a composite credit score. How do you handle discrepancies in a client’s credit score and credit history between multiple agencies?
  11. What do you think is an appropriate debt-to-income ratio for someone who wants to get a 15-year fixed mortgage on a million-dollar home?
  12. Do you have experience collaborating with insurance agents and actuaries to produce reports?
  13. What types of insurance have you worked with in the past?
  14. How do you decide if you should provide stricter loan terms for a client or reject their claim altogether?
  15. Have you ever dealt with a client who falsified their financial information during an application?
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Hire your next Underwriter today.

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Hire your next Underwriter today.

Post a job
Our mission

Indeed’s Employer Resource Library helps businesses grow and manage their workforce. With over 15,000 articles in 6 languages, we offer tactical advice, how-tos and best practices to help businesses hire and retain great employees.

Read our editorial guidelines
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6 Underwriter Interview Questions and Answers

As an underwriter, you need to stay as current as possible on existing laws you might encounter. Can you tell me about your process here?

Any good underwriter needs to be aware of legalities that could impact the nature of the documents they are undersigning for your company. This question helps you gauge two things. It tells you about the basic training or prior experience your new underwriter might have, and it helps you understand their processes for researching information related to their job that might change quickly. What to look for in an answer:

  • How the potential underwriter stays current
  • Prior training or experience on the job
  • How staying updated regularly might improve performance
Example:

“Legal rulings can change in small ways almost all the time. I’ve found that one of the most efficient ways to stay abreast of updates is to use an electronic notification board that can provide me with information in seconds.”

You will often work with co-signers as part of your job. How would you deal with issues arising from a professional disagreement here?

Many jobs require people to find amicable and agreeable solutions when one or both parties do not agree on a course of action. However, this ability might be doubly important for an underwriter who is dealing with complex legal issues that can affect an entire company. The question here helps you gauge the potential hire’s interpersonal and professional problem-solving skills at the same time. What to look for in an answer:

  • Prior experience dealing with disagreeable co-signers
  • Specific methods for resolving a legal dispute
  • Effective communication skills
Example:

“I have had some experience with people who disagreed on documents we needed to sign. I’ve always understood that the primary goal is to get to the “agree” stage. I used negotiation tactics to make a point while reaching an amicable compromise.”

Software can be a huge help to underwriters. Can you tell me a bit about the kinds of programs you’ve used in the past?

Computer applications can help underwriters manage and organize the legal processes or documents they are tracking for your company. This question tells you a bit about the potential hire’s previous experience, how knowledgeable they are about programs that relate to their field and how they use software to improve efficiency. What to look for in an answer:

  • Past experience with applications
  • Knowledge of specific software in the field
  • How certain programs are effective
Example:

“In my experience, software solutions like Applied Epic are useful here. This program automates a lot of the underwriting process and helps me insert rules or policy changes quickly.”

Information on particular clients can be scarce sometimes. What would you do if you were unable to find a lot of data about someone’s finances?

Many companies trust underwriters to recommend insuring individuals or groups based on various risk factors. You need to know that your potential hire has the necessary professional experience to make this determination accurately. Keen analytical skills in general will help you assess whether the interviewee is a good fit for your company. What to look for in an answer:

  • Experience with underwriting new clients
  • Processes for analyzing scarce data
  • Methods for determining candidacy for various insurance plans
Example:

“As an underwriter, I understand that information is key when making a determination. To ensure that I’ve done due diligence, I would contact a potential client’s financial institutions and past lending or insurance companies. I would not make a recommendation without all the facts.”

We need to make sure our underwriters have the experience to spot risky claims. What are some things that make you deny one?

A good underwriter should be able to spot red flags that mean recommending insurance to the company is a risky proposition. You can use this question to gauge the potential hire’s experience level and how that experience informs on their reasoning and analytical skills. The interviewee should be able to list common problems in the industry and what to do. What to look for in an answer:

  • Specific red flags for denying claims
  • Interpersonal and negotiation skills
  • Industry knowledge
Example:

“Any clients who have charges on their records that have remained there for a long time present a potential risk to the company. If I can see that a client did not read the policy stipulations, that is also a problem.”

How do you go about verifying the income of someone who is self-employed?

Underwriters have to research each loan applicant's income streams and savings to assess the likelihood that they will be able to consistently submit their agreed-upon payments on-time. This process is easier for some people who have a single employer with a steady salary, but can be more complex for applicants who work for themselves, keep variable hours or have seasonal employment. Employers can ask this question to assess a candidate's knowledge of best practices for common underwriting situations. A good answer should include:

  • Examples of essential documents
  • Research skills
  • Knowledge of self-employment
Here is one successful answer:
Example:

"For applicants that don't have W-2s or pay stubs, I would instead request their 1099s, invoice summaries, K-1s or profit and loss records if the applicant owns a business. With self-employed applicants, I look more at long-term stability to help predict their future ability to cover payments instead of mainly emphasizing monthly income."

Create a Culture of Innovation
Download our free step-by-step guide for encouraging healthy risk-taking
Get the Guide

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